Relay now offers two ways to send international wire transfers, through the Local Network and Swift Network.
Local Network and Swift Network are two different ways to transfer money across borders via international wire transfer. Relay supports sending international wires via both networks.
A Local Network wire transfer is cheaper to send and typically arrives faster. The Relay team can help you track and locate a Local Network wire, but there’s no detailed end-to-end tracking, making it ideal for frequent transactions and smaller amounts.
A Swift Network wire transfer has higher fees and takes longer to arrive, but you can follow it every step of the way—via an MT103 report—until it lands in your recipient’s bank account.
For more information on our international wire pricing, please see: Updated Wire Pricing
Overview
Local Network | Swift Network | |
How it works | Payments are sent using the local payment network in the region or country where your payee is located. | Payments are sent using the Swift network, a group of 11,000 financial institutions that have agreed to transfer money internationally. |
Cost per wire | $5 per international wire, or $0 for Relay Pro subscribers | $25 per international wire, or $20 for Relay Pro subscribers |
Supported currencies |
🇪🇺 Euro (EUR) 🇬🇧 British pound sterling (GBP) 🇨🇦 Canadian dollar (CAD) 🇦🇺 Australian dollar (AUD) |
Most currencies. See list here. |
Currency conversion fee |
Local Network wires are sent in USD and must be converted to the recipient’s local currency. As currency conversion is required, a fee of 1% to 1.5% of the payment applies. |
Swift Network wires are sent in USD. You can convert the payment into any of Relay’s supported currencies. If you choose to convert to another currency, a fee of 1% to 1.5% of the payment applies. |
Settlement time | 0-3 days | 5-7 days |
Payment tracking |
An MT103 is not available for Local Network wires but our Customer Experience Team can work with you to confirm whether or not the wire was successfully sent. |
An MT103 will help you trace a wire payment every step of its way to your recipient. Learn more about MT103s here. |
Best for | Faster and more affordable wires, perfect for small and frequent transactions. | Sending large wires that require detailed end-to-end tracking. |
What is the Difference Between Local Network and Swift Network wires?
Sender Display |
Local Network |
Swift Network |
What will the recipient's bank see displayed as the sender? |
For EUR and GBP, the ultimate sender is visible to the recipient's bank. For all other currencies, the ultimate sender is not visible and will be shown as either "The Currency Cloud LTD" or one of our banking partners |
The ultimate sender is visible and can be seen in the MT103 report. |
Payment Network |
||
EUR |
SEPA Credit Transfer (SCT) SEPA Instant Credit Transfer (SCT Inst.) |
Swift |
GBP | Faster Payment Service (FPS) | Swift |
CAD | Electronic Funds Transfer | Swift |
AUD | Direct Entry | Swift |
Payment Cutoff Times for Same-Day Processing
|
||
EUR |
2pm UTC for SCT 24 hour processing for SCT Inst. |
2:30pm UTC |
GBP | 24 hour a day processing | 4:15pm UTC |
CAD | 4pm UTC | 4:45pm UTC |
AUD | 1:30pm UTC | 2pm UTC |
Maximum Payment Amount
|
||
EUR |
€100,000 SCT Check with the beneficiary's receiving institution to determine if they are of SCT or SCT Inst. |
No Limit |
GBP | £1,000,000 | No Limit |
CAD | $200,000 CAD | No Limit |
AUD | No Limit | No Limit |
For detailed instructions, see:
- Sending an international wire through the Local Network
- Sending an international wire through the Swift Network
What is the Difference Between the Local Network and a Domestic Wire?
A domestic wire is for wires made from one U.S. bank account to another U.S. bank account. The Local Network is still for international wires; it just accesses a country’s Local Network to complete the international wire. For more information about domestic wires on Relay, please see Sending a domestic wire.