We’re making some big improvements to the speed in which our platform can convert currencies. 22 currencies that were previously T+1, will now convert on the same day (T+0). Find out more below.
What changes are we making to currency conversions?
We’re making things faster. Certain currencies used to take a day (T+1) to convert before the funds would be available to make payments or hold on balance. Now, all currency conversions that are booked before the cut-off deadline and funded in time will convert on the same day.
Which currencies now convert quicker?
22 currencies that used to be T+1 are now available the same day (T+0). They are as follows:
- Australian Dollar (AUD)
- Bahraini Dinar (BHD)
- Bulgarian Lev (BGN)
- Chinese Yen (CNY)
- Croatian Kuna (HRK)
- Hong Kong Dollar (HKD)
- Indian Rupee (INR)
- Indonesian Rupiah (IDR)
- Israeli new shekel (ILS)
- Japanese Yen (JPY)
- Kenyan Shilling (KES)
- Kuwait Dinar (KWD)
- Malaysian Ringgit (MYR)
- New Zealand Dollar (NZD)
- Omani Rial (OMR)
- Philippine Peso (PHP)
- Qatari Riyal (QAR)
- Saudi Riyal (SAR)
- Singapore Dollar (SGD)
- Thai Baht (THB)
- Ugandan Shilling (UGX)
- United Arab Dirham (AED)
All other currencies supported by Currencycloud are already available for same day conversion.
How can I convert these currencies on the same day?
When creating a conversion, all currencies will now show the earliest available conversion date as Today, when booking before the cut-off time. On weekends, holidays or after the cut-off, the conversion date will be shown as the next business day.
Is there a difference between the Settlement date and Conversion date?
Going forward both the Settlement and Conversion date will be the same. The Settlement Date will also indicate the cut-off time by when you need to send the funds, to achieve a same day conversion. You can see an example of this will look in Currencycloud Direct below:
Will my transactions look any different?
You will now see two transactions listed:
- A debit transaction for the currency being sold on the conversion date
- A credit transaction for the currency being bought also on the conversion date
How does this impact payments to beneficiaries?
If you are making a payment on the back of a conversion, it speeds up payments to the beneficiary by a whole day. Payments that are linked to conversions can be made on or after the Conversion date. As converted funds will now be available same day (subject to cut-off deadlines and funds being received), any linked payments can also be made on the same day.
Does this mean beneficiary will receive their funds on the same day?
Not necessarily. Beneficiaries will receive funds according to the payment timelines.
What will happen to existing Conversions (Forwards) that are yet to settle?
Providing there are sufficient funds, forwards will now covert one day sooner inline with the Settlement date. The bought currency will be credited on the same day as we debit the sold currency.
Will the payment dates linked to existing forwards be updated?
No. We will not be updating payment dates for any existing payments. If you’ve linked payments to forwards already been booked, the bought funds (conversions) will credit your balance earlier, but payments will not leave any earlier unless you amend the payment date.
What do I need to do?
The great news is that there’s nothing for you to do! The changes will happen automatically in the system and you’ll start seeing any converted funds crediting your balance earlier.