International Payments
Glossary
197+ terms covering payment rails, stablecoins, compliance, and ERP integration — everything you need to understand global contractor and vendor payments.
Payment Rails & Methods
46 termsACH Transfer
ACH (Automated Clearing House) is the US electronic bank transfer network used for direct deposits, bill payments, and payroll — settling in 1–3 business days or same-day.
BACS
BACS (Bankers' Automated Clearing Services) is the UK's batch payment system used for regular payroll, direct debits, and bulk supplier payments, with 2–3 business day settlement.
BECS (Australia)
BECS (Bulk Electronic Clearing System) is Australia's batch payment system for direct credits and debits, similar to ACH in the United States.
CHAPS
CHAPS (Clearing House Automated Payment System) is the UK's same-day high-value sterling payment system, typically used for property transactions and large business payments.
CVU (Argentina)
CVU (Clave Virtual Uniforme) is Argentina's virtual uniform key system for instant ARS transfers between bank accounts and digital wallets.
Cross-Border Payment
A cross-border payment is any financial transaction where the payer and payee are in different countries, involving currency conversion, international routing, and regulatory compliance across multiple jurisdictions.
Direct Debit
A direct debit is an authorized recurring pull payment where a company automatically debits a customer's bank account on a set schedule.
Faster Payments
Faster Payments is the UK's real-time domestic payment scheme enabling instant bank transfers up to £1 million, operating 24/7/365.
FedNow
FedNow is the Federal Reserve's instant payment service launched in 2023, enabling 24/7 real-time USD bank transfers for US financial institutions.
IBAN (International Bank Account Number)
An IBAN is a standardized international account number used to identify a specific bank account across borders, required for SEPA transfers and many other international payment rails.
IMPS (India)
IMPS (Immediate Payment Service) is India's instant interbank transfer system, enabling 24/7 real-time INR payments up to ₹5 lakh.
InstaPay (Philippines)
InstaPay is the Philippines' instant retail payment system for transfers up to ₱50,000, settling in real time 24/7.
Instant Payment
An instant payment is a bank transfer that settles in seconds, 24/7/365, with immediate availability of funds to the recipient.
Interac e-Transfer
Interac e-Transfer is Canada's real-time payment network for personal and business transfers, using email or mobile number to route payments between Canadian bank accounts.
International Wire Transfer
An international wire transfer is a bank-to-bank electronic funds transfer that crosses national borders, typically routed through the SWIFT network.
NEFT — National Electronic Funds Transfer
NEFT is India's nationwide electronic fund transfer system operated by the Reserve Bank of India, processing payments on a half-hourly batch cycle.
NPP Osko (Australia)
NPP Osko is Australia's instant payment system, enabling real-time bank transfers 24/7/365 with funds available in seconds.
PESONet (Philippines)
PESONet is the Philippines' batch electronic fund transfer system for higher-value payments, with same-day settlement during banking hours.
PIX Payment
PIX is Brazil's instant payment system operated by the Banco Central do Brasil, enabling 24/7 real-time transfers in under 10 seconds.
PayNow (Singapore)
PayNow is Singapore's instant payment system enabling real-time SGD transfers using mobile numbers, NRIC/FIN, or UEN (business registration).
Payment Processing
Payment processing is the end-to-end handling of a financial transaction — from initiation through routing, conversion, settlement, and reconciliation.
Payment Rail
A payment rail is the underlying infrastructure or network that moves money from one account to another — such as ACH, SWIFT, SEPA, PIX, or blockchain networks.
PromptPay (Thailand)
PromptPay is Thailand's national instant payment system, enabling real-time THB transfers 24/7 using a phone number or national ID as the payment identifier.
PromptPay (Thailand)
PromptPay is Thailand's national instant payment system, enabling real-time THB transfers using a phone number, national ID, or e-wallet.
Pull Payment
A pull payment is initiated by the recipient (payee), who "pulls" funds from the payer's account — common in direct debits and subscription billing.
Push Payment
A push payment is initiated by the sender (payer), who "pushes" funds to the recipient — as opposed to a pull payment where the recipient initiates the debit.
RTGS (Real-Time Gross Settlement)
RTGS is a payment system where large-value transactions are settled individually and immediately in real time, without netting or batching.
RTP (Real-Time Payments)
RTP is The Clearing House's real-time payment network, enabling instant 24/7 USD bank transfers in the US for participating financial institutions.
