Smarter Global Payments

SWIFT Collections

Clients who have applied for a collections account can receive third-party payments from their customers based in all unrestricted countries supported by our payment platform provider, Currencycloud.

 

 

What are SWIFT Collections?

CurrencyWave’s SWIFT collections capability provides you with the ability to receive payments from your customers based in all unrestricted countries. Then, when you’re ready, you can convert these funds back to your base currency at competitive rates on your own terms. This is a simple and cost-effective way of collecting money globally.

Where can I receive funds from?

Funds must arrive from one of our permitted jurisdictions. Permitted jurisdictions apply to where funds are originating from and/or where a payer is geographically based. If either our client, or our client’s customers, send funds from a bank account outside our permitted jurisdictions, or they are geographically located outside of our permitted jurisdictions, the funds will be rejected.

You can see the full list of permitted jurisdictions here:

What details do I give out to my customers?

Simply log in, select ‘Balances’ from the left-hand navigation and select currency. Then click ‘Fund’ for the currency you wish to receive. This will show you the account name, number and SWIFT BIC you can give out to your customers.

Which currencies can I receive in my account?

The account can receive payments in over 30 currencies. Find out which currencies can be paid into the account by clicking on the ‘View Account’ icon on the dashboard.

How long will it take for my funds to arrive?

Funds will be subject to the cut-offs and timelines of the sending bank used by your customer and the clearing system for the given currency. Once the funds have arrived, they will be credited to your account within an hour and confirmed to you by email.

What information can I see about the sender?

We provide you with as much information as is passed from the sending bank when it comes to who has sent you the funds. This information can vary depending on the bank sending the funds. The main fields available are ‘reference’ and ‘name’. Some banks will also provide the address details.

Sender details are available within the CurrencyWave platform by viewing your transactions and then selecting the reference on the funding transaction.

Why didn’t the full amount sent by my customer arrive?

Sending funds via the SWIFT network can be subject to correspondent banking fees. These fees occur when the sending bank and the beneficiary bank do not have a direct relationship, so an intermediary bank is required to forward the payment. Any fees taken by intermediary (or correspondent) banks are outside the control of CurrencyWave.

Can my customer send the funds in full, without correspondent bank fees?

Yes! CurrencyWave currently offers named local collection accounts for EUR and USD receipts which are not subject to these correspondent bank fees. We will be adding more currencies to this list so if you’re interested in hearing more about our Local Collections capability, please speak directly to your Account Manager for more details.

 

More Insights

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