Cross-border payments
Payments between parties in different countries, often involving currency conversion and several banks, sent over Swift, local rails, cards or stablecoins.
What cross-border payments are
Cross-border payments move money between a sender and a recipient in different countries. Many still travel through chains of correspondent banks using SWIFT codes, while others use local payment rails, card networks or stablecoins. Cost, speed and transparency vary widely by route.
How it works
The sender's bank converts currency if needed and sends a payment message, often through one or more intermediary banks, until funds reach the recipient's bank. Each step can add fees and time. Banks screen every party against sanctions lists, such as those of the Office of Foreign Assets Control (OFAC).
- 01 · QUOTE The sender gets an exchange rate and fee quote for the transfer.
- 02 · SEND The payment travels over Swift, a local rail or a card network.
- 03 · DELIVER The recipient's bank or card issuer credits the funds, often in local currency.
| Route | How it works | Typical use |
|---|---|---|
| Swift and correspondent banks | Payment messages pass between banks that hold accounts with each other | Large business and treasury payments |
| Local rails | A provider pays out through the destination country's domestic system | Payroll and supplier payments |
| Push-to-card | Funds go to an eligible card over card networks | Smaller payouts to individuals |
| Stablecoins | Value moves on a blockchain and can be converted at each end | Business and treasury transfers between partners that accept them |
Fees, speed and exchange rates differ by provider and corridor.
When businesses use it
- Paying overseas suppliers, contractors and employees
- Moving cash between a company's international subsidiaries
- Receiving payments from customers abroad
- Remittance providers sending consumer transfers abroad
Cross River's international payments use Swift and in-country local rails, with Fedwire for domestic USD transfers and push-to-card for card payouts. Foreign exchange quotes are executable 24 hours a day, five days a week. See international payments at Cross River.