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What are International Payments?

International payments are global payments made across country borders that may use different currencies. Transactions can be settled efficiently on a B2B international payment platform.

What are the Types of International Payments?

The types of international payments are typically cash or credit. Here are 3 types of international payments:

  • Prepayments or cash in advance – The buyer makes international B2B payments in full using wire transfers or bank drafts before goods are shipped or delivered.
  • Letters of credit – The buyer’s bank guarantees to the seller that payment will be made as long as specified conditions are met, usually after the seller delivers goods or services.
  • Buy now pay later – The seller extends credit to the buyer and payment is deferred.
  • Net Terms – Large merchant sellers may allow deferred payment from buyers. For example,  the term “Net 60” means payment is due 60 days from the date of the invoice.

What are International Transaction Charges?

International transaction charges include bank processing fees, SWIFT or wire fees, and foreign exchange costs. They vary depending on the bank or financial institution processing the transaction.


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