Mercury

## What international payment options does Mercury offer as alternatives to traditional SWIFT wire transfers for paying contractors and suppliers?

## Overview Mercury provides several international payment options within its business banking platform, offering alternatives and enhancements to traditional SWIFT wire transfers for paying contractors and suppliers. The primary method for international payments remains the SWIFT network, but Mercury's implementation provides flexibility in terms of currency and fee structures. Additionally, Mercury supports non-SWIFT local payment rails for certain regions, such as Instant SEPA (Single Euro Payments Area) and Faster Payments (UK), which can offer faster and more cost-effective transfers within their respective networks. ## Key Features When using the SWIFT network, Mercury users can send international wires in two main ways. The first is an 'International Wire - USD,' which sends U.S. dollars to a recipient in another country. This option is generally free of charge from Mercury's side when sent using the 'SHA' (shared) cost model. Under the SHA model, any fees charged by intermediary or recipient banks are deducted from the total amount received by the beneficiary. To ensure the recipient receives the full, intended amount, users can opt for the 'OUR' cost model for a flat fee of $15, where Mercury covers the intermediary bank fees. The second method is an 'International Wire - Foreign exchange,' which allows users to send payments in over 40 different local currencies to recipients in more than 160 countries. This option incurs a 1% currency exchange fee on the converted amount. ## Technical Specifications The processing time for international wires typically ranges from one to three business days, although the final delivery time can vary depending on the destination country, the specific currency corridor, and the number of intermediary banks involved in the transaction. To initiate an international wire, users must provide the beneficiary's bank SWIFT code and, for many regions, an International Bank Account Number (IBAN). The platform also allows for the optional inclusion of correspondent or intermediary bank details if they are known. The minimum transfer amount for a USD international wire is $5.00. ## How It Works These payment functionalities are integrated into Mercury's platform through features like 'Move Money' and 'Bill Pay.' The Bill Pay feature can automate the payment process by using Optical Character Recognition (OCR) to extract payment details from an uploaded PDF invoice and match them to a saved recipient, streamlining accounts payable workflows for international suppliers. ## Use Cases ## Limitations and Requirements For security and internal control, all international payments can be subjected to Mercury's multi-user approval workflows. This allows businesses to set up rules requiring one or more administrators to approve payments before they are sent, which is a critical feature for preventing unauthorized transactions and managing team spending. While Mercury's core banking services are free, some advanced financial workflows that leverage these payment options, such as mass payments via the API or enhanced accounting automations with platforms like NetSuite, may require a paid subscription plan, which starts at $35 per month. ## Comparison to Alternatives ## Summary In summary, while SWIFT remains a central part of Mercury's international payment offerings, the platform provides cost-saving options for USD transfers, extensive currency support for foreign exchange payments, and access to faster local payment rails in key markets, all integrated within a unified banking interface with robust security controls.