Local Bank Transfers, a payout structure that makes it possible to send funds from a company’s bank account directly into a recipient’s bank account in the local currency, are possible thanks to a powerful tool: A global payouts network. When you're comparing Local Bank Transfer specialists, one important factor is the type of network they use. And that's why comparing Local Bank Transfer specialists can be a little like comparing apples and oranges.
A well-designed network of banks will reduce the time and cost of delivering your Local Bank Transfers. But how can you know the inner workings of a Local Bank Transfers specialist’s network? The only way is to determine whether their network is a direct one, or an indirect one.
At Transpay, we are very transparent about the fact that our network is direct. In other words, every banking relationship in our network is a relationship that we have established ourselves, directly with the bank. We believe this is not only the best thing for our clients, but is a core part of our brand. We view ourselves as relationship builders in addition to being Local Bank Transfer specialists, and we love to see our clients reaping the benefits of the relationships we’ve forged.
Over a 30-year period, our executives literally got on tens of thousands of flights to every corner of the globe. They visited banks, shook hands, signed agreements and built trusted relationships, reaching over 95% of bank accounts worldwide. And we continue to do this daily! These partnership agreements are often described as “tie-ups,” an apt description for the knitting together of banks in Transpay’s network.
When you send payouts through Local Bank Transfer specialists who simply outsource payouts through another specialist or through various intermediaries, you run the risk of getting less transparent pricing. It may be that the Local Bank Transfer specialist tries to be straight with you about costs, but it’s impossible to pinpoint, because of the additional layers that get added to their indirect payout process. What’s more, those specialists might add their own markups for acting as middlemen in the process.
Choosing a Local Bank Transfers specialist with its own network ensures that your payout is staying in the same hands from point A to point B. Given our mission to deliver your business’ payout to any given country in an expeditious and cost-effective manner, we strongly believe that the best-case scenario for clients is to use a Local Bank Transfer specialist that owns its network and every bank relationship in it.