What is a local payout method, and how does it work?
Our local payout method is an alternative option to pay out in foreign currencies, complementing our standard SWIFT network. With the local network, you can transfer funds in a more cost-effective and efficient manner:
1. Lower Transfer Fees:
When you opt for the local network, you'll enjoy significantly lower transfer fees. Instead of the standard HKD 75 fee for SWIFT transactions, you'll only pay between HKD 25-50 for each payment.
2. Full Amount to the Recipient:
Your recipient will receive the full amount without any hidden or extra fees from correspondent or intermediary banks. This transparency ensures that the intended recipient gets the complete transferred amount.
3. Faster Processing Time:
The local network offers faster processing times compared to SWIFT. While SWIFT transactions may take 2-3 business days, payments via the local network can arrive as quickly as the same working day, enhancing the speed of your financial transactions.
*Local payouts for USD to USA can take 1-3 days to process.
Note: The local payment network is currently available exclusively for payments to company accounts. Individual accounts are not supported at this time.
For a full list of supported currencies, please visit this article: https://statrys.com/blog/local-payments-update
