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Whether you’re using our APIs or Currencycloud Direct, local collections are our most cost-effective and transparent way to collect money globally.
What are local AUD collections?
Local AUD collections give you and your customers the ability to receive third-party funds into your accounts from customers in AUD. You can convert these back to the required currency at competitive rates on your own terms.
Can I use local AUD collections if I am based outside of Australia?
No, local collections are only available for our clients and their customers who are based in Australia.
Will the account be in my name?
Yes. With our local collections, the account will be in the account holder's name.
What payment types can be used to collect AUD locally?
You can collect AUD locally via the NPP rail.
What details are required to make a collection?
You can find your account details in Currencycloud Direct or via the Find Funding Accounts API endpoint.
- Currencycloud Direct: After logging in, select ‘Balances’ from the left-hand navigation. Choose AUD, then view your account details. This will display the account name, BSB code (routing code), and account number that you should provide to customers.
- Find Funding Accounts API: Call the Find Funding Accounts API endpoint with the relevant currency (AUD) and select the local payment type. The response will include the account name, BSB code (routing code), and account number to share with third parties making a payment.
How do I access my collected funds?
Once the payment is made and the funds arrive at Currencycloud, we reconcile the funds to your account and update your balance. If you have push notifications in place, you will receive a funds pending notification, followed by a funds completed notification to tell you that the funds have been credited to your account. Similarly, if you have an email notification in place, you will receive an email notifying you that your account has been credited.
How long will it take for the funds to arrive?
Local AUD payments arrive on the same day. Once received at Currencycloud, the funds are immediately applied to your balance.
Will the funds arrive in full, without bank fees?
Yes. When using our collections capability, you never have to worry that the full amount won’t land.
What information can I see about the sender?
You can see the sending account number, BIC and name.
Can funds be sent in full, without bank fees?
Yes. When using our collections capability, you never have to worry that the full amount won’t land. Please be aware that the sender may be charged fees upfront by the sending bank to make the payment.
Is there a limit to how much I can collect in one transaction?
The maximum limit for an individual AUD collection is $10 million AUD.