Cross-Border Payments

Cross-border payments refer to transactions where money is sent from one country to another. These payments can involve individuals or businesses transferring funds for various reasons, such as purchasing goods, paying for services, or sending remittances to family. The process typically requires intermediaries like banks or payment service providers to convert currencies and ensure compliance with international regulations. Cross-border payments can take time due to differing banking systems and transaction fees, but advancements in technology, such as digital currencies and blockchain, are gradually making them faster and more efficient.