Real-Time Payments (RTP)
Real-time payments are bank transfers that settle within seconds, 24/7/365 — including FedNow (US), Faster Payments (UK), PIX (Brazil), and SEPA Instant (EU).
Remittance
A remittance is a cross-border money transfer sent by an individual (typically an immigrant worker) to family or individuals in their home country, representing one of the largest financial flows to developing economies.
SEPA Instant
SEPA Instant Credit Transfer (SCT Inst) is the EU's 24/7 real-time payment scheme settling euro transfers in under 10 seconds across 36 European countries.
SEPA Transfer
SEPA (Single Euro Payments Area) is the EU-wide bank transfer network enabling instant or next-day euro payments across 36 European countries.
SPEI Payment
SPEI is Mexico's interbank electronic payment system operated by Banco de México, enabling real-time fund transfers 24/7 via CLABE account numbers.
SWIFT Payment
SWIFT is the global interbank messaging network used to execute international wire transfers between financial institutions.
SWIFT gpi
SWIFT gpi (global payments innovation) is an enhanced SWIFT service that provides same-day settlement, end-to-end payment tracking, and fee transparency for international wire transfers.
SWIFT/BIC Code
A SWIFT code (also called a BIC — Bank Identifier Code) is a unique 8 or 11-character identifier for a financial institution in the SWIFT network, required for international wire transfers.
Same-Day Settlement
Same-day settlement means the recipient receives funds on the same day the payment is initiated — compared to 1-5 business days for traditional SWIFT wires.
Settlement
Settlement is the final, irrevocable transfer of funds from payer to payee that discharges a payment obligation — the moment when money actually moves and the transaction is complete.
Standing Order
A standing order is a recurring push payment instruction set up by the payer to automatically send a fixed amount to a recipient on a regular schedule.
TED (Brazil)
TED (Transferência Eletrônica Disponível) is Brazil's same-day interbank transfer system for higher-value BRL payments.
UPI (Unified Payments Interface)
UPI is India's real-time mobile payment system operated by NPCI, enabling instant bank-to-bank transfers 24/7 using a Virtual Payment Address (VPA).
UPI — Unified Payments Interface
UPI is India's real-time mobile payment system operated by NPCI, enabling instant 24/7 bank transfers via mobile number, UPI ID, or QR code.
Virtual IBAN
A virtual IBAN is a unique bank account identifier assigned to a business for receiving payments, which routes funds to a pooled or master account — simplifying multi-currency collections without opening separate bank accounts.
Wire Transfer
A wire transfer is an electronic payment sent directly between banks via Fedwire (domestic) or SWIFT (international), settling irrevocably the same day.
Wire Transfer Alternatives
Alternatives to traditional SWIFT wire transfers include local real-time rails, stablecoin payments, and fintech platforms that offer faster and cheaper cross-border transfers.
Zengin System (Japan)
Zengin is Japan's domestic interbank funds transfer system, operated by the Japanese Bankers Association, processing all domestic bank-to-bank transfers in Japan.
Crypto & Stablecoin
35 termsBitcoin DCA (Dollar-Cost Averaging)
Dollar-cost averaging into Bitcoin means buying a fixed dollar amount at regular intervals, regardless of price — reducing timing risk.
Bitcoin Payments
Bitcoin payments involve sending BTC as direct compensation to contractors or employees — either as a payroll split, a full salary, or a recurring investment via DCA.
Blockchain
A blockchain is a decentralized, immutable digital ledger that records transactions across a network of computers without requiring a central authority.
CBDC (Central Bank Digital Currency)
A CBDC is a digital form of a country's national currency, issued and backed directly by the central bank — combining the programmability of crypto with sovereign monetary backing.
Centralized Exchange (CEX)
A centralized exchange (CEX) is a crypto trading platform operated by a company that holds user funds and matches buy/sell orders through a central order book.
Cold Storage
Cold storage refers to keeping crypto private keys on devices or media that are never connected to the internet, providing maximum security against hacks.
Crypto Payroll
Crypto payroll is the practice of paying employees or contractors in cryptocurrency — Bitcoin, Ethereum, or stablecoins — either as full compensation or a partial allocation.
Crypto Treasury
Crypto treasury management involves holding stablecoins or cryptocurrency as part of a company's cash reserves for payments, yield, or hedging purposes.
Crypto Wallet
A crypto wallet is software or hardware that stores private keys and enables users to send, receive, and manage cryptocurrency and token balances on a blockchain.
