CurrencyWave is delighted to announce that clients can now receive third-party funds from their customers in all unrestricted currencies supported by our payment platform provider Currencycloud.
What are SWIFT Collections?
CurrencyWave’s SWIFT collections capability provides you with the ability to receive third-party funds from your customers in all unrestricted currencies. 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.
What currencies can I collect funds in?
You can collect funds from third-parties in all the unrestricted currencies* shown below:
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 ‘Add wallet’ against the currency you wish to receive. This will show you the account name, number and SWIFT BIC along with a reference you can give out to your customers.
Will the account be in my name?
No. It will be a Currencycloud client segregated account and is held in a London. Individually named accounts will be rolled out in the near future.
Does my customer need to reference the payment?
Yes. It is essential that your customers reference your client account at CurrencyWave when sending you a payment otherwise delays will occur. Your client reference number can be found either under the bank details of the currency wallet or at the top left-hand corner of the log in screen and is also quoted on your email trade confirmations.
How do I get my funds?
Once you have provided your customer with the account details and they have made their payment, the funds will arrive on the platform. The funds will be reconciled to the referenced account and then updated on your balance.
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, and provided they are referenced by your customer correctly, they will be credited to your account within an hour.
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.