What is a local receiving account?

A local receiving account is the account provided by XTransfer for you to receive payments from buyers in Europe, Canada, the UKand Indonesia through the local clearing network.

It can save remittance costs, with low intermediary bank fees and faster payment processing. Funds can be credited in as quickly as a few hours, speeding up fund return and facilitating quicker shipping arrangements.

It facilitates foreign currency quotations, such as using the euro quotation directly with customers in the euro area, rather than in US dollars. Using local currency quotations can simplify the lengthy quotation negotiation process due to different exchange rate expectations between the buyer and seller. It also helps avoid the risk of delayed payment, underpayment, or even default and abandonment of goods due to significant exchange rate fluctuations.

*An XTransfer receiving account refers to the account and sub-account opened by XTransfer in partner banks, and is not a bank account opened directly with the partner bank. Using XTransfer's collection service does not constitute a direct contract or legal relationship between you and XTransfer's partner banks.