Auto-Convert works for any pairings of the 140+ currencies covered within PaymentsHub, but 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:
With Auto-Convert, we can eliminate those international wire transfer fees at the source.
Auto-Convert takes advantage of TransferMate’s global payments infrastructure. We are licensed across the world to transfer payments, which allows us to create local payment rails at an international scale. This is different to banks who typically work within their own country, and use systems like Swift to transfer money internationally between them.
The above example uses our infrastructure in the US, combined with our technology that recognizes the destination of the payment, to convert the currency before it lands in the local bank, saving our clients on wire transfer and FX fees.
At the moment, Auto-Convert is available for any multi-currency payments made in PaymentsHub, providing TransferMate is able to validate the beneficiary’s account.
The only restriction comes from what currency you can fund the payment from i.e. what bank account you use as a source of funds. You can only open/link accounts in PaymentsHub where TransferMate is licensed.
Auto-Convert can be switched on for payment you wish to use it for and where TransferMate can validate the destination account. It is particularly useful for international payments you send on a regular basis to the same entity, or big one-off payments (such as inter-company payments) that you make into another currency.
The process of switching on Auto-Convert in PaymentsHub is simple: contact the team here and we’ll help you identify which beneficiaries are suited for Auto-Convert. We’ll ‘penny test’ these accounts and, once those tests are successful, we’ll switch it on for the selected beneficiaries within the platform.