Hi bunqers 🌈
When someone sends money to your Local Currency account, this is mostly a SWIFT payment. It takes time for these payments to arrive. SWIFT payments can take up to 5 days. There are also fees involved in receiving a SWIFT payment. You can learn more about this here
What are my Local Currency Account's details?
- The Local Currency IBAN is a UK IBAN
- BIC/SWIFT code: TCCLGB3LXXX.
For GBP accounts, you have local account details in addition to your IBAN. If someone sends Pounds using these account details, it's processed as a Faster Payment (FPS), which is way faster and cheaper than a SWIFT payment. A local account transfer in GBP arrives in seconds!
Now you can also do USD transfers faster than ever - find the ACH routing number for your USD account by following the easy steps explained here
Limits and bouncing fees for incoming payments
Limits
To keep local currencies safe and available at all times, incoming transactions over £90.000,00 can't be processed and are returned sender.
Bounce fees
For an incoming payment that’s bounced, transaction costs apply. These cost are deducted from the payment upon return
Can I receive all kinds of currency payments on my Local Currency account?
Indeed! As of July 4, 2022 you're able to receive payments in different currencies to your Local Currencies account and we'll do the conversion for you. Example: You were sent 10 EUR to your USD account, what's gonna happen is that we'll automatically convert the transfer and you'll receive 12 USD (based on Currencycloud's conversion rate for the day)
From which countries can I receive funds?
- Ã…land Islands (ALA)
- Andorra (AND)
- Australia (AUS)
- Austria (AUT)
- Belgium (BEL)
- Bulgaria (BGR)
- Canada (CAN)
- Cayman Islands (CYM)
- Chile (CHL)
- China (CHN)
- Cook Islands (COK)
- Croatia (HRV)
- Cyprus (CYP)
- Czech Republic (CZE)
- Denmark (DNK)
- Estonia (EST)
- Faroe islands (FRO)
- Finland (FIN)
- France (FRA)
- French Guiana (GUF)
- Germany (DEU)
- Gibraltar (GIB)
- Greece (GRC)
- Greenland (GRC)
- Guadeloupe (GLP)
- Guernsey (GGY)
- Hong Kong (HKG)
- Hungary (HUN)
- Iceland (ISL)
- India (IND)
- Indonesia (IDN)
- Ireland (IRL)
- Isle Of Man (IMN)
- Israel (ISR)
- Italy (ITA)
- Japan (JPN)
- Jersey (JEY)
- Latvia (LVA)
- Liechtenstein (LIE)
- Lithuania (LTU)
- Luxembourg (LUX)
- Malaysia (MYS)
- Maldives (MDV)
- Malta (MLT)
- Martinique (MTQ)
- Mauritius (MUS)
- Mayotte (MYT)
- Monaco (MCO)
- Mongolia (MNG)
- Namibia (NAM)
- Netherlands (NLD)
- New Caledonia (NCL)
- New Zealand (NZL)
- Norway (NOR)
- Oman (OMN)
- Philippines (PHL)
- Poland (POL)
- Portugal (PRT)
- Puerto Rico (PRI)
- Réunion (REU)
- Romania (ROU)
- Saint Martin (French part) (MAF)
- Singapore (SGP)
- Slovakia (SVK)
- Slovenia (SVN)
- South Africa (ZAF)
- South Korea (KOR)
- Spain (ESP)
- Sri Lanka (LKA)
- Svalbard and Mayen (SJM)
- Sweden (SWE)
- Switzerland (CHE)
- Taiwan (TWN)
- Thailand (THA)
- Tonga (TON)
- United Kingdom (GBR)
- United States (USA)
- Uruguay (URY)
- Vietnam (VNM)
Can I receive payments from all sources of funds?
To keep the Local Currency safe and responsible, not all sources of funds are allowed. The following sources are restricted for funding a Local Currency account:
- Businesses related to weapons
- Multi-level marketing
- Pawnbrokers
- Political organisations
- Precious metals and stones
- Adult entertainment
- Drug paraphernalia
- CBD and related products
- Carbon credits
- Crypto currencies
- Gambling
- Ponzi / pyramid schemes
- Firms involved in the servicing of illegal goods/services including but not limited to: counterfeit goods/trademark infringement, human trafficking, child labor, prostitution.
What happens if money comes in from a restricted source or in a currency that’s not supported?
When you receive money in an unsupported currency, or when the money comes from one of the above sources, the funds are returned to the sender. 🚀
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