Receiving a SWIFT wire payout

If you’re outside the U.S. and a sender pays you through Karat, you can choose between two bank payout methods. This page explains the difference and what happens after a SWIFT wire payout is initiated.

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International transfer or SWIFT wire?

• International transfer through local banks: the payment is delivered to your international account as if it were a domestic transfer in your country. This option only uses local delivery rails.
• SWIFT wire transfer: a regular international wire. Wire-style international delivery is always sent through this option.

You choose a method when you accept your first payment from a sender, under Choose how you want to be paid. For the details you need to provide for a SWIFT wire, see Receiving money with Payments.

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SWIFT payment stages

After a SWIFT payment is initiated, it moves through the following stages. You and the sender can see the current stage and reason on the payment detail view.

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Tracing a SWIFT payout

After a SWIFT payment is submitted, the payment details in your dashboard show a UETR (Unique End-to-End Transaction Reference). Share this reference with your bank to trace the payment if it hasn’t arrived as expected.

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Fees and timing

A fixed fee applies to SWIFT wire transfers and is deducted from the payment amount before the transfer is sent. The fee is displayed before you confirm your payout method. If the payment amount is too small to cover the fee, you’ll be prompted to choose a different method. All SWIFT transfers are sent in U.S. dollars (USD). Currency conversion, if applicable, is handled by the receiving bank. SWIFT transfers typically take 1 to 5 business days to arrive. When a SWIFT transfer is initiated, you’ll receive a confirmation email with the transfer amount, the sender, and any fees that were deducted. Use this email as your receipt while the wire is in flight. You’ll get a second email once the transfer settles. _{Karat is a fintech company, not an FDIC-insured bank. Banking and Card services provided by Grasshopper Bank, N.A., First Internet Bank of Indiana, and Cross River Bank, Members FDIC.}