Guaranteed payouts for Contractor invoices processed via Swift

Remote may use the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to send a contractor payout when a local payment route is not available.

Remote selects the payment route automatically. This article explains when Remote may use SWIFT, what contractors need to do, and how bank fees can affect a payout.

When does Remote use SWIFT for a contractor payout?

Remote checks the payout currency and the country where the contractor's bank account is located. If the payment provider supports that currency and country through a local payment route, Remote uses the local route. If a local route is not available, Remote may send the payment through SWIFT.

The customer and contractor do not need to select a payment route. Remote handles this automatically when processing the approved contractor invoice.

What does the contractor need to do?

The contractor must enter complete and accurate bank account information in Remote. The bank account must also be able to receive the selected payout currency.

Incorrect or incomplete bank details can delay or prevent the payout. Contractors should confirm with their bank that the account can receive international payments in the selected currency if they are unsure.

How does a SWIFT payout work?

A SWIFT payout is an international bank transfer. One or more intermediary banks may process the payment before it reaches the contractor's bank account.

The exact route depends on the payment provider, payout currency, destination country, and the contractor's bank. Remote manages this process behind the scenes.

Are there fees for SWIFT payouts?

Yes. A SWIFT payout may include fees from the payment provider, intermediary banks, or the contractor's bank. The fees and who covers them depend on the available payment route and payout setup.

See also: What are the fees and costs for contractor payouts?

Do guaranteed payouts determine whether Remote uses SWIFT?

No. A guaranteed payout does not determine whether Remote uses a local or SWIFT payment route. Remote selects the route based on the payout currency, the destination country, and the available payment provider.

A guaranteed payout locks the applicable payout amount and foreign exchange rate at invoice creation. Bank fees may still apply when the payment is sent through SWIFT.

See also: Contractor invoicing currency and guaranteed payouts