Paynode supports a number of different payment methods. The most suitable payment method for any individual payment will depend largely on the selected currency and who you want to pay. 

Is the receiver of the payment active on Paynode?

If the answer is yes, you can send the payment via a Paynode Instant Payment. This is the best way to send a payment as instant payments settle instantly 24 hours a day, 7 days a week. They can be sent in any currency & the receiver will be notified in real-time the moment the payment is executed. 

Check who else is active on Paynode here

For a more detailed guide on how to send an Instant Payments - Click here

Sending payments to a non-Paynode members

When sending payments to non-Paynode members, payments should be sent via wire transfer. Paynode supports local wire transfers in USD, EUR, GBP & CAD + international transfers in 40+ currencies
For a more detailed guide on how to send local payments see our payment guides below 

Payment Guide: US Dollar (USD)

Payment Guide: Euro (EUR)

Payment Guide: UK Sterling (GBP)

Payment Guide: Canadian Dollar (CAD)

Payment Guide: Other Supported Currencies 

For Domestic USD Payments (where the receiving bank is located within the US)
- Payments sent via Priority will be routed FEDWIRE
- Payments sent via Regular will be routed via ACH

For International USD payments (where the receiving bank is located outside the US)
- Payments sent via Priority will be routed via SWIFT 

When sending payments it is important you select the correct payment method for the accounts you wish to pay. Sending a payment via ACH to a Fedwire account will result in a failed payment.

Priority payments

Priority payments are the faster way to transfer funds, but also the most expensive. 

For International Priority SWIFT transfers, the intermediary banks involved in the transfer may apply fees which are deducted from the amount sent.  As a result, the payment amount received in the beneficiary bank account may be less than the full amount expected.

To set up Priority payments

Step 1 - add Beneficiary and choose the Priority payment method.  

Step 2 - add the Swift/Fedwire payment details.

For more details on how to set up a Beneficiary follow this link -  Add or Set up a Beneficiary to Pay

Regular payments

Regular payments are slower compared to payments sent via priority but are also cheaper. If sent early enough in the day they will arrive same day, otherwise they should be expected to arrive the following business day.

To set up Regular USD payments

Step 1 - add Beneficiary and choose Regular payment method.  In the event that you decide to make a Swift payment in the future, you may also choose to enter the Swift payment details. 

Step 2 - add the ACH payment details.

For more details on how to set up a Beneficiary follow this link -  Add or Set up a Beneficiary to Pay

To set up Canadian EFT payments

Step 1 - add Beneficiary and choose Regular payment method.  

Step 2 - add the EFT payment details.

For more details on how to set up a Beneficiary follow this link -  Add or Set up a Beneficiary to Pay

For Domestic Payments (where the receiving bank is located within the Single Euro Payments Area)

- Payments sent via Regular will be routed via SEPA (SEPA is the cheapest & fastest way to send payments domestically within Europe - We recommend to always use this option when available)

- Payments sent via Priority will be routed via SWIFT (despite the name, Priority SWIFT is slower compared to SEPA and can attract fees - We recommend to avoid SWIFT wherever SEPA is available) 

For International payments (where the receiving bank is outside the Single Euro Payments Area)
- Payments sent via Priority will be routed via SWIFT 

ATTN: When sending payments it is important you select the correct payment method for the accounts you wish to pay. Sending a payment via Priority SWIFT to a SEPA account will result in a failed payment.

* Please note, for payments where the beneficiary bank is connected to SCT Inst and the payment is below €100,000 the payment will be automatically routed via SEPA Instant Credit Transfer (SCT Inst) If the beneficiary bank is not Inst-reachable, the payment will be sent as an SCT.

Regular payments

Within Europe, Regular payments are sent via SEPA which is the most efficient and cheapest way to send a payment. We recommend you always use this option when sending payments within Europe. Payments will either be sent via SEPA Instant (if the receiving bank can accept it) or regular SEPA and in that case payment is typically received same day.

To set up SEPA payments

Step 1 - add Beneficiary and choose Regular payment method.  

Step 2 - add the SEPA payment details.

For more details on how to set up a Beneficiary follow this link -  Add or Set up a Beneficiary to Pay

Priority payments

For payments in EUR we recommend you only use Priority SWIFT payments if the receiving bank is not able to receive SEPA. For the most part this would mean payments sent to banks located outside of Europe. 

