Routable uses International ACH (which is also called "local rails") to send international payments to your international vendors.
This is a way to transfer money across borders that relies on a direct link between the originating bank and the recipient bank.
| In this article |
|---|
|
How does an international payment work? To which countries can I send payments? Adding Payment Methods for International Vendors |
How does an international payment work?
When you send international payments to your vendors via Routable, the funds move from your bank account to your international vendor's bank account.
Routable leverages a 3rd party payments partner (Currencycloud or Convera) to facilitate money movement & currency conversions.
To which countries can I send payments?
đ To see the countries and territories we support, along with their currencies, and the payment method you can use to make a payment to a vendor in each country or territory, please refer to our help article: Which countries can I send international payments to?.
Adding Payment Methods for International Vendors
Your international vendors will be able to add their bank account information as shown below (this is similar to the way a US-based vendor would add their domestic account info).
Banking information requirements differ from country to country and we have factored the country-based requirements into our system to simplify things as much as possible for you and your vendors.
Usually when entering international banking info, your vendor should have either IBAN or SWIFT code.
đ¨đĻ Canada is an exception and will require a branch code, bank code, and account number.
What currency will my vendor receive?
Your vendor will receive the currency of the destination country or region. Example: Countries that are located in the EuroZone will receive the Euro.
Payment Timing
International payments will reach your vendor within 1-3 business days, excluding any local holidays.
Some countries, such as Australia, tend to take longer due to how international ACH operates, whereas other countries may be closer to 5 days.
When are cutoff times?
Cut off times are determined by your vendor's country and their time zone. âī¸ Cutoff times are the times by which a transaction must be initiated in order to begin processing that day. If a cut-off time is missed, the payment will begin processing the next day.
What if I need to stop a payment?
There are certain scenarios in which you or Routable staff may be able to cancel your payment:
Prior to the payment being initiated/sent:
- For instance, if you send a payment to your vendor, but your vendor hasn't been set up to receive payments through Routable yet; you can still cancel the payment.
Before ACH moves your funds to CurrencyCloud, the currency conversion ecosystem.
- For instance, if you are able to cancel a payment after initiation but prior to the funds arriving at the currency conversion provider, it may be able to be canceled.
â As with any bank transfer, it may not be possible to cancel a payment depending on where your funds are in transit. With this in mind, please ensure that your payment is accurate before sending.
When will my payment get delivered?
The time it takes for an international payment to reach your vendor depends on two things:
- Whether the payment is sent in USD via SWIFT
- Whether it involves a currency conversion
Here's what you can expect for each case:
SWIFT USD payments
Payments sent in USD through the SWIFT network are usually the fastest option
- Typical delivery time: 1 to 2 business days
- What affects timing: Payments sent earlier in the business day are more likely to arrive the next day
Payments with currency conversion
Payments that involve converting USD into another currency can take a bit longer. These can move through SWIFT or local banking rails.
- Typical delivery time: Up to 3 business days (if sent before the currency's cut-off time)
- What affects timing: Each currency has its own cut-off time, so earlier payments are processed faster
- Keep in mind: Some minor or exotic currencies can take longer due to extra intermediary banks or local processing
How Routable estimates delivery
When you create a payment, Routable shows an estimated delivery date based on real-time data from our payment partners
- We provide this estimate based on when funds typically arrive, but we don't have full visibility into when the recipient's bank makes the funds available in their account
- In some cases, the payment may arrive earlier than expected
- You can always track progress directly from your Routable dashboard
Quick summary
| Payment type | Network | Typical delivery time | Notes |
|---|---|---|---|
| USD (no conversion) | SWIFT | 1 to 2 business days | Faster option |
| With currency conversion | SWIFT or local rails | Up to 3 business days* |
Earlier is better *Some minor or exotic currencies may take longer. |
Tracking a local rails payment
Every international payment sent via local rails (International ACH) is assigned a trace ID by Routable's payment partner. This ID uniquely identifies your payment within the local banking network and can be used to investigate a payment that has not arrived within the expected timeframe.
