• Problem receiving SWIFT transfer on my Local Currency Account (USD)

I am trying to receive a payment from the USA into my USD sub account. The payer says they have made several attempts for a SWIFT transfer, but they receive the message "USD account closed".

Details:
I have provided the payer with my IBAN and the BIC/SWIFT of the BIC of Currency Cloud Limited (TCCLGB3L).
The transfer amount is less than USD 90,000.
During the first transfer, the payer entered "Netherlands" for bank country. This transfer was returned with the reason stating that "the beneficiary account is closed".
The payer initiated a second transfer on my request, where they payer entered "UK" for bank country and indicated "The Netherlands" for the address of the receiver (me). The destination country for the wire payment was the UK. This transfer was also returned stating the same reason that "the beneficiary account is closed".

I decided to test my USD subaccount by making a USD transfer from my personal Wise account (external account not related to BUNQ). This SWIFT transfer arrived a few days later with no issue.

I've attached the UETR SWIFT payment tracker information shared by the payer's bank. Perhaps this will be helpful to gather more information? Do let me know what could be the solution for this.

    @Boudewijn-Red-Jaguar#275513 Probably best to start a payment investigation with bunq directly. This is the community forum. The USD currency account is indeed located in the UK, so technically the transfer should work. Let us know if you find out anything interesting after going through this with bunq.

    Generally however, if the payer uses a US bank account, the far cheaper and faster way to receive payments to your USD currency account at bunq would be using ACH transfer instead of SWIFT. Maybe you have already considered this and decided against it for some reason, then disregard my comment. But if you haven't, maybe give that a try for now while you figure out what exactly went wrong with SWIFT. The ACH transfers work just fine for me with incoming transfers from US banks.

      Hi Jacob, thank you for your reply. I had already proposed this payer to try an ACH transfer. Unfortunately this is an institutional client, and their internal policies do not allow them to make ACH transfers for international payments. But I do understand your point, it would have been far easier.

      I will start a payment investigation with BUNQ directly. Will update on the outcome here.

        5 months later

        @Boudewijn-Red-Jaguar#275569 I'm also encountering similar issues. Would be interested to hear if a solution was provided.

          @New-Magenta-Crocodile-284276175#280306 Hey Karl 👋 Thank you for reaching out! It seems that there were no issues on our side with receiving a SWIFT payment on a Local currencies account. Please double check if you've given the correct IBAN to the recipient, meaning that the IBAN is active (sub-account is not cancelled). If you still cannot receive the payment, please be sure to start an in-app investigation following the steps mentioned here: https://together.bunq.com/d/46954 🌈

            Write a Reply...