To streamline cross-border transactions and provide a clearer, more consistent approach to international bank payments, Payhawk has introduced global payments.
With global payments, you can send funds in over 60 currencies to more than 70 countries worldwide using the global FX payments or the global same-currency payments.
The rollout of the global payments feature will be gradual, with availability initially for new UK and EU customers and expanding to existing customers over time. If you're interested in using this feature or have any questions, you can contact your Payhawk representative for more information.
Types of global payments in Payhawk
In Payhawk, you can execute the following types of global bank payments:
Supported currencies
With Payhawk, you can transfer money globally in over 60 currencies. For the exhaustive list, see the table listing the globally supported currencies.
Timeframes
Global payments typically take 1-5 business days to process, though this may vary depending on the destination country, local bank holidays, intermediary banking relationships, and regulatory requirements. For more information, browse the J.P. Morgan Official Website.
Processing and requirements
Expenses in Payhawk are processed either through local payment networks or via the global payment infrastructure. You will be able to make international payments only when local or regional rails, such as FPS or SEPA, are not available.
The currency of the supplier's bank account receiving the payment must match the currency stated on the invoice.
Export
Global payments are always exported in your base currency, regardless of the original payment currency. This applies both when exporting to ERP systems and when using the custom export feature in Payhawk.
For example, if your base currency is CHF and you make a payment to a supplier in SGD from your EUR account, the exported paid amount will appear in CHF. The value will be automatically converted from EUR to CHF using the applicable foreign exchange (FX) rate at the time of the transaction.