Cryptocurrency Exchange
A cryptocurrency exchange is a platform where users buy, sell, and trade digital assets like Bitcoin, Ethereum, USDC, and other tokens.
DAI
DAI is a decentralized USD-pegged stablecoin issued by the MakerDAO protocol, maintained through crypto collateral rather than bank reserves.
DAI Stablecoin
DAI is a decentralized, crypto-collateralized stablecoin issued by MakerDAO, designed to maintain a soft 1:1 peg to the US dollar without relying on fiat bank reserves.
DeFi (Decentralized Finance)
DeFi refers to financial services — lending, trading, yield generation — built on public blockchains using smart contracts, without traditional financial intermediaries.
Decentralized Exchange (DEX)
A decentralized exchange (DEX) enables peer-to-peer crypto trading via smart contracts without a central authority holding user funds.
Digital Dollar
The digital dollar refers to either a US CBDC (government-issued) or dollar-pegged stablecoins (USDC, USDT) that function as digital representations of USD.
Distributed Ledger Technology (DLT)
Distributed ledger technology (DLT) is a digital system for recording transactions across multiple locations simultaneously, with no central administrator.
Dollar-Cost Averaging (DCA)
Dollar-cost averaging (DCA) is an investment strategy of making recurring fixed-dollar purchases of an asset to reduce the impact of price volatility.
ERC-20 Token
ERC-20 is the standard token format on the Ethereum blockchain, used by USDC, USDT, DAI, and thousands of other tokens.
Ethereum Payments
Ethereum payments involve sending ETH or ERC-20 tokens (like USDC) to contractors and employees as compensation, leveraging Ethereum's programmable blockchain infrastructure.
Gas Fee
A gas fee is the transaction cost paid to blockchain validators for processing and confirming a cryptocurrency transaction on networks like Ethereum.
Gas Fees (Blockchain)
Gas fees are the transaction costs paid to blockchain validators to process and confirm a transaction on a proof-of-work or proof-of-stake network.
Layer 2 (L2)
Layer 2 (L2) networks are secondary blockchain protocols built on top of Layer 1 chains (like Ethereum) to increase speed and reduce transaction costs.
Layer 2 Payments
Layer 2 (L2) networks are blockchain scaling solutions built on top of a base layer (like Ethereum) that process transactions off-chain for lower fees and faster confirmation.
Lightning Network
The Lightning Network is a Layer 2 payment protocol built on Bitcoin, enabling instant, low-fee BTC transactions for everyday payments.
Off-Ramp
A crypto off-ramp converts cryptocurrency or stablecoins back into fiat currency, enabling users to access their crypto earnings in traditional bank accounts.
On-Chain Payment Tracking
On-chain tracking is real-time visibility into crypto payment status via blockchain explorers — providing immutable, publicly verifiable proof of every transaction.
On-Ramp
A crypto on-ramp is a service that converts traditional fiat currency (USD, EUR, etc.) into cryptocurrency or stablecoins, enabling entry into the crypto ecosystem.
Private Key
A private key is a secret cryptographic number that proves ownership of a blockchain address and authorizes transactions — the ultimate proof of ownership of crypto assets.
Smart Contract
A smart contract is self-executing code deployed on a blockchain that automatically enforces agreement terms when predefined conditions are met.
Stablecoin
A stablecoin is a cryptocurrency designed to maintain a stable value by pegging to a reserve asset like the US dollar, making it suitable for payments and payroll.
Stablecoin Payroll
Stablecoin payroll is paying contractors or employees in dollar-pegged cryptocurrencies like USDC or USDT instead of traditional bank transfers.
Stablecoin Peg
A stablecoin peg is the mechanism that maintains a stablecoin's value at a fixed ratio to a reference asset (usually $1 USD), using reserves, collateral, or algorithmic supply controls.
Tether (USDT)
Tether (USDT) is the world's largest stablecoin by market cap, pegged 1:1 to the US dollar and used extensively for crypto trading and international value transfer.
USDC
USDC is a dollar-pegged stablecoin issued by Circle, fully backed by cash and US Treasuries, and available on Ethereum, Solana, Base, and other blockchains.
USDT (Tether)
USDT is the world's largest stablecoin by market cap, issued by Tether Limited and widely used for international payments and crypto-to-fiat conversion.
Business Payments
42 termsAP Automation
AP automation uses software to streamline the accounts payable process — from invoice capture and approval routing to payment execution and reconciliation.
