How to Make International Payments

Master the ins and outs of making international payments. From step-by-step guides to choosing the best methods, this comprehensive guide covers everything you need to smoothly and efficiently transfer money across borders.

What Do You Need to Make an International Payment?

To make an international payment, there are several crucial details you need to have on hand. First, you'll need the recipient's full name and their complete bank account details, including their bank's name and address. The most important of these details are the International Bank Account Number (IBAN) for European transfers or the SWIFT/BIC code for other international transfers.
The SWIFT/BIC is a unique identification code for a particular bank, while the IBAN is an internationally agreed system for identifying bank accounts across national borders. Additionally, you'll need to know the exact amount you want to transfer and the currency it should be received in. Remember, each bank or payment service might have specific instructions or additional requirements for international transfers, such as certain fees or form submissions, so it's wise to contact your financial institution to ensure you understand all the necessary steps. Also, it's crucial to keep in mind the potential time delays associated with such transfers, which could range from 1-5 business days, depending on the banks involved and their respective locations.


How Do International Payments Work?

International payments, also known as wire transfers or remittances, are a way of sending money from one country to another. Here's how they typically work: When you initiate an international payment, you provide the necessary information about the recipient's bank account to your bank or payment service. This includes the recipient's name, their bank's name, and their International Bank Account Number (IBAN) or SWIFT/BIC code.
Once you submit this information and the amount to be transferred, your bank or service provider sends a message via a secure system (like SWIFT or Fedwire) to the recipient's bank, instructing them to credit the specified amount to the recipient's account. This process may involve intermediary banks if the sender's and recipient's banks don't have a direct relationship. The entire process can take anywhere from 1 to 5 business days, depending on the banks and countries involved. It's important to note that fees may be deducted from the amount transferred by both the sending and receiving banks, and also possible currency conversion rates apply if different currencies are involved.

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How to Make an International Payment

Making an international payment can be done through various means, but the most common is through your bank or a dedicated payment service (such as Collect & Pay). Here's a general step-by-step guide:

Step 1: Identify the right service

Making an international payment can be done through various means, but the most common is through your bank or a dedicated payment service (such as Collect & Pay). Here's a general step-by-step guide:

Step 2: Gather the recipient's details

Obtain the recipient's full name and bank account details. This includes their bank's name, bank's address, and crucially, their International Bank Account Number (IBAN) or SWIFT/BIC code, which serve as the international identification for their account and bank, respectively.

Step 3: Initiate the payment

Log into your online banking or payment service, and choose the option for international payments or wire transfers. Enter the recipient's details, the amount you wish to transfer, and the currency for the recipient to receive the money in.

Step 4: Confirm and send

Review all details thoroughly to ensure they are correct, as errors can cause delays or loss of funds. Once confirmed, send the payment.

Step 5: Track the payment

Use the transaction reference number to track the progress of your payment. The entire process can take a few business days, depending on the service used and the countries involved.
Remember, it's always wise to contact your bank or payment service for specific instructions or requirements they might have for international transfers. Additionally, be aware that fees may apply and exchange rates can affect the amount the recipient receives.


Easiest Way to Make International Payments

The easiest way to make international payments often involves using online money transfer services due to their simplicity, cost-effectiveness, and speed.
At Collect & Pay, we understand our customers' needs and want to solve their payment problems. Our main goal? To simplify payments for companies in all industries and jurisdictions.
It’s easy to set up an account with Collect & Pay, our process is entirely remote and payment accounts can be opened in a matter of 2-3 days. You can create an accounthere in just 3 easy steps:

Step 1: Fill in our application form

Step 2: Upload all relevant documents

Mandatory documentation includes:

Please ensure all documents are supplied in English, or provide a notarized translation into English if necessary.

Step 3: Complete verification and start using your account.

Once you have set up your new account, follow the prompts to send money abroad. You'll need to provide the recipient's bank account details (including IBAN or SWIFT/BIC code). The service allows you to see the exchange rate and any fees upfront, making it easier to understand how much it will cost. Transfers also typically process quickly, with many transactions completed within 1-2 business days.

Making International Business Payments

When it comes to making international business payments, it's important to balance speed, cost, and reliability. Traditional banks can facilitate these transfers, but they often involve high fees and less favorable exchange rates. As such, many businesses are turning to specialized online money transfer services like Collect & Pay.

Our platform is designed to handle international business transactions for all business activities, in all jurisdictions. We offer a range of services:

To make a payment, you'll need to set up a business account with our payment service. Once this is done, you can initiate a transfer by providing your recipient's banking information, including their IBAN or SWIFT/BIC code, bank name, and the exact amount to be sent. Then, you simply fund the transfer by paying Collect & Pay. Always remember to track the progress of your payment using the transaction reference number provided and ensure all transaction details are accurately recorded in your business accounting records.

Making Payments with Different Methods

There are various methods to make payments, each with its own benefits and considerations. Traditional cash remains widely accepted for face-to-face transactions, although it's not suitable for long-distance or online payments and certainly isn’t scalable for business purposes. Checks, another classic method, provide a physical record of payment but can be time-consuming and carry the risk of bouncing if there are insufficient funds.
Debit and credit cards are convenient for in-person and online transactions, offering fast processing times and often protection against fraud. They're widely accepted and can be used internationally, but fees may apply, particularly for overseas use. Similarly to cash and checks, card payments don’t always suit B2B situations where payment terms and location become a factor.
Bank transfers, including wire transfers, can be done in person at a bank, via telephone, or online, making them versatile for both domestic and international transactions. However, fees can be high, especially for international transfers.
Online payment services, like Collect & Pay, are another convenient method, particularly for online transactions and international payments. These services are fast, easy to use and typically purpose-built for a specific scenario, such as managing business payments across international borders.
Mobile payment methods, including Apple Pay and Google Pay, are becoming more prevalent. These methods allow you to pay directly from your smartphone, either in-person using Near Field Communication (NFC) technology, or online. They're convenient and quick, but not all retailers or services accept them yet.
Choosing the right payment method will depend on the nature of the transaction, the associated costs, the level of convenience, and the level of security provided.

Making Payments with Different Methods

North America

In countries like the United States and Canada, there are several options for making international payments. Traditional methods include using banks to make wire transfers, while specialist online platforms like our Collect & Pay platform also enable international transactions.

South America

In South America, options for making international payments can vary by country due to differences in banking regulations and the availability of international payment services. However, bank wire transfers, Western Union, and online payment services are generally accepted methods. It's important to check local regulations and service availability before initiating a transfer.


Across Europe, international payments can be easily made through SEPA (Single Euro Payments Area) for euro transfers, or SWIFT for other currencies. Online money transfer services like Collect & Pay are also popular, providing quick and often cheaper alternatives to traditional bank transfers.


Countries in Asia offer various ways to make international payments. In India, for example, banks like ICICI, HDFC, and SBI facilitate international wire transfers. Online services are also gaining popularity.


African countries have several options for making international payments. Nigerian banks, including GTBank and Zenith Bank, offer wire transfer services. Additionally, international money transfer services are available and commonly used.


In Australia and Oceania, international payments can be made easily through bank wire transfers or specialist online payment services. It’s worth mentioning again the chief advantage of working with a service such as Collect & Pay to manage your international payments workflow; Collect & Pay specializes in the movement of funds internationally for businesses, we can effectively centralize the process so that, no matter who and where you need to make payment to, we can support you in a quick, easy and cost-effective way.

Contact Us

If you have any questions, requests, or suggestions, contact us, or send an email to We would be glad to hear from you, and will be happy to help you!

Please note that we are working ONLY with corporate clients.

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