Currencycloud does not support any mode of cash funding. This means that cash, cheque and cash transfer transactions are automatically rejected.
What is a Cash Transfer?
A Cash Transfer is a form of electronic payment that sends money directly from one bank account to another. A Cash Transfer is not a standard SWIFT wire transfer; for a Cash Transfer to succeed the transaction needs to take place between two connected banks or within a bank ecosystem for the internal movement of funds to take place.
As Currencycloud is not directly connected with the sending bank, we are unable to fulfill transactions of this sort.
How to detect if a funding transaction was made via Cash Transfer?
Within the MT103, if there is mention of 'Cash' within the message it is likely to be a Cash Transfer. This method does not provide a UETR (Unique End-to-end Transaction Reference) for tracking and usually has some form of tracking code that differs from the standard UETR format. These transactions are automatically rejected and do not land at Currencycloud.
An example of a UETR in the standard, accepted format: 5eaec6d3-d709-46cd-a9aa-1051db974345
What happens if I’ve made a Cash Transfer to Currencycloud?
All Cash Transfers are automatically rejected and do not land at Currencycloud, nor at our partner banks. We would advise you to request a trace from the remitting bank to locate the funds.