What are "International Payments"?
Plastiq allows you to send funds to businesses outside the United States. Plastiq supports payments sent in USD and other currencies that your recipient can easily accept.
What is the benefit of converting the currency of my international payment?
While many recipients can receive your payment in USD and credit the funds without issue, some businesses require payment in their local currency. Plastiq’s foreign exchange service helps you pay virtually all of your vendors, wherever they are on the globe.
Additionally, if a recipient's bank needs to convert the payment from USD to another currency for a deposit, that bank can charge your recipient exchange and processing fees for receiving those funds in another currency.
These backend fees can vary from bank to bank and make it difficult for you to know how much you should send with each payment to account for the fees. Sending an international payment in your recipient's currency means your recipient will receive the amount that you specify.
Who can be paid?
The beneficiary of your payment must be a legally registered business. International payments to individuals are not supported.
If your recipient is located in a supported region, you will see an option to switch the payment's currency when entering your payment amount. Payments to countries that are currently subject to economic sanctions will not be permitted.
How long does it take for my payment to arrive?
Payments submitted before 10 AM PT Monday through Friday will be disbursed the same day. Payments submitted after that cutoff time will be disbursed on the next business day.
Some transfer delivery times could be extended due to banking holidays in the recipient's country or time differences, but most payments will take 2 to 4 business days to reach your recipient's account.
In very rare instances, international payments may not be available due to market conditions. Plastiq will always endeavor to pay your recipient as instructed but may be required to delay or refund payments in rare circumstances.
How much does it cost?
International payments are charged the standard Plastiq Fee and $60.00 in bank and handling fees.
There is an additional foreign exchange assessed on international payments that have been converted to another currency. This exchange is calculated using the currency exchange rates at the time of submission. That rate will be locked in as soon as you submit your payment.
What currencies can I send?
Currency conversion is currently available for recipients in Canada, Australia, New Zealand, Sweden, Denmark, Norway, Hong Kong, Singapore, Japan, China, Czechia, Poland, Hungary, Romania, Mexico, Israel, Switzerland, Turkey, South Africa, the UK, UAE, and the Eurozone.
More currencies will be added in upcoming updates, but please let us know about any currencies you'd like to see included. Plastiq does not offer conversion for cryptocurrencies such as Bitcoin at this time.
Can I use my American Express card for this kind of payment?
At this time, American Express is not available for international payments.
What information do I need in order to send international payments?
You will need a current invoice and the wire instructions from your recipient. You’ll also need both a contact email and phone number for your recipient. Click here to learn more about how to submit a payment via international wire with Plastiq.
We cannot send instructions written in a different alphabet (eg. Cyrillic, kanji, graphic, etc.). If this restriction is an inconvenience, please reach out and let us know so we can convey this feedback to our team.
Can I submit a recurring series of International payments?
Because we lock in the best rate for your payment at the time you submit, we can't offer recurring scheduled payments for this delivery method. However, our team is always looking for more feedback on how we can improve the Plastiq experience for everyone.
How will this appear on my card statement?
All International payments will be shown in USD on your card statement, including payments delivered in another currency.
Can I stop an international payment and have it refunded?
Once an International payment has been processed, it cannot be canceled or refunded. Please keep in mind that there are no recurring scheduled payments for international payments sent in a foreign currency.