Local GBP 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 GBP collections?
Local GBP collections give you the ability to receive third-party funds into your account from your customers in GBP. 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 GBP locally?
Currently, we can collect GBP via faster payments. We are working towards supporting BACS in the future and your customer success manager will be in touch when this is available. 

4. Where can I receive funds from?
Payments can be received from the UK and this includes the Isle of Man, Guernsey, Jersey & Gibraltar. 

5. What details do I need to provide to my customers and where do I find them?

  • Using Currencycloud Direct: simply log in and select ‘Balances’ from the left-hand navigation. Then select ‘Fund’ against GBP. This will show you the account name, number and sort code you need to provide to your customers. For local collections, make sure you use ‘regular bank transfer’ details.
  • Using Funding Accounts API: simply call the Funding Accounts API with the currency you wish to receive, and select the local payment type. This will show you the account name, number and sort code you need to provide 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? 
If the funds are being issued by an approved sender, the payment should land in your Currencycloud account in seconds, 24/7.

8. What information can I see about the sender?
You can see the following details: sender name, payment reference, account number and sort code

9. Can my customer send the funds in full, without correspondent bank fees?
Yes. When using our local collections capability, you never have to worry that the full amount won’t land. 

10. Is there a limit on how much I can collect in one transaction?
Yes. The maximum amount that can be collected per faster payments transaction is £250,000.

11. Are there any payment cutoff times?
No. Faster payments run 24/7 so payments should land in seconds, regardless of when they were sent.

12. Why is my bank saying that they cannot match the beneficiary name and that my account may be fraudulent?
If you are one of our UK clients, and paying GBP into one of our local GBP account numbers or SWIFT IBANs, you may have heard this from a bank. A lot of UK banks have implemented Confirmation of Payee and this has resulted in the following error.

Your account is not fraudulent and is a valid account, but we are not part of the Confirmation of Payee initiative at the moment which is why the bank is displaying the message. Confirmation of Payee so far has only been implemented for direct participants of Faster Payments. At Currencycloud, we are indirect participants.

To make sure you don’t receive this message from banks in the future, we are waiting for guidance on how Confirmation of Payee should work for indirect participants from PayUK. As soon as we have this information we will fix the issue.

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