Receiving currency into accounts
There are two methods for funding Currencycloud accounts:
- Collections - where third parties place money into the account;
- Receipts - where the account holder funds the account.
Collections enable named account holders to receive currency into their accounts from third parties.
To make payments, payers will need the account details. These can be found in Currencycloud Direct, or via our APIs. We screen the payer and check the sending bank’s jurisdiction, making sure that it is within our permitted jurisdictions.
Local Collections provides a ready-made solution that issues local accounts to speed up collecting money in the US, the UK, and the Eurozone. Payers pay locally, in their local currency. The money is delivered via local rails, arriving on the same day or the next day, with no SWIFT charges applied.
The collected currency can be used to make payments in the same currency or converted into any of the 37 currencies we support at wholesale rates.
SWIFT Collections provide the ability to receive funds from payers in 34 currencies.
As soon as the funds pass our screening they are matched to the account holder and are available on the account. The collected currency can be used to make payments in the same currency or converted to an alternative currency at competitive rates.
See our SWIFT Collections FAQ for further information.
Our Spark product, which offers Conversions and Payment functionality along with Collections, enables the named account holder, and any other individual or company, to fund the account directly.
Similar to Collections, account holders can add currency to their own accounts via bank transfer, using both SWIFT and local network routes. This currency can be held or used to finance a conversion or payment.
Businesses operating in the United States of America (US) are able to pull funds from their bank account directly into their Currencycloud Account, using ACH. We support pulls of up to $100,000 and all pulls are held for three days.
From the UK, GBP can be added to accounts using the Faster Payments Service (FPS), find out more from our Faster Payments FAQ. Similarly, European customers can use SEPA to fund their accounts.
Receipts can also be made via SWIFT to SWIFT virtual accounts.
Please see our Collection Guides for detailed information on each currency and supported payment rail.