Make FX Payment

An FX (Foreign Exchange) payment combines currency conversion and funds transfer in a single transaction. This powerful feature allows you to send money to beneficiaries in currencies different from your source account's currency.

How It Works

When you initiate an FX payment, the system:

Debits funds from your source account
Performs a currency conversion at competitive exchange rates
Delivers the converted amount to the destination in their local currency

Making an FX Payment

Creating an FX payment uses the same endpoint as a standard transfer, with two possible approaches:

Method 1: Specifying a Destination Currency

POST /banking/v2/payments

Include the destination_currency parameter to explicitly indicate the currency you wish to send:

{
  "source_account_id": "acc_123456", // Account in EUR
  "counterparty_id": "cpty_789012", // Beneficiary in EUR
  "amount": 10000000,
  "destination_currency": "USD", // Send USD to beneficiery (ensure Beneficiary account can receive EUR)
  "description": "Invoice payment"
}

❗️
Always ensure that a beneficiary bank account can receive the destination currency.

Method 2: Using Beneficiary's Default Currency

If the beneficiary account has a default currency different from your source account, the system automatically detects this and performs the currency conversion:

{
  "source_account_id": "acc_123456", // Account in NGN
  "beneficiary_id": "cpty_789012",  // Beneficiary in USD
  "amount": 100000000, // 1 Million Naira
  "description": "Invoice payment",
  "client_reference": "my-generated-payment-1234",
  "sender_reference": "INV-2022", // Invoice ID sent by vendor
  "metadata": {
    	"vendor": "Org Travel Agent"
  }
}

📘
This method can only be used with SWIFT Beneficiaries

Key Benefits

Streamlined Process: Handle currency conversion and payment in a single operation
Cost Efficiency: Competitive exchange rates with transparent fee structures
Simplified Reconciliation: Single transaction record for both exchange and transfer
Global Reach: Send payments in local currencies to beneficiaries worldwide

Response

The API response includes both source and destination amounts, the applied exchange rate, and all standard payment details:

{
  "data": {
    "id": "01963567-3288-75a1-86d0-b8557e7db7c1",
    "state": "PROCESSING",
    "created_date": "2025-04-14T17:44:37.768Z",
    "updated_date": "2025-04-14T17:44:40.016Z",
    "source": {
      "id": "01962455-8113-7e38-8b08-92463c3fa3e6",
      "type": "Account"
    },
    "destination": {
      "id": "01963566-befc-7620-876e-f847e0763f21",
      "type": "Beneficiary",
      "beneficiary": {
        "id": "01963566-befc-7620-876e-f847e0763f21",
        "name": "Vendor Business Account",
        "email": "[email protected]",
        "address": {
          "line1": "8 The Green STE R",
          "city": "Dover",
          "stateProvince": "DE",
          "postalCode": "19901",
          "country": "US"
        },
        "kind": "INDIVIDUAL",
        "type": "FIAT",
        "country": "US",
        "isOwnAccount": false,
        "fiat": {
          "details": {
            "bank_name": "Barclays Bank PLC",
            "swift_bic": "BARCGB22",
            "bank_address": {
              "city": "Wilmington",
              "state": "DE",
              "line_1": "2055 Limestone Road,",
              "line_2": "",
              "country": "US",
              "postal_code": "19808"
            },
            "account_number": "1100013349",
          },
          "type": "SWIFT"
        },
        "version": 0,
        "role": "BENEFICIARY",
        "currency": "USD"
      }
    },
    "source_amount": 200000,
    "source_currency": "USD",
    "billing_amount": 200000,
    "billing_currency": "USD",
    "total_fee_amount": 0,
    "total_fee_currency": "USD",
    "destination_amount": 169996,
    "destination_currency": "EUR",
    "currency": "USD",
    "internal_reference": "wz-payout-pWWG-1744652677768",
    "identifiers": [],
    "sender_reference": "INV-2022",
    "payment_initiator": {
      "id": "01962455-5c4b-715d-8e99-2d1490f6e911",
      "email": "[email protected]",
      "name": "Elyse Kutch"
    },
    "description": "Business Payments – Payments for goods, services, supplier invoices, or business expenses.",
    "direction": "OUTBOUND",
    "type": "TRANSFER",
    "client_metadata": {},
    "balance_before": 9000000,
    "balance_after": 8800000
  }
}

Considerations

The source account must have sufficient funds to cover the payment amount plus any applicable fees
Destination currencies are limited to those supported by our platform
FX payments may have different processing times compared to same-currency transfers
Currency conversion is subject to our standard FX terms and conditions