Accounts Payable (AP)
Accounts payable (AP) is the accounting function managing a company's outstanding payment obligations to vendors, contractors, and suppliers.
Accounts Receivable
Accounts receivable (AR) is the money owed to a business by its customers or clients for goods or services delivered but not yet paid for.
Batch Payment
Batch payment processing is executing multiple payment instructions simultaneously in a single run — reducing operational overhead for businesses paying many recipients.
Batch Payroll
Batch payroll processes multiple contractor or vendor payments in a single run, typically via CSV upload, with one FX rate lock across the entire batch.
Contractor Invoice
A contractor invoice is a payment request from an independent contractor to the hiring company, documenting work performed, hours, rates, and amount due.
Contractor Onboarding
Contractor onboarding is the process of collecting tax forms, banking details, and compliance documentation from new independent contractors before the first payment.
Contractor Payments
Contractor payments are outgoing payments to independent contractors (1099, foreign individual, or business entity) for work performed under a service agreement — not an employment relationship.
Correspondent Banking
Correspondent banking is the arrangement by which one bank (the correspondent) provides services on behalf of another bank (the respondent) to facilitate cross-border transactions, especially in currencies where the respondent has no direct presence.
Cross-Border Payment Fees
Cross-border payment fees include wire fees, FX markup, correspondent bank charges, and receiving fees that add up when sending money internationally.
Currency Risk (FX Risk)
Currency risk is the potential for financial loss due to exchange rate fluctuations between the time a payment is initiated and when it settles.
Days Payable Outstanding (DPO)
Days Payable Outstanding (DPO) measures how long a company takes to pay its suppliers and vendors after receiving goods or services — a key working capital metric.
Dual Approval Workflow
Dual approval requires two authorized signers to independently review and approve a payment before it executes — a key fraud prevention and internal control mechanism.
Early Payment Discount
An early payment discount (e.g., 2/10 Net 30) offers a percentage reduction on the invoice if paid before the standard due date.
Employer of Record (EOR)
An Employer of Record is a third-party organization that legally employs workers on behalf of another company, handling payroll, taxes, and compliance.
Escrow
Escrow is an arrangement where a neutral third party holds funds until predefined conditions are met, protecting both buyer and seller in a transaction.
FBO Custody
FBO (For Benefit Of) custody is a legal structure where funds are held by a custodian in accounts designated specifically for each client, providing segregation and protection.
FX Conversion
FX (foreign exchange) conversion is the process of exchanging one currency for another at a given rate, typically with a spread added by the provider.
FX Hedging
FX hedging is the practice of using financial instruments — forward contracts, options, or swaps — to protect against adverse currency exchange rate movements that could impact business costs or revenues.
FX Rate Lock
An FX rate lock guarantees the exchange rate applied to a payment at the time of approval — not when the payment settles — eliminating exchange rate risk between instruction and delivery.
FX Spread
The FX spread is the difference between the buy (ask) and sell (bid) exchange rates offered by a currency exchanger, representing their margin on every currency conversion.
Global Payroll
Global payroll is the process of paying employees and contractors across multiple countries while complying with each jurisdiction's tax, labor, and reporting requirements.
Invoice Factoring
Invoice factoring is a financing arrangement where a business sells its unpaid invoices to a third party (factor) at a discount in exchange for immediate cash.
Invoice Financing
Invoice financing (also called invoice factoring or receivables financing) allows businesses to borrow against outstanding invoices or sell them to a third party to access cash immediately rather than waiting for customer payment.
MassPay
MassPay is Bitwage's batch contractor payment product that processes up to 10,000 payments in a single CSV upload with automatic rail routing and compliance screening.
Merchant of Record (MoR)
A Merchant of Record (MoR) is the legal entity responsible for processing a payment transaction, handling tax collection, fraud liability, and chargebacks on behalf of a seller.
Mid-Market Rate
The mid-market rate is the midpoint between the buy and sell prices of two currencies on the global market — the "real" exchange rate before any provider markup.
Multi-Currency Account
A multi-currency account holds and manages balances in multiple currencies, enabling payments without repeated FX conversions.
Net 30 Payment Terms
Net 30 means the full invoice amount is due within 30 days of the invoice date — the most common payment term in B2B transactions.
Net 60 Payment Terms
Net 60 means the full invoice amount is due within 60 days of the invoice date — giving the buyer more time but straining supplier cash flow.
