TRANSFER006 — Benefits of Local Currency Transfers

When transferring funds internationally, sending payments in the recipient’s Local Currency offers significant cost, speed, and operational advantages over traditional foreign currency wires.

Xtrm automatically handles cross-border currency conversions at competitive market rates, ensuring seamless transactions for global beneficiaries.

Key Benefits

1. Reduced Transfer Fees

Traditional cross-border transfers in non-local currencies (such as sending USD to a European bank) often route through multiple intermediary banks, triggering unexpected wire fees. Local currency transfers utilize local clearing networks (e.g., SEPA in Europe, ACH in the US, EFT in Canada), significantly reducing or eliminating third-party banking charges.

2. Faster Processing Times

Because local currency transfers leverage regional domestic banking rails rather than complex international SWIFT routes, funds typically arrive faster—often within 1 to 2 business days (or same-day depending on the region).

3. Competitive Exchange Rates

Xtrm provides real-time, wholesale foreign exchange (FX) rates directly at the time of transaction initiation, giving your business full transparency over conversion costs before confirming the payment.

Best Practices for Companies

• Verify Recipient Bank Currency: Ensure the bank account currency selected in Xtrm matches the domestic currency of the recipient's bank account.

• Exchange Currency First: Use the Exchange feature to convert the USD to Local Currency before initiating the transfer.

If you would like more information on exchange rates and transfer fees, please email support@xtrm.com