Bank Account Verification is an additional step in the onboarding process for Currencycloud BV clients.
Am I or my customers affected by the bank account verification process?
If you, or your customers, are clients of Currencycloud BV then we need to verify your, or their, bank account. This is to comply with an additional regulatory requirement for onboarding to our BV entity.
How are bank accounts verified?
When a client account is created, payments and transfers are not possible until the client’s bank account is verified. For this, we need to receive a minimum of 1p into the new Currencycloud account from an EEA Banking Institution bank account held in the client’s name (“Penny Test”). Once this is done, the account is activated and payments and transfers can be made.
Will I be notified when the bank account verification process is completed?
We are planning for notifications to be in place by the end of Q2 2021. In the meantime, clients are welcome to contact customer support to query the status of accounts.