For International Priority SWIFT transfers, the intermediary banks involved in the transfer may apply fees which are deducted from the amount sent.  As a result, the payment amount received in the beneficiary bank account may be less than the full amount expected.

To set up Priority payments

Step 1 - add Beneficiary and choose the Priority payment method.  

Step 2 - add the Swift/Fedwire payment details.

For more details on how to set up a Beneficiary follow this link -  Add or Set up a Beneficiary to Pay

We currently support SWIFT payments in 30+ currencies to over 180 countries or territories. In addition to SWIFT, local payment options are also available for our core currencies (USD, EUR, GBP & CAD)

List of supported currencies 

Australian Dollar (AUD)	Japanese Yen (JPY)	Singapore Dollar (SGD)
Bahrain Dinar (BHD)	Kenyan Shilling (KES)	South African Rand (ZAR)
Bulgarian Lev (BGN)	Kuwait Dinar (KWD)	Swedish Krona (SEK)
Canadian Dollar (CAD)	Mexican Peso (MXN)	Swiss Franc (CHF)
Chinese Yuan (CNH)	New Zealand Dollar (NZD)	Thai Baht (THB)
Czech Koruna (CZK)	Norwegian Krone (NOK)	Turkish Lira (TRY)
Danish Krone (DKK)	Omani Rial (OMR)	Ugandan Shilling (UGX)
Euro (EUR)	Polish Zloty (PLN)	UK Sterling (GBP)
Hong Kong Dollar (HKD)	Qatar Rial (QAR)	United Arab Emirates Dirham (AED)
Hungarian Forint (HUF)	Romanian Leu (RON)	US Dollar (USD)
Israeli Shekel (ILS)	Saudi Riyal (SAR)

How to add a Currency

Step-1: From your Dashboard go to Balances

Step-2: Click to Add Currency, and scroll to choose from 30+ available currencies 

Regular versus Priority Payments

We currently support local (regular) and SWIFT (international priority) Payments. When setting up a payout and adding a beneficiary, make sure payment instructions match your local versus priority setup. 

The regular payment method is the local or domestic payment. With Paynode you get four local or domestic payment methods: SEPA, UK Faster, EFT, and ACH/Fedwire payment, which is cheaper and avoids correspondent banking fees. 

Regular payment method for EUR - SEPA

Single Euro Payments Area (SEPA) is a payment type used to transfer euro currency within the EEA (EU countries). It works the same way as a local or domestic bank transfer, so long as both countries are inside the eurozone. Learn more: How to set up SEPA payments.

Is SEPA the same as ACH?

SEPA transfers are euros transfers, pushing funds from one bank account to another. It's similar to an ACH transfer, except the SEPA transfer uses the IBAN and BIC numbers of both the sender and recipient's bank, rather than banking account information and routing number.

Regular payment method for GBP - Faster Payment

Faster Payments is one option for sending money electronically in the UK. Since it is a real-time payment system, any money sent is received very instantly. Learn more: How to set up Faster payments.

What is the difference between CHAPS and Faster Payments?

Faster Payments is a lot quicker, often moving the money between accounts within seconds. While CHAPS is a same-day payment transfer service. Faster Payments are generally less expensive to use compared to CHAPS. Faster Payments is also available any time, any day, while CHAPS is only available during working hours between Monday and Friday.

Regular payment method for CAD - EFT 

Electronic Funds Transfer (EFT) is the electronic transference of money from one Canadian bank account to another Canadian bank. Learn more: How to set up CAD EFT payments.

Regular payment method for USD - ACH and Fedwire

Difference between ACH & Fedwire Payments

Both ACH and wire transfers work in a similar way but with different timelines and rules. Wire transfers are direct, generally immediate transfers between two financial institutions. ACH transfers, meanwhile, pass through the Automated Clearing House and can take up to 0 to 1+ business days. Learn more: How to set up ACH. 

Note: “Cleared” means that the transaction details have been passed on. “Settled” means the two banks have exchanged money to honor the underlying transaction. “Disbursed” means the funds have been released to the end account holder.

