Mercury

## Does Mercury offer free international wire transfers for paying remote workers in USD?

## Overview Mercury offers international wire transfers in U.S. dollars (USD) to over 160 countries with a fee structure that is highly competitive compared to traditional banks. Specifically, Mercury does not charge a fee for outgoing international USD wires when they are sent using the 'SHA' (Charges Shared) method. This means the sender does not pay an origination fee to Mercury for initiating the transfer. This policy provides significant cost savings for businesses that frequently pay international remote workers, contractors, or vendors, as traditional financial institutions commonly charge fees ranging from $30 to $50 for each outgoing international wire transfer. By eliminating this sender-side fee, Mercury reduces a major operational cost for globally distributed companies. ## Key Features To address the issue of intermediary fees and ensure the recipient receives the full intended amount, Mercury provides an alternative option. For a flat fee of $15 paid by the sender, users can select the 'OUR' (Charges Ours) method for their international USD wire. This option ensures that all intermediary bank fees incurred during transit are covered, so the full principal amount arrives at the recipient's bank. However, it is important to note that the $15 'OUR' fee does not cover any potential fees that the recipient's own bank may charge for accepting an incoming wire transfer. This fee is a separate charge levied by the receiving institution and is outside of Mercury's control. For transfers sent in over 30 other local currencies, Mercury charges a transparent 1% currency exchange fee, which covers both the conversion and the wire transfer itself. ## Technical Specifications All international wire transfers facilitated by Mercury are processed through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. It is crucial for users to understand the implications of using this network. While Mercury does not charge a fee for the outgoing 'SHA' wire, the transfer may pass through one or more intermediary or correspondent banks before it reaches the recipient's bank. These intermediary banks often deduct their own processing fees, sometimes referred to as 'lifting fees,' directly from the principal amount of the wire. As a result, when the 'SHA' option is used, the final amount received by the recipient will be less than the amount originally sent. Mercury does not control or have visibility into these third-party bank fees. ## How It Works Mercury's platform is designed to streamline the process of making recurring international payments. Within the 'Pay Someone' flow on the dashboard, users can save the details of their recipients, including their banking information. This feature allows for the setup of recurring payments, which automates the process and reduces the administrative burden of paying remote workers on a regular schedule. ## Use Cases ## Limitations and Requirements In terms of timing, international SWIFT payments typically take between one to three business days to be delivered, which is longer than domestic transfers. There is a key limitation to this service: the international wire transfer feature is currently unavailable to companies that were formed outside of the United States. Banking services at Mercury are provided by its FDIC-member partner banks, Choice Financial Group and Column N.A., which ensures the security of the underlying accounts. ## Comparison to Alternatives ## Summary In conclusion, Mercury does offer free outgoing international wire transfers for paying remote workers in USD, provided the sender uses the 'SHA' option where intermediary fees are deducted from the payment. For senders who wish to ensure the recipient gets the full amount, an 'OUR' option is available for a $15 flat fee to cover intermediary charges. This fee structure offers substantial savings compared to traditional banks. Users should remain aware of the SWIFT network's intermediary fees, the 1-3 business day delivery time, and the fact that the recipient's bank may still charge its own fees for incoming transfers.