Overseas vendors are paid out in either their native currency, or USD, depending on their country. Our banking partner is JP Morgan and they help us facilitate payments worldwide to 175+ countries.
All payments must originate in the US, and are done via ACH. Funds then go to a Liquid pass-through bank account at JP Morgan, and once confirmation of funds occurs, there is a payment out to the vendor. If the vendor is international, the payment out will be by USD wire or FX wire.
As part of creating their account on Liquid, international vendors will need to provide the SWIFT code of their bank and account number or IBAN, which allows us to identify their bank over the SWIFT network and send the appropriate payout instruction through JPM. If JP Morgan does not have a direct relationship with the vendor's bank (beneficiary bank), the funds will be routed through an intermediary bank. The time from payment initiation by the client to payment received in the international vendor account is 2-5 business days, varying according to country, destination bank, and individual bank policies.
Liquid absorbs the cost of any USD wire intermediary fees. Some beneficiary banks charge their account holders an additional fee for receiving a USD wire transfer, which we do not have control over.