Using ACH to pull funds into your Currencycloud Account
For businesses operating in the United States of America (US), being able to pull funds from your bank account directly into your Currencycloud Account is really important.
It removes time and effort for your customers as they’ll no longer have to log into their online banking to send us funds. Find out more below.
What is ACH pull?
An ACH pull allows you to transfer money directly from your bank account into your Currencycloud account. This means you don’t have to go into your bank account and push the funds.
Who can use ACH pull?
If you are a client with a US bank account, you will be able to access this functionality. ACH pull is not supported in any other country.
Who can I pull funds from?
Currencycloud ACH pull will allow you to pull funds from accounts in your name. The exception being if you are a partner, you will also have the ability to pull funds from your customer’s accounts.
Accounts must be corporate accounts. Pulling funds from individual accounts is not currently supported.
When will I get my funds?
Currencycloud ACH pull will have a T+3 delivery timeframe. If you initiate an ACH pull before 14:30 EST we make the funds available two banking days later. For example, if you initiate an ACH pull at 10:00 EST on Monday the funds will be available in your account first thing on Thursday. If you initiate a pull at 16:00 EST on Monday the funds will be available in your account first thing on Friday.
Are there any limits on the amount I can pull?
The limit on Currencycloud ACH pull is $25,000 per transaction.
How do I add my withdrawal account?
Once your account manager has enabled you for ACH pull you can add a withdrawal account by submitting a request to our customer operations team. The request must contain the name, address, account number and routing code of the account you wish to add along with a screenshot of an official document (e.g. a chequebook) showing your name and account number. You may also provide a nickname for the account.
Once our customer operations team have received the request, they will review the information and then add your withdrawal account to the system. This will then become available within Direct or via the Withdrawal Accounts API.
How do I initiate a pull?
Initiation of an ACH pull is available via our API and or Currencycloud Direct.
- Using Direct: When using Direct, the option to initiate an ACH pull will be available on the fund account page for dollars and on the trade confirmation page for dollars. These options will take you to a separate page where you can select the withdrawal account you wish to pull from, the amount you want to pull and a reference you want to put on the pull.
- Using APIs: If you are using the API, you can initiate an ACH pull by using the Withdrawal Accounts API and the pull Funds API. The withdrawal accounts API will allow you to view all withdrawal accounts for a specified CurrencyCloud account. The pull Funds API then allows you to initiate a withdrawal account ID with an amount and reference for the pull.
Once an ACH pull has been initiated a pending funding transaction will appear in Direct, via the Transactions API and via a push notification, if you have them enabled. This pending transaction should appear within 2 hours.
How will an ACH pull appear on my bank statement?
The ACH pull will appear on your bank statement as a debit. The debit will show as coming from CurrencyCloud with the reference you provided when initiating the pull. This may vary bank to bank.
To find out more, please contact your Account Manager directly or email [email protected]