Local Bank Transfers
Country-Specific Payment Rails
Every country has its own local payment rails — Bitwage uses them all to deliver fast, cheap contractor payments.
Local Bank Transfers Key Facts
Global Rail · Bitwage
Local Bank Transfers Technical Specifications
How Bitwage Uses Local Bank Transfers
Beyond the major named rails (SEPA, PIX, SPEI, Faster Payments), Bitwage maintains local rail relationships in 20+ countries for country-specific instant payment networks. These local rails are often the fastest and cheapest option in their country but are less well-known internationally.
In India, Bitwage routes via IMPS (Immediate Payment Service) or UPI (Unified Payments Interface) — both operate 24/7 and settle in seconds. In the Philippines, PESONet (batch, end-of-day settlement) and InstaPay (instant, under 30 seconds) are both available. In Colombia, PSE (Pagos Seguros en Línea) handles bank transfers. In Australia, NPP (New Payments Platform) with Osko delivers instant AUD payments.
The principle is the same across all these rails: client sends USD from Bitwage Balance; Bitwage converts to local currency at the locked rate; the local rail delivers to the contractor's bank account in the local payment network's standard time, which is almost always faster and cheaper than an equivalent SWIFT wire.
Local Bank Transfers vs SWIFT
For every country where Bitwage has a local rail relationship, local transfer beats SWIFT: faster by days, cheaper by $30–$60, and without the correspondent bank fee deductions. The only scenario where SWIFT remains relevant is for countries not yet in Bitwage's local rail network — and those are rare and shrinking.
Full stablecoin vs SWIFT comparisonLocal Bank Transfers FAQ
Common questions about Country-Specific Payment Rails and how Bitwage uses it.
Bitwage selects the fastest available rail for each recipient country. PIX payment for Brazil, SPEI payment for Mexico, SEPA transfer for Europe, IMPS/UPI for India. If multiple rails are available, the contractor's preference determines the choice. SWIFT payment is the fallback.
For IMPS: bank account number, IFSC code, and account holder name. For UPI: just a UPI ID (VPA). UPI is simpler — the contractor shares their UPI handle (e.g., name@upi) and Bitwage sends directly. See the india guide.
Yes. OFAC screening and KYC/AML apply to all payment rails. Bitwage maintains records of every payment regardless of rail. Local bank transfer receipts, combined with Bitwage's payment confirmation PDF, satisfy standard AP audit requirements.
Pay via Local Bank Transfers — Automatically
Bitwage routes payments through Local Bank Transferswhen it's the optimal rail for your recipients. No configuration required.