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How to Send FX Payments Internationally (BETA)
How to Send FX Payments Internationally (BETA)

How to send FX payments internationally (BETA)

Jessica L. avatar
Written by Jessica L.
Updated over a year ago

This article outlines the steps in Corpay One for US based users to send international payments in a local currency. You can fund an international FX payment with bank accounts only at this time.

Adding an international vendor

  1. Navigate to Vendors in the side menu to the left, and click on Add Vendor ** in the upper right corner:

  2. Enter your vendor’s business details including:

    • Vendor Name

    • Country

    • Address

    • Email address

    Then select the FX card in the payment method section.

3. Enter your vendors details including

  • Bank country

  • Currency you will send

  • Purpose of Payment for your vendor (for example goods, services, or travel)

  • Begin typing your vendors bank name & select the correct bank from the dropdown list - bank address information will populate automatically

  • Vendors SWIFT & IBAN/Account number.

4. Review the entered information, and click the save button. You’re now ready to send your first international FX payment.

Sending an international FX payment

  1. Select the Add Bill button in the top right corner from anywhere within the Corpay One application.

  2. Upload, manually create, or email your bill for your international vendor.

3. View your international bill in the inbox and review the details.

4. You can adjust the fixed amount between USD and the destination currency to control what amount is sent or received.

  • Fixing a USD amount will have Corpay One debit you for the USD Payment Amount, and we’ll convert it to the equivalent amount in your vendors currency based on the exchange rate.

  • Fixing a foreign currency will have Corpay One debit you for the USD equivalent of the Vendor Receives amount based on the exchange rate. This option ensures your vendor receives an exact amount in their local currency.

  • Conversion rate is based off the market rate at the time of viewing. At the time of payment initiation, FX rates may differ from the current estimated conversion rate displayed

5. When you’re ready to submit your payment, click the Approve & Schedule button. If you have auto-schedule enabled, we’ll take care of initiating your payment for you when the time comes. If you don’t have auto-schedule enabled, or wish to pay your bill sooner, you can select the Pay Now button from the Scheduled tab to submit the payment for processing today.

  • At the time of payment initiation, FX rates may differ from the current estimated conversion rate displayed. Cancellation fees and conditions may apply. To learn more, view our Terms of Service.

How long does it take Corpay One to deliver international payments to my vendor?

Corpay One’s system allows you to initiate payments immediately or to schedule payments for later dates using the Auto Schedule feature, which can be enabled by navigating to Settings > Advanced > Payments (you may also initiate payment manually by hitting the Pay Now ****button on an unpaid bill).

If Auto-Schedule is enabled, Corpay One will initiate your bill payment up to 10 business days in advance of the due date, depending on the payment method set for that vendor. You may also initiate payment manually by hitting the Pay Now ****button on an unpaid bill. Important details to note about processing times:

  • If this is one of your FIRST payments in Corpay One, please note that processing times may take an additional few days. This is due to bank’s security measures around new connections being established.

  • Official bank holidays (e.g. Thanksgiving Day, Labor Day, etc.) are excluded from the processing time estimates below.

Processing time after the bill is initiated: 4-10 business days

Cost: 1.5%

  • ****This time frame may vary depending on the receiving bank and country. Processing requirements vary from country to country, so Corpay One does not have full control of the processing time.

  • The receiving bank may charge a fee for international payments that may be deducted from the full remittance amount.

Country Specific Payment Rules:

India

• IFSC Code -Exactly 11 characters

Mexico

• CLABE: 18 characters

Brazil

• Beneficiary CNPJ (Corporate) - 14 characters

• Beneficiary CPF (Individual) - 11 characters • Agency Code - between 4 and 5 digits

United Arab Emirates

• IBAN: 23 characters (AE + 21 characters)

Ireland

• IBAN: 22 characters (IE+20 characters)

Why does Corpay One require additional bank details beyond SWIFT and IBAN?

Corpay One delivers FX using local delivery methods to provide faster payments. To deliver locally, we may require additional banking information like sort or branch codes, etc.

Where can Corpay One deliver FX payments to?

Corpay One can deliver FX payments to the following list of countries:

Country:

Average Delivery Time (Business Days):

Andorra

6-7

Argentina

8-9

Australia

5-6

Austria

4-5

Bahrain

6-7

Belgium

4-5

Brazil

4-6

Bulgaria

4-5

Canada

4-6

China

8-9

Colombia

4-8

Cyprus

4-5

Czech Republic

4-5

Denmark

5-6

Egypt

8-9

Estonia

4-5

Finland

4-5

France

4-5

French Guiana

6-7

Germany

4-5

Greece

4-5

Guadeloupe

6-7

Holy See (Vatican City State)

6-7

Hong Kong

7-8

Hungary

5-6

Iceland

4-6

India

8-9

Indonesia

5-8

Ireland

4-5

Israel

6-7

Italy

4-5

Japan

4-6

Jordan

6-7

Kenya

6-7

Kuwait

6-7

Latvia

4-5

Liechtenstein

4-5

Lithuania

4-5

Luxembourg

4-5

Malaysia

4-6

Malta

4-5

Martinique

6-7

Mayotte

6-7

Mexico

4-6

Monaco

4-5

Montenegro, Republic of

6-7

Netherlands

4-5

New Zealand

5-7

Norway

5-6

Oman

4-5

Philippines

4-8

Poland

5-6

Portugal

4-5

Qatar

6-7

Reunion

6-7

Romania

4-5

San Marino

4-5

Saudia Arabia

6-7

Singapore

6-8

Slovakia

4-5

Slovenia

4-5

South Africa

6-8

South Korea

6-7

Spain

4-5

St.Pierre et Miquelon

6-7

Sweden

5-8

Switzerland

4-5

Taiwan

8-9

Thailand

6-7

Turkey

6-7

United Arab Emirates

6-7

United Kingdom

5-7

For help with FX payments & integrations, view our help article here.

For more information, visit our Terms of Service.

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