Foreign currency payment

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General FX payment user flow

When the destination account currency is different from the source account currency, the system will trigger the FX payment flow:

  • You send fields: if you fill in this input, the Beneficiary received amount will be auto-populated automatically based on the real-time exchange rate. The system will send the payment to fix the seller amount.
  • Exchange rate: updated every 5 seconds
  • The beneficiary receives input: if you fill in this input, the 'You send' amount will auto-populate based on the real-time exchange rate. The system will send the payment to fix the buyer amount.
  • Reference: information to be sent to the banking provider (only appears when BaaS is Railsr)
  • Description: information to be sent to the beneficiary
  • Payment date: this input is different per BaaS

Steps 2 and 3 are the same as in Same Currency Payment.

Railsr

  • Exchange rate: can get a foreign exchange rate before transacting
  • Available currencies: Railsr can convert and send money in
    • Australian dollar (AUD)
    • Canadian dollar (CAD)
    • Euro (EUR)
    • Japanese yen (JPY)
    • New Zealand dollar (NZD)
    • Norwegian krone (NOK)
    • Pound sterling (GBP)
    • Swedish krona (SEK)
    • Swiss franc (CHF)
    • United States dollar (USD)
  • Payment date: only immediate account is allowed
  • Trading time: FX is not available on weekends. Trading begins on Sunday at 17:00 ET and closes Friday at 17:00 ET.

Clearbank

  • Exchange rate: Clearbank does not provide a foreign exchange rate before transacting; the rate we are showing on the FX payment form is retrieved from an external API Exchange Rates API, therefore when ordering FX payment with Clearbank, the following banner is displayed to warn the client that the actual exchange rate applied in the transaction may be different.

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The Exchange Rate, the Beneficiary Receives amount and the Fees are estimated for illustrative purposes only.
The actual amount the beneficiary is going to receive, as well as the final fees deducted from your account, may vary based on the FX rate applied once the transaction is secured.
Please note that by selecting the 'Confirm' button you are accepting these terms.

After the payment is sent but not settled, we will also show a warning banner in the payment details to warn the user that the final amount deducted from their account may be different.

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Please note that this payment amount is provisional. It iwll be updated when the FX order is accepted.

  • Payment date: since some of the currency's cut-of-time is quite early, scheduled payment is allowed, and the user can schedule a payment on dd-mm-yyyy at hh-mm.
  • Currency pairs:
    • When a source account is selected, the system will filter the beneficiary list to the currencies paired with the source account.
  • Cut-off time:
    • Currently, there is no way to prevent the user from ordering an FX payment outside the trading hour. FX payment sent out during cut-off time will fail immediately, and the user will see the failure reason was 'out of the cut-off time'.
  • 💣 Clearbank only allows FX transactions between accounts that belong to the same owner.

Currencycloud

  • Exchange rate: can get a foreign exchange rate before transacting
  • Currency pairs
  • Cut-off time:
    • An FX payment ordered outside the trading hour will be settled on the next business day.
  • Settlement time: in the case of multibank (currencycloud as a payment trial), if the funding transaction arrives after the settlement time given by the currency cloud, the trade will lose the original quote, and a new rate may be applied. Therefore, when ordering an FX payment, the system will display the following banner to warn the client that the actual exchange rate used in the transaction may differ.

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If your funds arrive after FX provider's trading hours, the conversion will be settled on the next working day, which would incur an additional fee and a different exchange rate. By selecting the 'Confirm' button you are accepting these terms.

  • Purpose code: the user will be required to select a purpose code when sending money to APAC countries:
    • Bahrain (SWIFT payments in all currencies)
    • China (SWIFT CNY[Chinese Yuan] payments only)
    • India (local INR[Indian Rupees] payments to India only)
    • Malaysia (local MYR[Malaysian Ringgit] payments to Malaysia only)
    • United Arab Emirates (SWIFT payments in all currencies)

Modulr and EML

No FX service is available through the Toqio portals.

Updated 7 months ago