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 EUR collections?
Local EUR collections give you and your customers the ability to receive third-party funds into your accounts from customers in EUR. You can convert these back to the required currency at competitive rates on your own terms.
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 EUR locally?
We can collect EUR locally via SEPA credit transfers.
From where can funds be collected?
You can collect funds from any country in the SEPA scheme. Find a list of these here.
What details are required to make a collection?
You can find your account details in Currencycloud Direct or via the Find IBANs API.
- Using Currencycloud Direct: After authenticating, select ‘Balances’ from the left-hand navigation. Choose EUR from your option of accounts, and choose to view your EUR account details. This shows you the account name, number and BIC/SWIFT you should give to customers.
- Using Find IBANs API: Call the Find Funding Accounts API with the currency you wish to receive, and select the local payment type. This will show you the account name, number and BIC/SWIFT code you should give out to third parties wishing to make 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?
SEPA payments typically arrive on the same or next day, depending on the bank used to send the payment. 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 IBAN, BIC, name and address.
Is there a limit to how much I can collect in one transaction?
No, there is no limit on Euro local collections.