Our payments usually complete successfully but occasionally issues do arise. This article aims to answer questions you may have about these situations.
Swift (priority) Payments
What investigations can be done on a Swift payment?
You can place a trace or recall request on eligible Swift payments using Currencycloud Direct.
When a Swift payment is made, an MT103 message is created. This includes all payment details such as date, amount, currency, sender and recipient. You can retrieve the MT103 information from Currencycloud Direct or via our API.
In addition, we can sometimes make a Swift MT202 (Cover) request. The MT202 is a message that the banks along the chain between the sender and the recipient use to communicate the transfer of funds.
We are also able to raise a Swift Dispute of charges request.
What is the difference between MT103 and MT202?
An MT103 is the payment instruction that contains the details of the sender and the beneficiary details on where to apply the funds.
An MT202 (Cover) is the transfer of funds between banks.
What is the SLA for an MT103 Request?
24 hours.
What is the SLA for an MT202 Request?
Where an MT202 request is possible, the SLA is 24 hours.
Why does the beneficiary bank need to wait for the MT202 cover to land before they can apply the funds to the beneficiary account?
If the Swift payment is Direct and Cover (MT103 & MT202), as per Swift rules the beneficiary bank will not apply funds to the beneficiary account based on receipt of the MT103 as this is only the instruction of the payment and the MT202 are the actual funds.
Why does the MT202 Cover get rejected by the intermediary / correspondent bank while the MT103 is at the beneficiary bank?
The MT202 Cover can be rejected at the intermediary / correspondent bank due to their internal policies. Banks will carry out their due diligence check before passing on the MT202 cover to the next bank in the chain. If the bank is not satisfied with the outcome of their checks, funds will be returned back to the banking provider.
With regards to the MT103, the beneficiary bank will be alerted that the MT202 has been rejected and they will be asked to cancel the MT103. Once the beneficiary bank has actioned the cancellation request funds will be returned to Currencycloud.
Does Currencycloud have access to Swift GPI?
Yes, we do have access to GPI to track our outgoing Swift payments. More information can be found on our payment tracking page.
How can I place a trace or recall request?
You can now place a trace or recall request on eligible Swift payments using Currencycloud Direct.
What is the SLA for a Swift Trace Request?
7 working days.
What is the SLA for a Swift Recall Request?
7 working days.
How is a Swift Recall actioned?
We action a Swift Recall through our Swift GPI portal.
How does Currencycloud action a Swift Trace?
Currencycloud actions a Swift trace by searching for the payment on our Swift GPI tracking portal, provided that it is within 124 days of the payment. Payments over 124 days are traced via our banking provider.
How does Currencycloud track their outbound Swift payments?
Currencycloud is able to check the location and status of the payment through the Swift GPI tracker.
Can Currencycloud provide me with a return reason for my Swift payment?
The reason for return depends on the banks involved in the payment chain. If a reason for return was provided by the bank, we will share it with you.
Why does the GPI tracker not show all banks within the banking chain?
Not all banks are GPI enabled which means that they are not able to update the GPI tracker.
Why does the GPI tracker show “Out of Swift”?
This happens when a Swift payment has been routed through a local payment scheme within that country. The routing of the Swift payments depends on the correspondent and intermediary banks involved in the transaction.
My Swift payments are landing short. How can I tell who has taken fees?
The deducted charges from the principal payment amount should be visible on the Swift GPI tracker. If we are not able to determine the fees taken on the payment through the tracker, we will raise a dispute of charges with our banking provider.
My beneficiary received a different currency to what I instructed, why has this happened?
The most common reason is that the account currency differs from the payment currency. Due to that the bank will convert the payment to the currency of the account.
My Bank is unable to send a Swift payment to Currencycloud BIC TCCLGB3L
TCCLGB3L is a valid BIC code on the Swift network. Clients can send the payment to this BIC and Currencycloud receives high numbers of credits into that BIC on a regular basis. If you are facing any issue when sending payments to TCCLGB3L, please contact our support team - support@currencycloud.com
My outgoing Swift payment to Currencycloud TCCLGB3L BIC has been rejected with reason “ No correspondent Found”. What should I do?
Please ask your bank to include our correspondent bank, Barclays UK (Swift code: BARCGB22) in the payment and try sending the funds to our account again.
Does Currencycloud support Swift amendments?
This is currently not supported.
Does Currencycloud send bespoke MT199/MT999 requests?
This is currently not supported
What is the charge structure Currencycloud set up on their Swift payments?
The majority of our Swift payments are set up with payment charges type SHARED unless otherwise stated, OUR would be the other option.
My payment has failed. Can Currencycloud provide me with additional information on why it failed?
We provide clients with all the information shared by the bank/payment institution.
Additional advice can be found in our Failed Payment article.
Why is there a delay in funds returning back to Currencycloud after a payment has been rejected / returned by the beneficiary bank?
Delays may be caused by beneficiary, intermediary and correspondent banks carrying out their due diligence checks before returning funds to Currencycloud. There is no specific time frame for funds being instructed to be rejected/returned and funds being credited back to Currencycloud.
Why are payments landing short at the beneficiary bank?
This could be down to the beneficiary, intermediary and correspondent banks taking a fee from the principal amount. The beneficiary bank may also have taken a handling fee on their side.
Why are return payments landing short when returned to Currencycloud?
This could be down to the beneficiary, intermediary and correspondent banks taking a fee from the returning amount.
What will the beneficiary bank see displayed as sender?
For Swift (Priority) payments, the ultimate sender is visible and can be seen in the MT103.
Local Payments
Can I request a trace or a recall on my local payment?
Unfortunately we are not able to trace local payments. Please see this page for further advice.
Can proof of payment be provided along our local rails?
Yes. Currencycloud can provide proof of payment and where possible a tracking ID of your payment dependant on the banking provider.
What will the beneficiary bank see displayed as sender?
For local EUR and GBP Payments, the ultimate sender is visible to the beneficiary bank, however the account number and BIC will be from our banking partners. For other currencies, the ultimate sender is not currently visible and will be shown as either 'The Currencycloud LTD', or in the name of one our banking partners.