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How Auto-Convert works on PaymentsHub

Save on international wire transfer and FX fees

The Auto-Convert solution for PaymentsHub converts currencies at source of payment before arriving at the destination bank account. This means that the destination bank won’t apply high-cost international wire transfer fees and FX exchange fees - they simply treat it as a domestic payment.

Auto-Convert works for any pairings of the 140+ currencies covered within PaymentsHub.

How payments are different with Auto-Convert switched on

Let’s take a concrete example. You are a US based business, and you’ve been sent an invoice by an EU supplier in USD. While the invoice is in USD, the EU supplier provides a euro bank account for the funds to be paid into.

This results in a payment chain that looks something like this:

International Payment without Auto-Convert

Table with Column Span

Step 1: EU supplier sends invoice to US business in USD.	Step 2: US business pays the bill in USD into the EU suppliers euro bank account.	Step 3: The bank in the EU converts the USD into euros, treating it as an international payment and charges a wire transfer fee and FX fee.
Result = The EU business is charged a wire transfer and FX fee. What’s more, payer and payee might not know what rate and fees will be applied until the transaction is done.

International Payment with Auto-Convert activated

With Auto-Convert, we can eliminate those international wire transfer fees at the source.

4 Column Table with Row Span

Step 1: The EU Suppliers send invoice to US business in USD.	Step 2: US business pays the bill in USD.	Step 3: TransferMate exchanges the currency before it leaves the US.	Step 4: The payment arrives in the EU bank account in euros.
Result = TransferMate eliminates the wire transfer fee entirely and applies a competitive FX fee. All parties know in advance what these fees will be.

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