A difference in amounts may be due to lifting fees taken by the beneficiary and intermediary banks.
Did you know?
- A lifting fee, which is a fixed fee, is charged by remote banks (mainly the payee's bank). This fee is what the banks charge for the services to return the payment.
- Lifting fees are not unique to Tipalti. It is the normal behavior of the global banking system. You will experience the same behavior if processing payments external to Tipalti.
- For a transaction that involves currency conversion, the lifting fee is added on top of the conversion fee (note that there are 2 conversion fees: one for the outgoing payment and one for the returned payment). Foreign exchange rates are not fixed, but are determined at the time of conversion.