If you need a trace ID or want to submit a trace request, contact Routable Support. Routable will reach out to the payment partner on your behalf to retrieve the trace ID and, if needed, initiate a formal trace request with the local banking network.
When contacting support, include:
- The payment amount
- The vendor name
- The date the payment was initiated
| âšī¸ Trace requests can take several business days to resolve depending on the destination country and local banking network. Your vendor can also contact their bank directly, referencing the incoming transfer amount, expected date, and originating country, to help expedite the investigation on their end. |
Tracking a SWIFT payment
Every SWIFT payment sent through Routable is assigned a UETR (Unique End-to-End Transaction Reference) â a 36-character unique identifier required under the ISO 20022 standard. The UETR travels with the payment across every bank in the SWIFT network and can be used to track its status end-to-end.
The UETR is included in the pacs.008 message â the ISO 20022 Financial Institution Credit Transfer message that formally initiates a SWIFT payment. Banks that support SWIFT gpi (Global Payments Innovation) can use the UETR to look up real-time status as the payment moves through the network.
To track a SWIFT payment using the UETR:
- Contact Routable Support and provide the payment amount, vendor name, and the date the payment was initiated. Routable will retrieve the UETR for the payment.
- Share the UETR with your vendor. Your vendor can provide it to their bank and request a payment status lookup via SWIFT gpi.
- The recipient bank can use the UETR to trace the payment through each correspondent bank it passed through and confirm when funds were credited.
| âšī¸ The ability to look up a UETR depends on whether the recipient's bank participates in SWIFT gpi. Most major international banks do, but your vendor should confirm with their bank if they are unsure. |
Purpose Codes
When initiating international payments, the central bank of the country may require a Purpose of Payment Code to be included with your transaction in order for your payment to be accepted and processed. The Purpose Code is used by the regulators to identify the nature of each international transaction.
| đ Find a full list of purpose codes for Routable payments here. |
Countries requiring purpose code
The following countries require purpose codes to be submitted with international payment:
- Bahrain
- United Arab Emirates
Bahrain
Please include a purpose code from this table with your international payment to Bahrain.
United Arab Emirates
Please include a purpose code from this table with your international payment to United Arab Emirates.
Supporting API Documentation for reference
đ Estimating fees and exchange rates for payments
FAQ
My vendor has messaged me that they have the wrong currency, how do I change it?
Your vendor's currency is determined by the country selected creating that vendor.
For example, if a vendor's location country is reported as being Singapore when the vendor is being set up in Routable, any payment made to them will be converted automatically to the Singapore Dollar.
If the vendor is requesting a particular currency, they must have a bank account and address in that country or region.
If the vendor has this, you can create a new vendor account for them and use the new address in the country of the desired currency.
Will Routable validate the banking info entered by a vendor?
Unlike domestic payments, we do not require confirming an international bank account via micro-deposit prior to sending an international payment.
For some companies/vendors, this is good news as they prefer to get the payment immediately rather than waiting for micro-deposits to verify the receiving bank account.
With this in mind, we have incorporated automatic character checks when your vendor is entering their manual bank account information (example below).
đī¸ Vendors, especially international vendors, should be sure to double check their entry before moving forward.
My vendor is asking me to update the payment method. How do I update it?
You can do by logging into Routable dashboard and do the following steps below:
- Find the vendor whose payment method you need to update
- Open the Actions menu at the upper-right of the screen
- Click "Send update payment links"
- Select the contacts and read-only contacts who need to be notified and click "Send update link"
How can I begin sending international payments?
âī¸ In order to start sending payments to International vendors, please have an Administrator submit your request in your Routable Account Settings > Payment Methods > click the "Request Access" button.
Why didn't my vendor receive the full payment amount even though I selected SWIFT OUR?
OUR means that the payer agrees to cover all of the fees associated with the payment and the payee receives the payment in full. If your recipient reports receiving less than the expected amount, the shortfall is due to fees being taken by intermediary banks that are beyond the SWIFT network's control. To better understand these fees, your recipient needs to reach out to their bank to find out more.