Managing large transactions 

Inbound funds (receipts and collections)

To avoid delays in the processing of credits that are in excess of 1M GBP or equivalent, we advise that you contact us on the day that the transaction is submitted. This should be done by emailing kycrequests@currencycloud.com and copying in your Customer Success Manager.

Information that will help our review of the transaction(s) include:

• The full details of the inbound fund(s) - i.e. destination account, currency, value, sender, when the transaction will be submitted
• Answers to the below questions:
  • Who is the sender?
  • Where does the sender derive their funds from? Where relevant, who are their customers?
  • What is the relationship between the sender and the recipient?
  • What is the purpose of the transaction? 
• The expected flow once the inbound fund has credited - i.e. any FX activity, any outbound payment(s), the relationship between sender/recipient of any outbound payment(s)

See our FAQ for more guidance on the main types of documents that will help our preliminary review of the transaction.

Please be aware that there are potential inbound limits depending on the rail used.  See our collection guides for further information.

FX Conversions

If you wish to extend your maximum trade limit for a large trade, please request a limit change via Currencycloud Direct.  

If you wish to increase your trade limit for APAC restricted currencies, please contact your CSM directly. Please also see our restricted currencies FAQ. 

For all other currencies, we request that you notify us of any trades over the value of 1M GBP. You can contact us by emailing support@currencycloud.com.

Outbound payments

If you intend to make a payment that deviates from your usual pattern or repeat large payments for the same purpose, please let us know by contacting kycrequests@currencycloud.com and copying in your Customer Success Manager. 

It’s especially important that you notify us of any payments in excess of 1M GBP or equivalent if this is a new or unusual flow.

Information that will help our review of the transaction(s) include:

• The full details of the outbound payment(s) - i.e. sending account, currency, value, when the transaction will be submitted
• Answers to the below questions:
  • Who is the sender?
  • Where does the sender derive their funds from? Where relevant, who are their customers?
  • Who is the recipient?
  • What is the relationship between the sender and the recipient?
  • What is the purpose of the transaction? 

For inbound funds and outbound payments, our Compliance team will conduct a preliminary review of the information and provide one of three responses:

1. The information provided is sufficient - and the transaction can be submitted.
2. We require further information before the transaction can be submitted. We will specify what additional information we require.
3. The transaction sits outside of our risk appetite - so it should not be submitted.

Please see our FAQ  for more guidance on the main types of documents that will help our preliminary review of the transaction.

Note: Any preliminary review of information provided in advance doesn’t guarantee that we won’t need to request further information from you after you have submitted the transaction and it’s gone through our full range of automated Compliance checks.