Correspondent banks are used by domestic banks to facilitate international transfers. This usually occurs when domestic banks don't have a branch in the beneficiary country, or when they perform a foreign currency transaction.
At Currenxie, correspondent banks are used for international transfer (SWIFT transfers) when the destination country is not within our local payout network — for example, USD payments to the United Arab Emirates. The correspondent bank will deduct a processing fee to facilitate the payment and, as a result, the final amount arrived in the corresponding bank account could be less than what you sent originally. And vice versa. When you receive an international transfer to your Global Account, the credited amount may be less than what your payer sent.
The correspondent bank charge depends on the payment amount, and how many correspondent banks were involved in the transfer of funds. Currenxie does not have control over the fee collected by the correspondent banks.
If you would like to use a designated correspondent bank for your transfer, please contact our support team.