Australian Dollar (AUD), Bahrain Dinar (BHD), Canadian Dollar (CAD), Chinese Yuan (CNH), Czech Koruna (CZK), Danish Krone (DKK), Euro (EUR), Hong Kong Dollar (HKD), Hungarian Forint (HUF), Indian Rupee (INR), Indonesian Rupiah (IDR), Israeli Shekel (ILS), Japanese Yen (JPY), Kenyan Shilling (KES), Kuwait Dinar (KWD), Malaysian Ringgit (MYR), Mexican Peso (MXN), New Zealand Dollar (NZD), Norwegian Krone (NOK), Omani Rial (OMR), Philippine Peso (PHP), Polish Zloty (PLN), Qatar Rial (QAR), Romanian Leu (RON), Saudi Riyal (SAR), Singapore Dollar (SGD), South African Rand (ZAR), Swedish Krona (SEK), Swiss Franc (CHF), Thai Baht (THB), Turkish Lira (TRY), Ugandan Shilling (UGX), UK Sterling (GBP), United Arab Emirates Dirham (AED), US Dollar (USD).
At present we issue accounts to small and medium enterprises (SME) only in the UK and EU.
We offer the following types of payment services to our customers:
Payment Service |
Description |
Account issuance |
Issuance of accounts to customers to store funds in available currencies in those accounts |
Collection |
Funding of customers’ own accounts (1st party) and receiving funds from 3rd parties |
Payments |
Pay out to any specified beneficiary, in anycurrency/country as available |
Foreign Exchange (FX) - Spot contracts |
Buying or selling currency for immediate settlement on the spot date |
Foreign Exchange (FX) - Forward contracts |
Exchange two designated currencies at a specific moment in time up to one year |
Clients’ funds are fully protected and held in safeguarded accounts that are provided by Currencycloud. In this process the funds are held separately from Currencycloud and clients funds.
Issuance of accounts and receiving funds into them is a free service. You may be charged by other institutions for sending funds to us.
The FX margins used for converting an account balance into another currency and any outbound payment fees will be agreed and outlined in your commercial agreement with us.
We do not currently pay interest on accounts.
Once activated your account can receive both deposits from your accounts at other financial institutions and, where applicable, payments from third parties.
There are two available payment charge types - ‘Shared’ (SHA) and ‘Ours’ (OUR).
- Shared (SHA): The intermediary bank charges are deducted from the payment amount. As a result, the payment amount received in the beneficiary bank account may be less than the full amount expected.
- Ours (OUR): The intermediary bank charges are covered by the payer and not deducted from the payment amount. The beneficiary receives the full payment amount but the payer will be charged a higher payment fee to cover the intermediary bank charges.
The payment fees for the different payment charges are provided in your contract. If you have any issues finding these, please contact your Relationship Manager directly.
No, your account is set up with a default option, either ‘shared’ or ‘ours’ depending on your specific needs. When making a payment, if no payment charge type is selected, then the default charge type of the account applies to the payment.
Payment charge type applies only on priority payments made via the SWIFT network. Therefore, you will not see this option when making local (regular) payments.
For all SWIFT payments made on our platform we provide a real time SWIFT GPI tracking functionality. The payment tracking depends on the routing and participating banks reporting status updates of your payment back to the SWIFT network. Therefore, there might be cases with incomplete tracking information.
To view our demo video on payment tracking, click here.