Netting
Netting is the process of consolidating multiple payables and receivables between parties into a single net payment, reducing the number of transactions and cross-border transfer costs.
Nostro Account
A nostro account is a bank account held by a domestic bank in a foreign bank, denominated in the foreign currency, used to facilitate international payments without needing to convert currency through intermediaries.
Payment Gateway
A payment gateway is a technology service that authorizes and processes payment transactions between customers and merchants, typically for card or digital wallet payments.
Payment Reconciliation
Payment reconciliation is the process of matching payment records against bank statements and accounting entries to ensure accuracy and completeness.
Payment Reconciliation
Payment reconciliation is the process of matching payment records in a company's accounting system against bank statements and payment platform data to confirm every transaction is accurate and accounted for.
Payment Terms
Payment terms specify when and how a buyer must pay a seller — common terms include Net 30, Net 60, 2/10 Net 30, and due on receipt.
Remote Team Payments
Remote team payments encompass all methods of paying distributed workers across countries — including contractor payments, payroll, and crypto options.
Supply Chain Finance
Supply chain finance (SCF) is a set of financial solutions that optimize cash flow by enabling suppliers to receive early payment while buyers retain longer payment terms.
Treasury Management
Treasury management is the function responsible for managing a company's liquidity, funding, financial risk (including FX and interest rate risk), and banking relationships.
Vendor Payments
Vendor payments are outgoing payments from a business to external suppliers, service providers, and subcontractors — often the largest category of outgoing B2B cash flow.
Vostro Account
A vostro account is a bank account held at a domestic bank on behalf of a foreign bank, used to facilitate cross-border payments — the mirror image of a nostro account, described from the domestic bank's perspective.
Working Capital
Working capital is the difference between a company's current assets and current liabilities — a measure of short-term liquidity and operational efficiency.
Compliance & Tax
31 terms1099-NEC Filing
Form 1099-NEC is the IRS information return used to report payments of $600+ to non-employee service providers, required to be filed by January 31 each year.
AML (Anti-Money Laundering)
Anti-Money Laundering (AML) refers to the laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income through financial systems.
BSA (Bank Secrecy Act)
The Bank Secrecy Act (BSA) is the primary US anti-money laundering law requiring financial institutions to assist government agencies in detecting and preventing money laundering.
Bank Secrecy Act (BSA) Compliance
The Bank Secrecy Act (BSA) is the primary US AML law requiring financial institutions to maintain records, file reports, and implement controls to detect and prevent financial crimes.
Beneficial Ownership
Beneficial ownership refers to identifying the natural persons who ultimately own or control a legal entity, a requirement for AML compliance when onboarding business customers.
CDD (Customer Due Diligence)
Customer Due Diligence (CDD) is the standard AML process of verifying customer identity, understanding their business, and assessing the risk of financial crime before and during a financial relationship.
CTR (Currency Transaction Report)
A Currency Transaction Report (CTR) is a mandatory filing submitted by financial institutions for cash transactions exceeding $10,000 in the United States.
Compliance Automation
Compliance automation uses software to handle KYC verification, sanctions screening, tax reporting, and regulatory monitoring — reducing manual compliance work.
Contractor Agreement
A contractor agreement is the legal contract between a company and an independent contractor defining scope of work, payment terms, IP ownership, and termination conditions.
Contractor Misclassification
Contractor misclassification occurs when a company treats a worker as an independent contractor when they should legally be classified as an employee.
Contractor vs Employee Classification
Contractor vs employee classification determines the legal employment relationship — affecting payroll taxes, benefits obligations, termination rights, and regulatory compliance.
Digital Services Tax (DST)
A digital services tax is a tax imposed by countries on revenue earned by large digital companies from activities within their jurisdiction.
Double Taxation
Double taxation occurs when the same income is taxed by two different jurisdictions — a common issue for international contractors and cross-border businesses.
E-Money License
An e-money license authorizes a company to issue electronic money — stored value that can be used for payments — under EU/EEA or UK regulatory frameworks.
EDD (Enhanced Due Diligence)
Enhanced Due Diligence (EDD) is an elevated level of AML scrutiny applied to high-risk customers, requiring deeper verification of identity, source of funds, and ongoing transaction monitoring.
FATF (Financial Action Task Force)
FATF is the intergovernmental body that sets global standards for anti-money laundering (AML) and counter-terrorist financing (CFT) policies, issuing country compliance ratings.
