From 8 November 2021, we’ve added the ability for all Currencycloud B.V. clients to send funds directly to our EU-based banking provider.
Our European-based clients and their customers may currently fund multi-currency accounts by sending money to our UK-based banking provider. As the UK is no longer part of the EU, our clients based in the EU and their customers may have seen intermediary bank charges being applied to payments.
We’re changing this process so that all of our European clients and your customers will send funds directly to our EU-based banking provider.
By enabling both you and your customers to send funds directly to our EU-based banking partner this means that those payments won’t be subject to any intermediary bank charges under EU regulation (Payment Services Directive, or PSD2). This change also improves efficiency and minimizes possible payment delays.
Please note that this change does not affect any clients who are funding SWIFT named accounts.
Does this affect my customers?
This change affects any of our European-based clients and their customers. Please contact your Customer Success Manager if you need to know which of your customers are based in Europe.
Is this a mandatory change?
Yes, this change will become mandatory for all European clients and their customers on Wednesday 8 December 2021, so we recommend that our European clients and their customers make the switch in advance of the deadline.
What do I need to do?
You and your customers can already make the switch to our EU-based provider.
In order for any of your European customers to make these changes, please inform them about this change as soon as possible. The table below will help you and your European customers understand what should be used going forward and if any changes need to be made.
Where can the new account details be found?
- If either you or customers are already using Currencycloud Direct, new details will be seen in Currencycloud Direct, and in email/push notifications.
- If either you or your customers are using our APIs, the new details can be found via the Get Settlement Accounts API.
In which currencies will I be able to fund my account?
This route is available for the following 24 currencies:
AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, KES, MXN, NOK, NZD, PLN, RON, SAR, SEK, SGD, TRY, USD, ZAR
When will the changes be live?
The migration has already started, and will become a mandatory change on Wednesday 8 December 2021.