Global same-currency payments in Payhawk refer to cross-border transfers made directly from your Payhawk currency account, without any foreign exchange (FX) fees. These payments are ideal for companies operating in a specific currency across multiple countries, allowing you to pay international supplier invoices or reimburse employees abroad in the same currency.
For example, you can send USD from your Payhawk account in Europe to a supplier in the US or to an employee in China via the SWIFT network. In Payhawk, you need to add the recipient’s USD payment details, regardless of their actual location. This removes the need for external bank transfers and streamlines payments both within and outside countries where the currency is officially used.
Global same-currency transfers are processed through Payhawk’s licensed Electronic Money Institution (EMI), with all funds safeguarded by J.P. Morgan, one of the world’s most trusted financial institutions.
Support for same-currency payments in GBP and EUR will be introduced later in July, 2025.
A use case: how USD same-currency payments work via SWIFT
SWIFT transfers are fast and suitable for larger payments in USD, and are supported in over 90 countries, including the US.
SWIFT USD transfers are not foreign exchange payments. UK and EU customers must use their USD account to send USD.
Within the US, transfers typically complete within 10 minutes to 2 business days.
Outside of the US, transfers may take up to 6 business days, depending on the destination and intermediary banks.
While SWIFT offers speed and wide coverage, it may involve higher fees, which can be charged to the sender, the recipient, or both, depending on the banks involved. Customers can choose how these fees are handled by using either the SWIFT SHA (fees split between sender and recipient) or SWIFT OUR (the sender pays all fees) distribution options.