Local EUR collections
Whether you’re using our APIs or Currencycloud direct, local collections are our most cost-effective and transparent way to collect money globally
1. What are local EUR collections?
Local EUR collections gives you the ability to receive third-party funds into your account from your customers in EUR. You can convert these back to the required currency at competitive rates on your own terms.
2. Will the account be in my name?
Yes. With our local collections the account will be in your name.
3. What payment types can I use to collect EUR locally?
We can collect EUR locally via SEPA credit transfers.
4. Where can I collect funds from?
You can collect funds from any country in the SEPA scheme. Find a list of these here.
5. What details do I give out to customers?
You can find your account details in Currencycloud direct or via the Find IBANs API.
- Using Currencycloud Direct: simply log in and select ‘Balances’ from the left-hand navigation. Then select ‘Fund’ against the EUR. This will show you the account name, number and BIC/SWIFT you can give out to your customers. For local collections, make sure to use ‘regular bank transfer’ details.
- Using Find IBANs API: simply call the Find IBANs API with the currency you wish to receive, and select the local payment type. This will show you the account name, number and BIC/SWIFT you can give out to your customers.
6. How do I access my collected funds?
Once your customer has made their payment and the funds have arrived at Currencycloud, we will reconcile the funds to your account and update your balance. If you are using push notifications, you will receive a funds pending notification, followed by a funds completed notification to tell you that the funds have been credited to your account.
7. How long will it take for my funds to arrive?
SEPA payments typically arrive on the same or next day, depending on the bank used to send the payment. Once received at Currencycloud, the funds are immediately applied to your balance.
8. Can my customer send the funds in full, without correspondent bank fees?
Yes. When using our collections capability, you never have to worry that the full amount won’t land.
9. What information can I see about the sender?
You can see the sending IBAN, BIC, name and address.
10. Is there a limit on how much I can collect in one transaction?
No. There is no limit on Euro local collections.