Using faster payments to fund your GBP wallet FAQs
We’re speeding up the time it takes to apply received funds to your account by allowing you to fund your GBP wallet using the faster payments service (FPS). You’ll find a list of frequently asked questions below.
1. How do I fund my GBP wallet?
You now have access to a new dedicated account number which will allow you to fund the wallet via FPS.
2. Can I still use the existing funding route?
Yes you can still use the existing funding route but we recommend the new service as it will be more efficient for you.
3. How fast will the funds be in my account?
Your funds get assigned almost instantly to your account as we have automated our reconciliation processes.
4. Do I need to provide a reference?
No. You’ll no longer need to provide a reference, or ask your customers to provide a reference, as the account number is unique to you, saving you time and effort.
5. Is it possible to fund my other currency wallets via faster payments?
No. It is only possible to fund your GBP wallets via faster payments. If you want to use BACS, CHAPS or SWIFT to fund your wallets, you’ll still need to use the existing funding route.
6. What is the maximum value I can send?
The maximum value you can send per payment is £250K.
7. Can I also send margin via faster payments?
Initially, you won’t be able to send us margin using your new account details so please continue to use existing funding routes. It’s on our roadmap for early 2020 and we’ll let you know when this is available.
8. Where can I find my dedicated account number?
You can retrieve your new funding details via our API or in the ‘Fund’ section in Currencycloud Direct.