Overview
| Payment Type | Swift (Priority) | Local (Regular) | |
|---|---|---|---|
| Cut off time (UK Time) | 2:30 pm | SEPA Instant: |
Currencycloud B.V. Clients 6:00 pm (Monday - Friday) |
|
Currencycloud Ltd. Clients 24-hour processing North America OKYC clients: 6:00 pm (Monday - Friday) |
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| SEPA Credit: | 2:00 pm | ||
| Delivery time frame | 0 days | 0 days | |
| Payment Scheme | TARGET2 (EUR to any Eurozone country and Bulgaria, Denmark, Poland and Romania) Swift (EUR to any other country) |
SEPA Credit Transfer (SCT) * SEPA Instant Credit Transfer (SCT Inst) * |
|
| Maximum payment size | No limit | €100,000 (SCT Inst) No limit (SCT) |
|
| Destination countries | Any (excluding sanctioned) | SEPA countries | |
| Traces | Yes | No | |
| Recalls | Yes | No | |
| Ultimate payer displayed? | Yes | Yes | |
* Please note, for payments where the beneficiary bank is connected to SCT Inst and the payment is below €100,000 the payment will be automatically routed via SCT inst. If the beneficiary bank is not Inst-reachable, the payment will be sent as a SCT.
Required Details
Local (Regular) Payment
| Field | Individual | Company | Permitted Data | Notes |
|---|---|---|---|---|
| Beneficiary Entity Type | ✓ | ✓ | ‘individual’ or ‘company’ only | |
| Beneficiary First Name | ✓ | ✕ | 1-255 characters* | |
| Beneficiary Last Name | ✓ | ✕ | 1-255 characters* | |
| Beneficiary Company Name | ✕ | ✓ | 1-255 characters* | |
| IBAN | ✓ | ✓ | 15-34 alphanumeric characters; spaces permitted | We validate that the IBAN provided is a valid one. We do not currently perform checks against the account name. |
| Payment Currency | ✓ | ✓ | 3 letter ISO currency code | |
| Payment Amount | ✓ | ✓ | Numeric amount | |
| Payment Reference | ✓ | ✓ | 1-255 alphanumeric characters |
The scheme only supports 140 alphanumeric characters. The reference field will be truncated to fit this limit. |
| Payment Reason | ✓ | ✓ | 1-255 alphanumeric characters | Only alphanumeric characters are accepted. |
| Payer Entity Type | ✓ | ✓ | ‘individual’ or ‘company’ only | |
| Payer First Name | ✓ | ✕ | 1-255 characters* | |
| Payer Last Name | ✓ | ✕ | 1-255 characters* | |
| Payer Company Name | ✕ | ✓ | 1-255 characters* | |
| Payer Address | ✓ | ✓ | 1-255 characters* | |
| Payer City | ✓ | ✓ | 1-255 characters* | |
| Payer Country | ✓ | ✓ | 2 letter ISO country code | |
| Payer Date of Birth | ✓ | ✕ | ISO 8601 format (YYYY-MM-DD). |
* Please note that non ASCII characters will be transformed to ASCII equivalent or removed on a best endeavours basis in order to comply with the restrictions of the domestic payment scheme.
Swift (Priority) Payment
| Field | Individual | Company | Permitted Data | Notes |
|---|---|---|---|---|
| Beneficiary Entity Type | ✓ | ✓ | ‘individual’ or ‘company’ only | |
| Beneficiary First Name | ✓ | ✕ | 1-255 characters* | |
| Beneficiary Last Name | ✓ | ✕ | 1-255 characters* | |
| Beneficiary Company Name | ✕ | ✓ | 1-255 characters* | |
| Beneficiary Address | ✓ | ✓ | 1-255 characters* | |
| Beneficiary City | ✓ | ✓ | 1-255 characters* | |
| Beneficiary Postcode | ✓ | ✓ | 1-12 characters* | Only required when sending payments to Canada, Mexico and the USA. |
| Beneficiary State or Province | ✓ | ✓ | 1-255 characters* | Only required when sending payments to Canada, Mexico and the USA. |
| Beneficiary Country | ✓ | ✓ | 2 letter ISO country code | |
| IBAN | ✓ | ✓ | 15-34 alphanumeric characters; spaces permitted | IBAN must be used when sending to all IBAN countries. When sending to non-IBAN countries, account number must be used. |
| Account Number | ✓ | ✓ | Varies per destination country | When sending to non-IBAN countries, account number must be used. IBAN must be used when sending to all IBAN countries. |
| CLABE | ✓ | ✓ | 18 digits | CLABE must be used instead of account number or IBAN when sending payments in any currency to Mexico. CLABE is the banking standard for the numbering of bank accounts in Mexico (equivalent to the Account Number in other jurisdictions). |
| BIC Swift | ✓ | ✓ | Valid ISO 9362 Swift BIC code; 8 or 11 alphanumeric characters | BIC Swift must be used when sending payments to any country except the USA. When sending to the USA, ABA must be used. |
| ABA | ✓ | ✓ | 9 digits | American banks are identified by a 9 digit ABA number, also known as ‘Routing Number’. The ABA should be valid for FedWIRE payments. Some ABA values are only valid for FedACH payments. Payments to FedACH-only ABAs will fail. The ABA is required for all payments to the USA. |
| Payment Currency | ✓ | ✓ | 3 letter ISO currency code | |
| Payment Amount | ✓ | ✓ | Numeric amount | |
| Payment Reference | ✓ | ✓ | 1-255 alphanumeric characters |
Anything over 132 characters will be truncated. |
| Payment Reason | ✓ | ✓ | 1-255 alphanumeric characters |
On the MT103, this is appended after payment reference if there is space remaining. |
| Payer Entity Type | ✓ | ✓ | ‘individual’ or ‘company’ only | |
| Payer First Name | ✓ | ✕ | 1-255 characters* | For payer name on the MT103, payer first name and payer last name are joined together and truncated to 35 characters. |
| Payer Last Name | ✓ | ✕ | 1-255 characters* | For payer name on the MT103, payer first name and payer last name are joined together and truncated to 35 characters. |
| Payer Company Name | ✕ | ✓ | 1-255 characters* | |
| Payer Address | ✓ | ✓ | 1-255 characters* | |
| Payer City | ✓ | ✓ | 1-255 characters* | |
| Payer Postcode | ✓ | ✓ | 1-12 characters* | Only required when sending payments to Canada, Mexico and the USA. |
| Payer State or Province | ✓ | ✓ | 1-255 characters* | Only required when sending payments to Canada, Mexico and the USA. |
| Payer Country | ✓ | ✓ | 2 letter ISO country code | |
| Payer Date of Birth | ✓ | ✕ | ISO 8601 format (YYYY-MM-DD). | |
| Payer Identification Type | ✕ | ✓ | ‘incorporation_number’ only | |
| Payer Identification Value | ✕ | ✓ | 1-255 characters* |
* Please note that non-supported characters will be transformed to EBCDIC equivalent or removed on a best endeavors basis in order to comply with the restrictions of the Swift payment network. The permitted characters on the Swift network are letters, numbers, spaces and the following symbols:
/ – ? : ( ) . , ‘ +
/ – ? : ( ) . , ‘ +
Please be aware that clients sending payments on behalf of their customers need to share their BIC code with us. Further details can be found in our SWIFT BIC – Mandatory Registration and Usage FAQ.