Bank Transfer

Bank Transfer is a payment method that transfers funds directly from the payer's account to the payee's account through the banking system. Funds are transferred via local or cross-border clearing networks, depending on the specific settlement system.

PayerMax has integrated local Bank Transfer in over 60 countries and regions worldwide, as well as the cross-border clearing network SWIFT. We cover over 150 countries and regions worldwide and support over 70 local currencies. As a PayerMax customer, you can make global bank payments with a single connection, without having to open local accounts.

• Local Bank Transfer

  • Relies on national/regional clearing systems, such as ACH in the US, BI-Fast in Indonesia, and FAST in Singapore;

  • Typically arrives within 0-1 business day;

  • Fees are relatively low, and no intermediary bank processing is required;

  • A local beneficiary account and additional information are required.

• Cross-Border Transfers

  • Relies on international clearing systems or bilateral clearing agreements, such as SWIFT;

  • Typically takes 2-5 business days to arrive, but may take longer in some regions;

  • Typically has higher fees;

  • Requires cross-border beneficiary account information and additional information;

  • May be subject to foreign exchange controls in some regions.

Bank transfers are a relatively secure payment method, suitable for large payments. However, timeliness and costs vary significantly across clearing networks, and cross-border transfers often require additional attention to payment compliance.

Bank Transfer	Targeting	Main coverage	Supported currencies	Delivery time	Fees and costs	Applicable scenarios
SWIFT	Global financial insulation service network	200+ countries/regions worldwide	Multiple currencies (USD, EUR, etc.)	0-5 business days	Relatively high (involves intermediary bank fees)	Cross-border payments
SEPA	Eurozone Consolidated Payments Scheme	30+ Member States of the European Economic Area	Euro (EUR) Only	1 Business Day	Relatively Low (Similar to Local Payments)	Cross-border Euro Payments within the Eurozone
Local Payments	Funds Distribution within a Country/Region	Within a Specific Country or Region	Local Fiat Currency	Near Real-Time - 1 Business Day	Low (No Cross-border Fees)	Local Payments

1. SWIFT

Founded in 1973 and headquartered in Brussels, Belgium, SWIFT is an international organization developed to meet the needs of cross-border banking transactions. Its purpose is to simplify and standardize communications between international banks, improving the efficiency and reliability of cross-border transactions. SWIFT provides a standardized communication platform that allows banks to send and receive various financial transactions and information, including remittances, cross-border payments, and foreign exchange transactions. While SWIFT itself does not perform the settlement and clearing of financial transactions, it plays a key role in facilitating communication and cooperation between different banks, thereby facilitating the smooth operation of cross-border transactions.

PayerMax SWIFT cross-border payments allows merchants to send funds to hundreds of countries with a single integration (currently supporting USD and EUR, with other currencies on the way).

2. SEPA

SEPA (Single Euro Payments Area) was established by the European Union and its member states to promote unified and convenient Euro payments and provide efficient, low-cost payment solutions. Through SEPA payments, merchants can transfer Euros between any bank accounts within the EEA, improving transaction efficiency and avoiding additional currency conversion and cross-border payment fees.

PayerMax SEPA Payments helps merchants send Euro funds quickly and securely to bank accounts within the European Economic Area (EEA) through a single integration.

3. Local Bank Transfer

Local bank transfers (LBTs) refer to payments made to local recipients via a national or regional clearing network. They are widely used in various scenarios, including commission payments, supplier settlements, and payroll. Compared to cross-border payments, the core advantages of local bank transfers lie in faster payment times, lower payment costs, and lower compliance costs. Because funds flow entirely within the country, relying on local clearing networks within that country or region, payments can be processed quickly and in batches. This avoids the currency conversion, high fees, and complexities of international compliance reviews associated with cross-border payments, significantly reducing operating costs for businesses or platforms.

Local clearing networks can accept transfers using the recipient's account. In some countries and regions, clearing networks can also use the agent address registered by the recipient with a local bank or clearing network for payment (Realtime Transfer), such as Brazil's PIX, Singapore's PayNow, and Hong Kong's FPS.

PayerMax local payment helps merchants connect to local payment capabilities in more than 60 countries and regions through a single integration, sending funds to local beneficiary accounts efficiently and cost-effectively.