FinCEN
FinCEN (Financial Crimes Enforcement Network) is the US Treasury bureau that administers the Bank Secrecy Act and regulates money services businesses.
KYC / AML
KYC (Know Your Customer) and AML (Anti-Money Laundering) are regulatory compliance frameworks requiring financial institutions to verify customer identities and monitor for suspicious activity.
MSB (Money Services Business)
A Money Services Business (MSB) is a FinCEN-regulated category of non-bank financial institutions — including money transmitters, currency exchangers, and check cashers — that must register with FinCEN and comply with the Bank Secrecy Act.
Money Transmitter License
A money transmitter license is a state-level regulatory license required in the US for businesses that transfer money on behalf of others.
OFAC Screening
OFAC screening is the process of checking payment recipients against the US Treasury's Office of Foreign Assets Control sanctions lists before executing any transaction.
PEP (Politically Exposed Person)
A Politically Exposed Person (PEP) is an individual who holds or has held a prominent public function, requiring enhanced due diligence in financial transactions due to elevated corruption risk.
PSD2 (Payment Services Directive)
PSD2 is the EU regulation governing electronic payment services, requiring strong customer authentication and enabling open banking APIs.
Payment Compliance
Payment compliance encompasses the regulatory requirements for sending money internationally, including KYC, AML, sanctions screening, and reporting obligations.
Payroll Tax
Payroll taxes are taxes withheld from employee wages and paid by employers to fund Social Security, Medicare, unemployment, and other government programs.
SAR (Suspicious Activity Report)
A Suspicious Activity Report (SAR) is a mandatory report filed by financial institutions when they detect transactions that may indicate money laundering, fraud, or other financial crimes.
Sanctions Screening
Sanctions screening is the process of checking payment parties against government and international watchlists to prevent money transfers to prohibited individuals, entities, or countries.
Tax Treaty
A tax treaty (Double Taxation Agreement) is a bilateral agreement between two countries that determines how cross-border income is taxed to prevent double taxation.
Travel Rule (Crypto)
The Travel Rule requires crypto service providers to share sender and recipient information for transactions above certain thresholds, similar to bank wire reporting.
W-8BEN Form
Form W-8BEN is the IRS form non-US individuals complete to certify their foreign status and claim treaty benefits, reducing or eliminating US withholding on payments.
Withholding Tax (International)
Withholding tax is a tax deducted at source from payments to foreign contractors or vendors, typically required by the payer's country on cross-border payments.
ERP & Integration
8 termsEDI (Electronic Data Interchange) for Payments
EDI is a standardized format for electronic exchange of business documents (invoices, purchase orders, payment instructions) between trading partners in machine-readable format.
ERP Integration
ERP integration connects Bitwage's payment platform to enterprise resource planning systems like NetSuite, Sage Intacct, and Dynamics 365 for automated payment sync and reconciliation.
NetSuite Integration
NetSuite integration connects Bitwage directly to Oracle NetSuite ERP for automated international payment execution and two-way reconciliation sync.
Payment API
A payment API allows software applications to programmatically initiate, track, and manage payments without manual intervention.
Payroll Integration
Payroll integration connects Bitwage to HRIS and payroll platforms like ADP, Gusto, and Rippling to automate crypto benefit allocation and contractor payment sync.
Straight-Through Processing (STP)
Straight-through processing (STP) is the automated processing of financial transactions from initiation to settlement without any manual intervention.
Webhook
A webhook is an HTTP callback that sends real-time notifications to a specified URL when a specific event occurs in an application — enabling instant integration between systems.
iPaaS (Integration Platform as a Service)
iPaaS is a cloud-based platform that enables non-developers to connect different software applications through pre-built connectors and automated workflows without custom coding.
Currency
35 termsARS — Argentine Peso
The Argentine Peso (ARS) is the official currency of Argentina, subject to significant exchange controls and historically high inflation.
AUD — Australian Dollar
The Australian Dollar (AUD) is the official currency of Australia, commonly called the "Aussie," and the fifth most traded currency in FX markets.
BRL — Brazilian Real
The Brazilian Real (BRL) is the official currency of Brazil, the largest economy in Latin America.
CAD — Canadian Dollar
The Canadian Dollar (CAD) is the official currency of Canada, commonly called the "loonie," and the fifth most held reserve currency.
