Frequently Asked Questions
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Are there any restrictions on countries where I cannot send or receive payments from?
With Truly Financial, you can send payment in local currency to 50+ countries. The advantage of paying your supplier / contractor in their currency is that they do not have to pay bank fees for receiving payments and they get more money in hand when it is converted to their local currency by Truly Financial, as compared to receiving a wire transfer in USD and then having the funds converted to their local currency by the receiving bank. A full lust of countries where Truly Financial can pay in local currencies is available here.
In addition to these 50+ countries that can receive payments in their local currency, with Truly Financial you can send wire transfer to 200+ countries worldwide, except for countries which are under international sanctions or may be in the restricted list. At our discretion we may pause/suspend payments to other countries as well which are not in the restricted list.
Currently the restricted list comprise Belarus, Cuba, Crimea, Iran, Myanmar, North Korea, Libya, Russia, South Sudan, Sudan, Syria, Venezuela, Ukraine. This list may not be the latest/updated list and is subject to change from time to time.
For receiving payments from other countries, there may be similar restrictions on receiving wires and/or local currency payments based on the restricted countries list and international sanctions, political instability, financial controls and other risks that we evaluate periodically.