Your next generation foreign exchange specialist
Frequently Asked Questions.
General
We believe that competitive currency exchange rates should be open to all and not just be the preserve of big multinational companies and the banks. Small/medium sized companies and individuals usually get a bad deal when it comes to currency conversions and our lower overheads mean we can pass big savings on to our customers. We use a market leading platform through our partners Currencycloud which is compliant with ISO27001 and offers transparency, real time exchange rates, payment tracking and superb customer service.
Our service can be used by limited companies, LLPs, PLCs, sole traders, and individuals who have registered on our site. We are only able to onboard clients that are based in the permitted countries list.
Permitted Countries
In order to comply with anti-money laundering and sanction screening requirements, we can only onboard clients that are based in the following countries:
Austria (AUT)
Belgium (BEL)
Bulgaria (BGR)
Canada (CAN)
Croatia (HRV)
Cyprus (CYP)
Czech Republic (CZE)
Denmark (DNK)
Estonia (EST)
Finland (FIN)
France (FRA)
French Guiana (GUF)
Germany (DEU)
Gibraltar (GIB)
Greece (GRC)
Guadeloupe (GLP)
Hungary (HUN)
Iceland (ISL)
Ireland (IRL)
Italy (ITA)
Latvia (LVA)
Liechtenstein (LIE)
Lithuania (LTU)
Luxembourg (LUX)
Malta (MLT)
Martinique (MTQ)
Mayotte (MYT)
Monaco (MCO)
Netherlands (NLD)
Norway (NOR)
Poland (POL)
Portugal (PRT)
Réunion (REU)
Romania (ROU)
Saint Martin (French part) (MAF)
Slovakia (SVK)
Spain (ESP)
Sweden (SWE)
Switzerland (CHE)
United Kingdom (GBR)
United States (USA)
Please note the above countries are subject to change. Please refer to your relationship manager for real time updates on permitted countries.
Available currencies
Please visit the link below to see the currencies covered:-
https://support.currencycloud.com/hc/en-gb/articles/360018417079-Currencies
We have made the whole process of converting currency and making international payments as fast and reliable as possible with a simple 4-step procedure:
Step 1 – Once registered, you will be able to request a real-time quote online or, if you prefer, by calling our dealing desk direct.
Step 2 – Should you decide to accept the quote, we will confirm the amount of currency purchased and you will then need to send payment for the currency by bank transfer
Step 3 – Enter the beneficiary bank details which are automatically saved for any future payments
Step 4 – Send the currency payment to the beneficiary through our Payment Manager platform.
To see how the platform works in more detail, take a look at our demo video.
If you are expecting to receive payment in a foreign currency (eg settlement of a foreign currency invoice you issued), then you can instruct the payer to send the funds direct to your own named CurrencyWave collection account. You can then either retain the funds in the account, convert them to another currency or use the funds to pay your suppliers. See ‘Receiving Payments’ below for further details.
Getting Started
2 Factor Authentication
Users can download a Desktop app on a Windows or Apple computer by visiting: https://authy.com/download/.
Currency Cloud Direct Platform
Every time you login from a device you haven’t used before, you will be asked to verify yourself using the Authy app. If you have ticked the “Remember this device for 15 days” option on the 2-step login page, we won’t ask you to verify on subsequent attempts over the next 15 days. After this time has lapsed, you will need to verify yourself using the 2-step login again.
Equals Connect Platform
Every time you log in you will be prompted to enter a One Time Password (OTP) which will be sent to your mobile device by SMS messag
You need to have access to a mobile device registered to receive your 2-factor authentication prompts in order to keep your account secure. If you can’t access your mobile device and urgently need to access your account, please contact support at info@currencywave.com.
Two-factor authentication (or 2FA) is an extra layer of security to make sure someone trying to access their online account is who they say they are. In addition to providing information you know such as username and passwords (1st factor), you’ll also be asked to use something you have such as a smartphone (2nd factor) to confirm your identity.
We use a market leading platform through our partners Currencycloud which is compliant with ISO27001. Two-factor authentication is via the Authy app which you should download to your smartphone.
The Equals Connect platform sends 2FA verification via SMS text message.
Currency Transactions
When you request a real-time exchange rate from the platform, you will be given 20 seconds to decide whether or not you wish to accept the quote. If you choose to accept the quote before the 20 seconds is up, your currency transaction will be executed immediately at the exchange rate given. If you decide not to accept the quote, the exchange rate will expire and you cannot proceed with a currency conversion unless you re-request another quote
Yes, you will usually need to send a deposit of 5% of the contract value in order to secure the exchange rate until the balance becomes payable on the settlement date you have selected. This will be confirmed to you on the platform and by email.
This is known as initial margin and you will be contractually obliged to maintain this level of margin over the period of the forward contract. Should the market exchange rate subsequently move against you, then you will be asked to top up the margin in order to keep your position open.