1. Transfer speed 
Domestic wire transfers usually clear within minutes and settles within a business day. ACH transfers can take between hours and days to both clear and settle. 

How long does an ACH transfer take? The time it takes an ACH transfer to clear can vary. It typically can take up to 3 business days. Paynode's cut-off time for an ACH wire transfer out on the same day is 3:45 pm Eastern Standard (8:45 GMT). After the cut-off time, the wire will arrive the next business day. 

How long does a wire transfer take? A wire transfer clears as soon as the receiving bank signs off on the incoming message. This happens either immediately or following any routine due diligence. With Fedwire, the transfer settles and disburses immediately if sent before the cut-time of 11:45 am Eastern Standard (4:45 GMT).

2. Settlement 
Wire transfers generally settle permanently. Some ACH transfers, however, can take up to 1+ business days.

Bank Details Glossary

IBAN routing number for SEPA payments
Account Number unique account number varies between 9-12 digits depending on the financial institution

SORT Code are used in the British clearing system and historically in the Irish system.
ABA/ACH Routing Number differs from WIRE routing number by the financial institution
ABA/WIRE Routing Number differs from the ACH routing number by the financial institution
BIC/SWIFT Instruction for International SWIFT Payments Indicator

Timing is everything. Here you can find all the information you need to make your wire payments on arrive on time 

Currency (ISO)	SWIFT (Priority)	Local (Regular)	Cutoff times for SWIFT payments	Cutoff times for local payments
US Dollar (USD)	0 days	0 days	11:30 am	3:45 pm
Euro (EUR)	0 days	0 days	9:30 am	9.00 am
UK Sterling (GBP)	0 days	0 days	11.15 am	24-hour weekday availability
Australian Dollar (AUD)	1 day	1 day	9:00 am	8:30 am
Bahrain Dinar (BHD)	1 day		9:00 am
Bulgarian Lev (BGN)	0 days		3:30 am
Canadian Dollar (CAD)	0 days	0 days	11:45 am	11:00 am
Chinese Yuan (CNY)	1 day		4:00 am
Czech Koruna (CZK)	0 days	0 days	4:00 am	4:00 am
Danish Krone (DKK)	0 days	0 days	5:30 am	5:30 am
Hong Kong Dollar (HKD)	1 day	1 day	9:00 am	9:00 am
Hungarian Forint (HUF)	0 days	0 days	4:00 am	4:00 am
Indian Rupee (INR)		0 days		11:30 am
Indonesian Rupiah (IDR)		0 days		11:30 am
Israeli Shekel (ILS)	1 day		9:00 am
Japanese Yen (JPY)	1 day		9:00 am
Kenyan Shilling (KES)	1 day		9:00 am
Kuwait Dinar (KWD)	1 day		9:00 am
Malaysian Ringgit (MYR)		0 days		11:30 am
Mexican Peso (MXN)	0 days	1 day	4:00 am	3:30 am
New Zealand Dollar (NZD)	1 day		9:00 am
Norwegian Krone (NOK)	0 days	0 days	5:30 am	5:30 am
Omani Rial (OMR)	1 day		9:00 am
Philippine Peso (PHP)		0 day		11:30 am
Polish Zloty (PLN)	0 days	0 days	4:30 am	4:30 am
Qatar Rial (QAR)	1 day		9:00 am
Romanian Leu (RON)	0 days	0 days	4:00 am	4:00 am
Saudi Riyal (SAR)	1 day		9:00 am
Singapore Dollar (SGD)	1 day	1 day	9:00 am	9:00 am
South African Rand (ZAR)	0 days		5:30 am
Swedish Krona (SEK)	0 days	0 days	5:30 am	5:30 am
Swiss franc (CHF)	0 days		5:30 am
Thai Baht (THB)	1 day		4:00 am
Turkish Lira (TRY)	0 days		4:30 am
Ugandan Shilling (UGX)	1 day		4:00 am
United Arab Emirates Dirham (AED)	1 day		9:00 am

Timing is everything. Here you can find all the information you need to make your payment on arrive on time 

