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 to businesses and individuals 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 85 fee for SWIFT transactions, you'll only pay between HKD 25-50 for each payment.
2. Full Amount to the Recipient:
The recipient gets the full amount without extra fees from correspondent or intermediary banks, ensuring complete transparency.
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 the 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
