Whether you’re using our API or Currencycloud Direct, local collections are our most cost-effective and transparent way to collect money globally.
What are local GBP collections?
Local GBP collections give you and your customers the ability to receive third-party funds into your Currencycloud accounts from third parties in GBP. 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 is in the account holder's name.
What payment types can I use to collect GBP locally?
Currently, we can collect GBP via Faster Payments. We are working towards supporting BACS in the future - your customer success manager will be in touch when this is available.
From where can I receive funds?
Payments can be received from within the UK, including the Isle of Man, Guernsey, Jersey and Gibraltar.
What details are required to make a payment and where do I find them?
- Using Currencycloud Direct: After authenticating, select ‘Balances’ from the left-hand navigation. Choose GBP from your option of accounts, and choose to view your GBP account details. This shows you the account name, number and sort code you should give to third-parties wishing to make a payment;
- Using Funding Accounts 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 sort code you need to provide to third-parties wishing to make a payment.
How are the collected funds accessed?
Once the payment is made and the funds have arrived at Currencycloud, we will reconcile the funds to the account and update the 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 does it take for the funds to arrive?
Funds issued by approved senders arrive in the Currencycloud account in seconds, 24/7.
What information can I see about the sender?
You can see the sender’s name, payment reference, account number and sort code.
Can funds be sent in full, without bank fees?
Yes. When using our local collections capability you never have to worry that the full amount won’t land.
Is there a limit to how much I can collect in one transaction?
Yes, the maximum amount per Faster Payments transaction is £1,000,000.
Are there any payment cutoff times?
No. Faster Payments run 24/7 so payments land in seconds, regardless of when they were sent.
Why are banks saying that they cannot match the beneficiary name and that my account may be fraudulent?
If you are one of our UK clients and paying GBP into one of our local GBP account numbers or SWIFT IBANs, you may have heard this message from a bank. This is because a lot of UK banks have implemented Confirmation of Payee - a service that aims to make sure payments are sent to the correct bank or building society account.
Your Currencycloud account is not fraudulent and is a valid account. This message is being displayed because we are not yet part of the Confirmation of Payee initiative. Confirmation of Payee is currently implemented for direct participants of Faster Payments only, Currencycloud is an indirect participant. We are waiting for guidance on how Confirmation of Payee will work for indirect participants from PayUK. As soon as we have this information, we will fix the issue.