FAQ

Q. What’s the BEST foreign exchange rate I can get?

A. Finding the right FX pricing for each client is what we do best! If we’re being really frank (Frank hates when we say that), our pricing is just a function of Volume and Labor. So, if you’re a Small to Medium-Sized Business (SMB), odds are good that our standard fixed margins will be the Goldilocks fit you’re looking for. In fact, we typically find our regular pricing is about half the cost of most brokers and banks!

For companies with larger volumes, or more frequent payment needs, reach out to any of our payment experts for a customized pricing equation. Paymentearth doesn’t deal in “Intro” rates (re: bait and switch); we want to keep our clients happy forever, so the pricing we set on Day One will be the same margin for the life of your account.

Q. How do I KNOW I’m getting the FX pricing I expect?

A. We’re still young(ish), but we sure weren’t born last night, so we totally understand that a bit of skepticism is natural.

We’ll show you the exact pricing to expect (on every single trade) and we’ll show you where to find nationally published interbank (market) rates to verify rate accuracy.

Less delicately, math doesn’t care how charming, or expert we might be (which is plenty, if we do say so ourselves!), so feel free to check our rates at any time!

Q. Why is Paymentearth better for international payments than my bank?

A. For most companies, banks are the initial go-to source for sending payments and converting currencies. Banks are familiar, have branches in small towns and cities, and are generally competent at delivering funds.

Unfortunately, the reality for most business accounts is that unless you represent a large revenue potential, most banks couldn’t care less if a small or mid-sized business uses them for foreign exchange transactions. For most banks, foreign exchange is an add-on function to put the icing on their already robust cake. To “make it worth their while,” typical spread margins and wire fees are through the stratosphere, whether customers know it, or not!

1. Pricing: Banks will do everything they can to skirt the simple question of “what’s my markup on foreign exchange?” They might even drag in fancy language about “market fluctuations,” or try to convince you that the “rate of the day” is your “preferred rate.” Sound familiar? In truth, any bank buying foreign currency is buying from the same market as Paymentearth. Our euro is the same as their euro. Our pesos are equal to the pesos of any traditional bank. The ONLY difference is the margin applied on top of the cost, and the willingness to share that vital information.

2. Customer Care: Ever had a problem with a wire transfer? Ever needed confirmation that a payment has been delivered? Ever needed a little help or advice on how best to make your payment?

Paymentearth’s expert, fully human representatives understand that making payments is just one small aspect of managing a business. With over 50 years’ combined experience in International Payments, the team at Paymentearth is a well-oiled machine that can help actively manage your FX. We work at the speed of business, so that you can focus on what you do best- moving your company forward!

3. Technology: From our easy to use Online Rate Calculator, to our state-of-the-art Online portal (PE Direct), to our partnership with cutting-edge blockchain provider, Ripple, Paymentearth is clearly looking forward, and bringing the future to our clients.

Q. How quickly will my beneficiary receive their international payment?

A. Payments are delivered via SWIFT or Local networks. Every day, nearly 10,000 SWIFT member institutions send approximately 24 million messages on the network, of which nearly 50% are payment-based. As a continually evolving network, SWIFT advancements allow for both Same Day and Next Day delivery. Typically, funds are released overnight to the SWIFT network, with final credit based on individual bank efficiency (i.e. a human being must still credit the wire to the appropriate account).

Q. Can I pay by credit card?

A. No, Paymentearth accepts settlement via Automated Clearing House (ACH), and wire (or duffle bags of cash… just kidding!)

Q. Can I setup an account to receive foreign funds?

A. Paymentearth can readily receive foreign funds on your behalf. We currently hold accounts in any major currency, allowing for an efficient conversion to USD, or to move to your Virtuwallet account for cross-trades and netting. Ask a rep about whether we can receive a more exotic currency—odds are that we can!

At Paymentearth, our FX pricing is free from ambiguity, and our client margins are fixed- the markup you pay on your first trade is the same you’ll pay on EVERY trade, for the life of your account! And all in complete transparency. Why? Because we think it’s the right thing to do. And because we’re customers too, so we know what it’s like getting the runaround at other places.