Payments & Operations

Local Currency Payouts

Send funds in local currencies to over 100 countries. Learn more about TransFi's Local Currency Payout solutions.
Can customers send money to a third-party account or only to their own?

TransFi allows customers to transfer funds between their own bank accounts as well as to send funds to a third-party account.

How can I create a dashboard account?

Once you have signed the contract with TransFi and received an email notification informing you of the successful completion of the Know Your Business (KYB) verification process, our dedicated support team will create a dashboard account for you within 24 hours.

Do we need to conduct KYC (Know Your Customer) verification?

We require the identity document of each sender for transactions exceeding 1 USD. Depending on your licensing status, you have the option to carry out the verification process on your end or use our onboarding solution.

How can I cancel a transfer?

Once a transfer is completed, it cannot be cancelled, as the funds would have already been received by the recipient. 

If the transfer is still pending, please get in touch with our support team via customercare@transfi.com. They will review the transfer status and details and determine if its cancellation is still feasible.

How can I know the status of my transactions?

Dashboard

  • If you are making local currency payoutd via TransFi’s dashboard, simply log into your account to view your list of transactions and their statuses updated in real time. 

API Integration

  • If you opted for API Integration, you can retrieve transaction status updates at any time using this endpoint.

You can also subscribe to our webhooks to receive real-time notifications whenever a transaction status changes.

How do I activate a new local currency and country?

To start making local currency payouts to a new country and to activate a new local currency, please notify your Account Manager and provide the following details:

 

  1. List of Countries:some text
    • Specify the countries where your beneficiaries or potential beneficiaries are located.
  2. Currency Requirements:some text
    • Indicate if you need USD payouts in addition to the local currency for any of the listed countries.
  3. Testing:some text
    • Complete a small test to ensure everything is set up correctly before going live.

 

Providing this information will help ensure a smooth configuration and activation process.

How long does it take for a local currency payout to be received by the beneficiary?

Settlement times for local currency payouts vary based on the receiving country and the chosen payment method, and can be received by the beneficiary:

  • Instantly
  • The same day (T+0), or
  • The next day (T+1)

What beneficiary details do I need to provide to make a local currency payout?

To make a local currency payout, you need to provide the following beneficiary details:

  • First name
  • Last name
  • Country of residence
  • Relationship with the sender
  • Chosen receiving method
  • Wallet or account number 


Depending on the market, additional information may be required.

You can check the full list of required beneficiary details per country and types of service on our API Documentation.

What is a local currency payout?

TransFi’s local currency payout product enables individuals and businesses to seamlessly transfer funds worldwide, using either digital currency  or traditional fiat money, and converting them into local currencies. This feature is accessible through TransFi's user-friendly dashboard or by integrating our API into your system.

What is the difference between using the dashboard and API integration to make local currency payouts?

Dashboard

  • Opting for the dashboard provides a user-friendly experience for manual transactions, eliminating the need for API integration. Transaction exports and status updates are always available on your account’s dashboard.

API Integration

  • On the other hand, integrating our API offers the advantage of automating transactions. Your transactions’ statuses can be retrieved at any time using this endpoint or by subscribing to our to receive real-time notifications of status updates.

What will the payment reference be on the beneficiary's bank statement? Can I personalise the reference?

When making a local currency settlement, you can use the available Remarks field to input any desired information, such as a transaction ID or reference, which will be visible on the beneficiary's bank account.

Please note that depending on our banking partner, the country, and the beneficiary’s bank, we cannot guarantee that the information provided in the Remarks field will be reflected in the beneficiary’s bank account.

What should I do if I make a mistake while filling out the transaction details?

If you provide an incorrect wallet or bank account number for your beneficiary, the transaction will fail due to mismatched information.

For other types of errors, please contact our support team via customercare@transfi.com to request a cancellation. Once approved by our team, the transaction will be refunded.

Which fiat currencies are supported for local currency payouts?

TransFi can process local currency payouts in local currencies, e.g. PHP, MXN, XOF, as well as in EUR or USD to any country as long as the beneficiary’s bank supports EUR and USD. i.e. the beneficiary owns a multi-currency account.

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