For example:-
You sell £100,000 and buy EUR at a forward exchange rate of 1.15 for settlement in 6 month’s time. The initial deposit on this transaction will be £100,000 x 5% = £5,000.
If the exchange rate subesquently rises to 1.18, there will be an unrealised market loss on your contract of 2.6% which reduces your available margin deposit down to £2,400. In order to keep your position open, you will need to top up your margin by sending a further £2,600. Failure to do so could result in your position being closed and you will be responsible for any market losses.
Assuming no additional margin calls are required, at the end of the contract you will need to send in £92,400 to settle the balance and take delivery of the EUR.
Generally, the price of a currency pair (e.g. GBP/EUR) is commonly quoted as a ‘spot’ exchange rate where payment for the currency being purchased is due straight away.
You will need to send payment for your currency transaction by bank transfer so that cleared funds arrive no later than the selected settlement date/time. We will send you a trade confirmation email which shows all the transaction details, including the settlement date and time.
No, you must make payment via a same day priority bank transfer.
No, you must make payment via a same day priority bank transfer.
Setting Up Beneficiaries
IBAN stands for International Bank Account Number and is an internationally recognised alphanumeric format for bank account numbers. The IBAN incorporates the domestic bank account number as well as a country code, bank identifier and other validation information.
BIC stands for Bank Identifier Code and is sometimes referred to as the SWIFT address. The BIC is a universally recognised system for identifying the financial institution to where funds are being sent.
Yes, beneficiary bank details are saved in the Beneficiary Manager area of the platform so you do not need to keep entering this information every time you wish to send a payment.
Yes, payments can be sent to both businesses and private individuals
Yes, through Payment Manager you can allocate funds from a currency conversion and send payment to as many beneficiaries as you wish.
Sending Payments
Once payment has been released, we will send you a payment confirmation email and the status of the transfer will be updated to ‘Completed’ in the payment history on the platform.
Payments sent by Priority (SWIFT) is the fastest and most secure method of making an international payment. Payments to some destinations, such as the UK, USA, EU and Canada have the option to send via domestic payment methods (Regular).
Depending on the country and time of day sent, for most currencies we provide same day payments. In some instances this may take longer depending on the recipient bank and whether they use a 3rd party correspondent bank to route their payments. Please note that public holidays will delay payments if they fall within the payment time cycle.
No, there are no payment fees.
No, there are no payment fees.
Some recipient banks make a charge for processing an international receipt, or they use the services of a correspondent bank or banks to route the payment to them. This can result in charges being levied which they deduct from your payment before crediting the account.
SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunications and is the largest secure global messaging system used by financial institutions around the world to send and receive information about the transfer of funds between each other. SWIFT is the global standard for sending payments overseas quickly, accurately and securely.
An MT103 is an international standard message format that banks and financial institutions use in the SWIFT network in order to instruct a transfer of funds from one customer to another customer. An MT103 contains a record of all the standardised information required for a cross border payment, (otherwise known as a ‘telegraphic transfer’ or ‘wire transfer’) and can be used as proof of payment.
Receiving Payments
Clients are issued with a single IBAN own named account which allows them to receive SWIFT payments in 34 currencies from over 50 permitted jurisdictions.
In addition, you can receive USD payments from payers based in the USA and EUR payments from payers based in the EU through the Local Collections Account facility. Payers based in those jurisdictions can make a domestic payment to your account without having to incur the costs of making a cross-border payment.
SWIFT collections provide 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.
You can collect funds from third parties in the currencies* shown below:
Funds must arrive from one of our payment provider’s permitted jurisdictions. Permitted jurisdictions apply to where funds are originating from and/or where a payer is geographically based. If either you or your payers send funds from a bank account outside the permitted jurisdictions, or they are geographically located outside of the permitted jurisdictions, the funds will be rejected.
You can see the full list of permitted jurisdictions on our payment provider’s website here.
Simply log in, select ‘Balances’ from the left-hand navigation and select currency. Then click the ‘Add CURRENCY’ button in the top right hand corner of the screen. This will show you the account name, number and SWIFT BIC along with a reference you can give out to your customers.
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 under the bank details of the currency wallet, at the top left-hand corner of the log in screen and is also quoted on your email trade confirmations.
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 and confirmed by email.
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.
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.
Yes! CurrencyWave currently offers named local collection accounts for EUR and USD receipts which are not subject to these correspondent bank fees. We’re continuously 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.
Security
We use a market leading platform through our partners Currencycloud which is compliant with ISO27001. As a holder of an E-Money licence they are subject to stringent oversight and control checks by the FCA to allow client funds to be held. Funds are safeguarded by our FCA-regulated e-money partners at a credit institution. In the unlikely event of Currencycloud ceasing to exist, your money remains protected as it is ring fenced from the assets of the firm and cannot be accessed by creditors.
Our payment services provider Currencycloud has been acquired by Visa Inc, one of the largest financial institutions in the world.
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Contact
Please email info@clarity-fx.com or call 020 8146 3590
Get in touch
INFO@CLARITY-FX.COM
