How can I receive payments faster from my customers internationally? - Truly Financial

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How can I receive payments faster from my customers internationally?

It’s pretty easy to receive and send faster payments with Truly Financial. A little understanding of how different payment methods work under different scenarios can ensure you are getting paid on time by your customers.

Here is a quick overview of the several different payment methods you can use with your Truly Financial checking account and how you can benefit from them for both local payments and international or global payments:

Receiving payments from different countries

  1. GBP: Receive GBP payments from UK customers: Use the Faster payment scheme to receive payments from other UK bank accounts. You need to provide the sort code and account number. These are real-time payments; to receive these payments, you must provide your customer with the account details shown in Truly under BACS.
  1. EUR: Receive payments via SEPA in EUR from any European bank in the EEA region. You need to provide your customer with the IBAN & BIC details so they can send you a local payment within Europe via the SEPA network. The payments you receive via SEPA are real-time payments, and they show up in your Truly account as soon as funds are received.
  1. USD: Receive local payments within the United States via ACH from any U.S. bank account. Provide the Routing Number and Account Number to your customers, and you will receive payments usually the same day or sometimes the next business day, depending upon the sending bank.
  1. CAD: Receive payments via EFT locally from any Canadian bank in CAD. Provide your customer with the Institution Number, Transit Code and Account Number to send funds directly by EFT. These payments are usually received on the same day or the next morning, depending on the sending bank.
  1. Other International Currencies: To receive payment in these 4 currencies or other currencies from overseas bank accounts, use the SWIFT wire details mentioned in the bank account details. Examples of this would be:
    • Receiving USD wire payments from customers outside the United States
    • Accepting payments in Japanese Yen or Singapore Dollars into your Truly account
  • You can receive payments in over 30 currencies via SWIFT, and hold the funds in the respective currency without converting to USD or CAD. You can also send payments in the same currency from the balance held in that currency.
  • If you wish to receive payment in a currency not activated for your account, contact our Customer Success team, who can activate new currencies for you.

For all of the above accounts, you can also connect the account to your local payment processor if you receive payments by credit card. For example, if you are invoicing customers and receiving payment through Stripe, 2Checkout, etc., or selling online via Amazon. In all these cases, you can link your Truly Financial account to a payment processor like Stripe or Amazon and receive funds in the above local currencies directly into your Truly Checking Account.