CHF — Swiss Franc
The Swiss Franc (CHF) is the official currency of Switzerland and Liechtenstein, known as a traditional safe-haven currency.
CLP — Chilean Peso
The Chilean Peso (CLP) is the official currency of Chile, South America's most financially stable and open economy.
COP — Colombian Peso
The Colombian Peso (COP) is the official currency of Colombia, issued by the Banco de la República.
Currency Basket
A currency basket is a weighted mix of multiple currencies used to set exchange rates, measure value, or denominate financial instruments — like the IMF's SDR or stablecoin reserve baskets.
Currency Devaluation
Currency devaluation is the deliberate downward adjustment of a currency's value against other currencies, typically by a government or central bank, or through market forces.
DKK — Danish Krone
The Danish Krone (DKK) is the official currency of Denmark, pegged to the euro within a tight ±2.25% band.
Dollarization
Dollarization refers to a country's adoption of the US dollar (or another foreign currency) as its primary or official currency, replacing or supplementing the domestic currency.
EUR — Euro
The Euro (EUR) is the official currency of the 20 eurozone countries and the second most traded currency in the world.
GBP — British Pound
The British Pound Sterling (GBP) is the official currency of the United Kingdom and one of the oldest currencies still in use.
HKD — Hong Kong Dollar
The Hong Kong Dollar (HKD) is the official currency of Hong Kong, pegged to the US Dollar within a narrow band.
Hard Currency
A hard currency is a widely accepted, stable national currency used in international trade and held as reserves — typically USD, EUR, GBP, JPY, CHF, and CAD.
IDR — Indonesian Rupiah
The Indonesian Rupiah (IDR) is the official currency of Indonesia, Southeast Asia's largest economy.
INR — Indian Rupee
The Indian Rupee (INR) is the official currency of India, the world's most populous country and a major source of global tech talent.
JPY — Japanese Yen
The Japanese Yen (JPY) is the official currency of Japan and the third most traded currency in global foreign exchange markets.
KES — Kenyan Shilling
The Kenyan Shilling (KES) is the official currency of Kenya, home to M-Pesa — one of the world's most successful mobile money systems.
KRW — South Korean Won
The South Korean Won (KRW) is the official currency of South Korea, a major technology and manufacturing economy.
MXN — Mexican Peso
The Mexican Peso (MXN) is the official currency of Mexico and the most traded currency in Latin America.
NGN — Nigerian Naira
The Nigerian Naira (NGN) is the official currency of Nigeria, Africa's largest economy, subject to significant devaluation and FX restrictions.
NOK — Norwegian Krone
The Norwegian Krone (NOK) is the official currency of Norway, one of the world's wealthiest countries per capita.
NZD — New Zealand Dollar
The New Zealand Dollar (NZD) is the official currency of New Zealand, commonly called the "Kiwi."
PEN — Peruvian Sol
The Peruvian Sol (PEN) is the official currency of Peru, a moderately stable Latin American currency.
PHP — Philippine Peso
The Philippine Peso (PHP) is the official currency of the Philippines, a country with one of the world's largest overseas worker remittance markets.
PLN — Polish Złoty
The Polish Złoty (PLN) is the official currency of Poland, the largest economy in Central and Eastern Europe.
Pegged Currency
A pegged currency is a national currency that has its exchange rate fixed (or tightly managed) against another currency, commodity, or basket — typically the US dollar.
SEK — Swedish Krona
The Swedish Krona (SEK) is the official currency of Sweden, an EU member that has not adopted the euro.
SGD — Singapore Dollar
The Singapore Dollar (SGD) is the official currency of Singapore, one of Asia's most stable and internationally active financial centers.
THB — Thai Baht
The Thai Baht (THB) is the official currency of Thailand, a major hub for remote workers and digital nomads in Southeast Asia.
TRY — Turkish Lira
The Turkish Lira (TRY) is the official currency of Turkey, which has experienced high inflation and significant currency depreciation.
USD — US Dollar
The US Dollar (USD) is the official currency of the United States and the world's primary reserve currency.
VND — Vietnamese Dong
The Vietnamese Dong (VND) is the official currency of Vietnam, a fast-growing economy with a large software development talent pool.
ZAR — South African Rand
The South African Rand (ZAR) is the official currency of South Africa and the most traded African currency in FX markets.
Ready to Pay Your Global Team?
SEPA, PIX, SPEI, Faster Payments, USDC — Bitwage routes to the optimal rail for every country.