Making international payments faster, safer and cheaper

Whether you're expanding your business across borders or sending some love to a friend abroad, one thing's crystal clear: you crave swift, secure, and hassle-free payments.

We broke all the pros and cons of the different international payment options available so you can make international payments faster, safer and cheaper!

Wire transfers (Swift payments):

✅ The pros:

• Speed: This is the fastest method for domestic and international transfers.

• Safety: Bank-to-bank transfers are very secure.

• Global reach: Make cross-border payments to almost any country.

❌ The cons:

• Cost: Banks can charge extremely high rates and add hidden markups when they convert your currency.

• Irreversibility: Difficult to reverse or cancel once initiated.

• Time constraints: Specific cut-off times for same-day processing.

• Not ideal for smaller transfers: Less cost-effective for minor transactions.

In summary: Wire transfers are one of the most straightforward ways to make international payments, but also one of the most expensive. 

Read more: How long do international bank transfers take?

Credit/debit card payments:

✅ The pros:

• Convenience: Widely accepted for easy global transactions.

• Speed: Real-time processing for immediate access to goods and services.

• Currency conversion: Competitive exchange rates.

• Security: Robust fraud protection measures for user safety.

• Accessibility: Make payments from anywhere with an internet connection.

• Rewards: Some cards offer perks like cashback or travel points.

❌ The cons:

• Fees: Foreign transaction and currency conversion fees increase costs.

• Exchange rate fluctuations: Variable rates may lead to final amount discrepancies.

• Potential blocks: Banks may restrict international card usage without notice.

• Data security concerns: Risk of data breaches and identity theft online.

• Hidden costs: Additional surcharges or fees by merchants or banks.

In summary: Credit cards are a safe and fast way to make international payments, but they can’t be relied on for a good deal every time.

Read more: How to pay an invoice by credit card?

Online payment platforms

✅ The pros:

• Accessibility: Make international payments from anywhere.

• Convenience: Quick and simple payment process.

• Currency support: Multiple currency options available.

• Security: Strong measures to protect financial data.

• Streamlined ecommerce: Integration for seamless online sales.

• Buyer and seller protection: Dispute resolution services for added confidence.

❌ The cons:

• Transaction fees: Additional charges may apply.

• Exchange rates: Currency conversion rates may not be optimal.

• Account verification: Verification process can be time-consuming.

• Limited acceptance: Some places may not support certain platforms.

• Holds and delays: Transactions may be subject to holds or verifications.

• Disputed transactions: Disputes could lead to temporary fund freezing. 

In summary: Platforms like PayPal , Stripe and Wise make borderless transactions convenient - but watch out for those hidden fees and high exchange rates!

Read more: How to send money overseas?

So there’s your summary of what’s out there, but how does Crezco fit into all of this?

All of the options above are either old, slow or built for consumers. Not businesses. That’s where Crezco comes in.

Crezco makes international account-to-account payments easy for businesses, letting you make international payments directly to an international bank account - without the need to create any virtual IBANs or local wallets. 

With Crezco, you’ll enjoy competitive exchange rates, plus seamless integration with your accounting system. 

So, whether you’re collecting from international clients, paying suppliers abroad or moving money between your different entities, Crezco’s got you covered!