Clients and their customers can receive third-party funds in all unrestricted currencies supported by Currencycloud. You’ll find a list of frequently asked questions below.
What is Currencycloud SWIFT Collections?
Currencycloud’s SWIFT collections capability provides you with the ability to receive third-party funds from all un-restricted currencies supported by Currencycloud. When you’re ready, you can convert these funds to a required currency, at competitive rates, on your own terms. Whether you’re using our APIs or Currencycloud Direct, this is a straightforward and cost-effective way to collect money globally.
In which currencies can I collect funds?
You can collect funds from third-parties in all of the un-restricted currencies available here.
From where can I receive funds?
Funds must arrive from one of our permitted jurisdictions. You can see the full list of permitted jurisdictions here.
What details do third parties need to send funds?
They will need your Currencycloud account details, which you can find within the Currencycloud Direct platform or via the Settlement Accounts API.
- Currencycloud Direct: After authenticating, select ‘Balances’ from the left-hand navigation. Choose the account for the currency you wish to receive, and choose to view the account details. This shows the account name, number and SWIFT BIC code to share with your customers.
- Using the API: Call the Find Funding Accounts API with the currency you wish to receive. This shows the account name, number and SWIFT BIC code to share with your customers.
Will the account be in my name?
Yes, named accounts will be provided.
Does the sender need to reference the payment?
No reference is required.
How do I receive the collected funds?
Once the payment is made and the funds arrive at Currencycloud, we reconcile the funds to the account and update your balance. If you are using push notifications, you will receive a completed balance notification to tell you that the funds have been credited to your account.
How long does it take for the funds to arrive?
Funds are subject to the cut-offs and timelines of the sending bank used by your customer and the clearing system for the given currency. Once the funds arrive at Currencycloud, they are credited to your account within an hour, provided they are referenced correctly by your customer.
What information can I see about the sender?
We provide you with as much information as we receive from the sending bank when it comes to who has sent you funds. This information can vary depending on the bank sending the funds. The main fields available are ‘reference’ and ‘name’. Some banks will also provide the address details.
Sender details are available within the Currencycloud Direct platform by viewing your transactions and then selecting the reference on the funding transaction. If you are using the API you can call the Get Sender Details endpoint.
Why didn’t the full amount sent by my customer arrive?
Sending funds via the SWIFT network is subject to correspondent banking fees. These fees occur when the sending bank and the beneficiary bank do not have a direct relationship, so an intermediary bank is required to forward the payment. This intermediary (or correspondent) bank will often take a fee for forwarding this payment.
Can the funds be sent in full, without correspondent bank fees?
Yes! Currencycloud offers local collections in several different currencies which are not subject to these correspondent bank fees. We’re continuously adding more currencies to this list so if you’re interested in hearing more about our Collections capability, please speak directly to your Account Manager or Customer Success Manager for more details.
Why is the bank saying that they cannot match the beneficiary name and that my Currencycloud 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 from a bank. A lot of UK banks have implemented Confirmation of Payee and this has resulted in the following error.
Your Currencycloud account is not fraudulent and is a valid account, but we are not currently part of the Confirmation of Payee initiative. Confirmation of Payee has, to date, only been implemented for direct participants of Faster Payments. At Currencycloud, we are indirect participants.
We are waiting for guidance from PayUK on how Confirmation of Payee should work for indirect participants. As soon as we have this information we will resolve the issue.