What is an international payment?
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.
How does an international payment work?
When you send international payments to your vendors via Routable, the funds move from your bank account (using International ACH) to your international vendor's bank account.
Routable leverages a 3rd party payments partner (Currencycloud, a Visa company) to facilitate money movement & currency conversions.
How do I add international vendors and send them payments?
Currently, you can only create international vendors and send international payments via the Routable API.
You can find more information about how to use the Routable API for international payments in our developer documentation resources.
To which countries can I send payments?
Following are the countries that are currently supported and we are working to add more countries all the time.
You can see the full list of countries and country code in our developer documentation here.
How should my international vendors enter banking information?
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.
🇨🇦 Canada is an exception and will require a branch code, bank code, and account number.
When will my vendor receive their payments?
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.
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.
When are cutoff times?
Cut off times are determined by your vendor's country and their time zone.
☝️ 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:
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Prior to the payment being initiated/sent.
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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.
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Before ACH moves your funds to CurrencyCloud, the currency conversion ecosystem.
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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.
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🎗️ 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.
What is a Purpose Code?
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.
Countries requiring purpose code
The following countries require purpose codes to be submitted with international payment:
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Bahrain
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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.
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).
🎗️ 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:
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Find the vendor whose payment method you need to update
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Click “...” at the top right of the screen
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Click “Send Update Payment Links”
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Select the contacts and read-only contacts who need to be notified and click “Send Update Link”
Supporting API Documentation for reference
How can I begin sending international payments?
⭐️ In order to start sending payments to International vendors, please have one of your Administrators contact our Success team at success@routable.com or reach out to Technical Support via in-app chat.
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