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What is the difference between local and global accounts?
What is the difference between local and global accounts?
Updated over a week ago

When it comes to money transfers, there are two main methods: local payments and SWIFT payments. Each method has its own advantages and disadvantages, and the choice of method depends on the specific circumstances of the transaction.

Verto’s local accounts are situated in the country of the currency, for example, GBP is based in the UK, EUR is based in Germany and USD in the USA. These accounts allow you to receive payments within a country using the local clearing system. This method is usually faster and less expensive than SWIFT payments, and can often be completed within the same day. Local payments are ideal for receiving from parties within the same country/area.

Verto’s global accounts support receiving international SWIFT payments. These are transfers made through the SWIFT network, which is a global network of financial institutions that facilitates international money transfers. This method is typically slower and more expensive than local payments but is necessary for larger transactions or transactions between parties in different countries. For example a USD payment from Singapore to your company.

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