Overview
When receiving global payments through Warp, you may encounter various fees depending on the transfer method. While Warp doesn't charge additional fees, other banks involved in the transaction may apply their own charges.
Standard across platforms
It's important to understand that these bank charges apply regardless of which payments platform you're using - whether that's Deel, Gusto, Remote, or Wise.
Types of Transfer Methods and Associated Fees
Local Bank Transfers (non USD)
Warp does not charge any fees, but the local banks involved may apply their fees which we do not have control over.
Typically processed within 1-3 business days
SWIFT Transfers
Used for international transfers between different countries
Multiple intermediary banks may process your payment
Each intermediary bank can deduct their own fees (typically $10-$50 per bank)
Your final received amount may be less than the amount sent
Processing generally takes 3-5 business days
Cross-Border Withdrawals
When withdrawing funds to a bank account in a different country than the sending bank
Subject to currency conversion fees if converting between currencies
May involve both sending and receiving bank fees
Important Notes
Even if your bank doesn't charge you a receiving fee, intermediary banks may still deduct fees during processing
Local Bank Transfers: Withdrawals via local bank transfer may incur separate provider fees in certain currencies. Warp has no control over fees that may be charged by the contractor's bank.
SWIFT Withdrawals: This method is available in many countries and currencies but often involves multiple intermediary banks, which can result in unpredictable processing fees. Neither Warp nor the contractor's bank can predict these fees, which may be deducted from the final amount received.
Who covers the fee on global payments?
By default, the Employer and Contractor both split the bank charges on global payments. This is the standard method across most payments platforms.
However, we allow Employers to control this setting based on their preferences.
The Employer/Admin can change these settings under their company settings page here > Payroll Settings > Global Payroll Fee Model
There are three types of Fee settings.
SHA (Shared) - This is the default method where both parties share the fees.
OUR - Employer covers the full bank charges, and the contractor receives their target amount.
EE - Employee/Contractor covers the fee on their payment method. This amount is then deducted from their invoice.
What Is a Cross-Border Transaction Fee?
Cross-border transactions are transfers of funds from an entity in one country to another country, even if it’s the same currency.
For example: if a contractor from Argentina withdraws USD to a bank in the US, it is still considered a cross-border transaction.
The sender bank applies a nominal (under $10) fee to these cross-border transactions. This fee covers additional compliance overheads associated with these kinds of transactions.