Currency (ISO)	SWIFT (Priority)	Local (Regular)	Cutoff times for SWIFT payments	Cutoff times for local payments
US Dollar (USD)	0 days	0 days	4:30 pm	8:45 pm
Euro (EUR)	0 days	0 days	2:30 pm	2.00 pm
UK Sterling (GBP)	0 days	0 days	4.15 pm	24-hour weekday availability
					Australian Dollar (AUD)	1 day	1 day	2:00 PM	1:30 PM
Bahrain Dinar (BHD)	1 day		2:00 pm
Bulgarian Lev (BGN)	0 days		8:30 am
Canadian Dollar (CAD)	0 days	0 days	4:45 pm	4:00 pm
Chinese Yuan (CNY)	1 day		9:00 am
Czech Koruna (CZK)	0 days	0 days	9:00 am	9:00 am
Danish Krone (DKK)	0 days	0 days	10:30 am	10:30 am
Hong Kong Dollar (HKD)	1 day	1 day	2:00 pm	2:00 pm
Hungarian Forint (HUF)	0 days	0 days	9:00 am	9:00 am
Indian Rupee (INR)		0 days		4:30 pm
Indonesian Rupiah (IDR)		0 days		4:30 pm
Israeli Shekel (ILS)	1 day		2:00 pm
Japanese Yen (JPY)	1 day		2:00 pm
Kenyan Shilling (KES)	1 day		2:00 pm
Kuwait Dinar (KWD)	1 day		2:00 pm
Malaysian Ringgit (MYR)		0 days		4:30 pm
Mexican Peso (MXN)	0 days		9:00 am
New Zealand Dollar (NZD)	1 day		2:00 pm
Norwegian Krone (NOK)	0 days	0 days	10:30 am	10:30 am
Omani Rial (OMR)	1 day		2:00 pm
Philippine Peso (PHP)		0 day		4:30 pm
Polish Zloty (PLN)	0 days	0 days	9:30 am	9:30 am
Qatar Rial (QAR)	1 day		2:00 pm
Romanian Leu (RON)	0 days	0 days	9:00 am	9:00 am
Saudi Riyal (SAR)	1 day		2:00 pm
Singapore Dollar (SGD)	1 day	1 day	2:00 pm	2:00 pm
South African Rand (ZAR)	0 days		10:30 am
Swedish Krona (SEK)	0 days	0 days	10:30 am	10:30 am
Swiss franc (CHF)	0 days		10:30 am
Thai Baht (THB)	1 day		9:00 am
Turkish Lira (TRY)	0 days		9:30 am
Ugandan Shilling (UGX)	1 day		9:00 am
United Arab Emirates Dirham (AED)	1 day		2:00 pm

Holidays affecting the intermediary currency, as well as the sale and purchase currencies, will impact the conversion timeline. Please refer to the Holiday calendar below. 

Holiday Calendar 2023

With Paynode you can send and receive payments instantly between other members within the network. Keep a look out for the Paynode badge.

Send an Instant Payment

In order to send an Instant Payment, you must first receive an Instant Payment Request from another Paynode member. Instant Payment Requests can be paid 24/7/365, freeing you from traditional banking hours and constraints.

Watch this video to get a quick overview of how Instant Payments can be sent.

 Note: In the Account Console, Instant Payments will show as Transfers.

How does paying an Instant Payment work?

🔸 Instant Payment Requests are initiated and sent by other Paynode members in two ways.

1. Email - Upon receipt of the email, click on the URL to proceed to pay.

2. Payment ID - In Paynode, go to the Outgoing Payments Tab, click the Instant Payment button, and paste in the Payment ID to set up the payment.

🔸 Your Currency Account is required to have enough funds to cover the full amount being requested. Before payment, you can:

• Convert your currencies to fund your other accounts.

• Fund your Currency Account.

• At this time there are no partial payments.

🔸 Paying an Instant Payments requires the approval of a user within your organization that has the permission to pay an Instant Payment (usually the Account Admin and Finance Teams).

Quickly create and manage beneficiaries to make payments.

Watch the video to learn how to add a beneficiary, your own account, third parties, or vendors.

Send funds to a vendor or your own local bank account

Send payouts using local payment options or international wire to third parties.

Pay a vendor, third party, or your own local bank account.

Watch the video to learn how to send a payment.

NOTE: First add the bank details under Beneficiary to pay or transfer funds to your other bank account.