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Whats The Difference Between “Regular” and “Priority” Payments

October 14, 2024No Comments
Regular-and-Priority
Mariel Rhetta
Content Strategist at Rutland FX
Published on: (Updated ) - minute read

When sending international payments via the Rutland FX platform, you have the flexibility to choose between two types of payment methods: Regular and Priority. But what’s the difference? In this article, we will break down these two payment types and explain when each one can be used depending on your requirements. Each option comes with its own set of benefits, and the right choice depends on your specific needs.

Here’s a quick overview if your short on time:

Regular Payments: Use local payment rails (e.g., SEPA, ACH), avoid correspondent charges, but cannot be tracked or traced in most cases.

Priority Payments: Sent via SWIFT GPI, may incur correspondent charges, but are fully traceable, trackable, and recallable.

Local Payment Rails: A Closer Look

When you select the Regular payment option on the Rutland FX platform, the system will automatically use a local payment rail. For instance, if you are sending Euros via the “Regular” option, the transaction will be processed through the SEPA network. This means the funds are routed domestically within the Eurozone, making the payment appear as though it were sent locally rather than internationally.

In practice, this often involves us dispatching the funds from a local bank in the recipient’s country, rather than from a UK-based bank. By selecting a local payment rail, you benefit from avoiding correspondent bank charges, which can save costs. However, there are a few important factors to consider:

  • No tracking or traceability: Unlike priority payments, regular payments cannot be tracked or traced on the platform.
  • Sender name appearance: In some cases, when the funds arrive with the recipient, it may not show your name but may instead appear as being sent from “CurrencyCloud,” our payment partner.
  • Add a reference: To ensure the recipient knows the payment is from you, we recommend including a reference, such as an invoice number or your name, when making the transfer.
  • May take longer: Regular payments, using local payment rails, may take longer to reach the recipient compared to priority payments, depending on the country and payment network used.

Priority Payments: Our Most Transparent Transfer Method

When you choose the Priority payment option on the Rutland FX platform, your transfer will be processed through the SWIFT GPI network, offering the highest level of transparency and speed. This option ensures that you have complete control and visibility over your payment, making it ideal if you prioritise tracking and accountability.

Key Benefits of Priority Payments:
  • Full Traceability: Priority payments allow you to track the transaction from start to finish directly through our platform. You can monitor the progress in real time, ensuring you know exactly where your funds are at every stage.
  • Faster Processing: Payments sent via SWIFT GPI typically reach the recipient faster than those using local payment rails, making it the preferred option when timing is important.
  • Transparency: Every step of the payment is visible, including when it is received by the intermediary and recipient banks. You can rest assured that your funds are moving as expected.
  • Recallable and Amendable (in some cases): In certain situations, priority payments may be recalled or amended if needed, providing flexibility and added security. However, this is not guaranteed and depends on various factors such as the recipient bank’s policies.
Things to Keep in Mind:

While Rutland FX does not charge extra for choosing the Priority option, there may be correspondent bank fees involved. As your payment moves through the SWIFT network, intermediary banks may apply small deductions, which are out of our control. This means that in some cases, the full amount might not arrive with the recipient due to these charges.

Despite this, priority payments remain the best option if you want a fully traceable and transparent transfer process that ensures both speed and reliability.

At Rutland FX, we’re committed to offering flexible and transparent payment options to suit your needs. Whether you're sending funds across the globe via our Priority payment option—which is always available for fast, trackable transfers—or using local payment rails for cost-effective solutions, we’ve got you covered. While local payment rails are currently supported for over 19 currencies, including systems like PESONet in the Philippines and IBG in Malaysia, there may be some corridors where only the Priority option is available.

Still not sure?

Our team is here to help. If you have any questions or need assistance with choosing the right payment option for your transfer, feel free to reach out to us at [email protected] or call us on 0203 026 0112.