FAQs

If you've booked a conversion with the wrong conversion date, in order to request a date change, you will need to either get in touch with your account manager, email our support team, or give us a call:

01322 221121

support@excelcurrencies.com

The potential cost of the conversion date change will be presented to you once the date change has taken place.

You can convert currencies on our payment platform 24 hours a day, Monday to Friday, however, some transactions face restrictions:

• Forwards, TOD and TOM transactions are unavailable 22:00 to 22:03 GMT each day
• Some exotic currencies may be subject to availability, depending on liquidity in the market
• Some currencies may be unavailable in the event of a bank holiday

If you are unable to get a rate outside of these times, please contact our support team on support@excelcurrencies.com.

If you do not settle your payment on time, your payment due date will be changed for the next day and you will be charged for each additional day that it is not settled. To avoid additional fees, please allow enough time for your bank to send the money to Excel Currencies before the cut off times.

Sending money via regular or local payments is expected to arrive anywhere between the same day and three days, depending on a number of factors. For a detailed schedule of how long it takes to make regular payments, view our payment timelines.

Information that is required for your payment depends on the payment type (local or standard/SWIFT payment), originating country, payer country, payer legal entity type, beneficiary country, beneficiary entity type and payment destination country.

Sell back the returned amount

You will need to allocate a new payment against the original trade to Excel Currencies for the returned amount and then email support@excelcurrencies.com giving instructions that this payment is to cover trade reversal (and include the trade ID).

E.g. Original trade: sell GBP, buy $1000 USD. Returned amount = $1000. Add a new payment against the original trade of $1000 to Excel Currencies USD account.

New trade: sell $1000, buy GBP and allocate to a GBP account of your choice.

If the funds have been returned short (e.g. $950 in the example above), you must remember to only sell back the returned amount.

Then allocate two payments against the original trade; $950 to Excel Currencies USD account to settle the trade reversal and $50 to a Excel Currencies USD SHORTFALL account and email support@excelcurrencies.com with the details.

We are dependent on a number of other parties including our providers, correspondent banks and beneficiary banks – so response times will vary. We are unable to chase any requests until seven business days have passed to ensure standard handling time for the message to be processed.

If a payment has not arrived within the expected timescales, please consider the following before contacting us:

• Are there external factors, such as a public holiday, that may have delayed the payment?
• Is the payment at least seven working days late? Our banking provider requires us to wait seven working days before requesting an investigation. Banks involved in the payment chain need to execute due diligence checks which can cause delays.
• Check that the recipient's bank details match the details in the payment confirmation.

To help avoid payment delays, always reference your payments clearly and pass the reference details on to the beneficiary so that they know what to look out for.

The amount of support we can provide for locating payments depends on the payment route - SWIFT or local.

Unlike SWIFT payments, no intermediary banks are involved in local payments, payments are therefore either with us or with the beneficiary's bank. This simplifies the process of locating the payment.

The support we can offer if a local payment hasn't arrived after seven working days varies by currency. We advise you to contact us at info@excelcurrencies.com after this period and we may be able to provide you with a trace ID, which shows that the funds have left Excel Currencies account. You should pass the trace ID on to the beneficiary's bank and they will be able to help locate the payment.

Unfortunately, we are unable to offer traces or recalls for local payments.

On Priority payments, we can try to recall funds that have been sent to an incorrect account, however, this option is not available for local payments.

Please note, we cannot amend beneficiary details retrospectively once a payment has been released.

Recalls are not always successful as it relies on the co-operation and approval of the receiving bank and the beneficiary. We can only place one recall on a payment and this cannot be cancelled. Once the recall is placed, our banking partner will chase for a response after seven working days. No further chaser will be made until a response is received.

The best way to get funds returned is for the beneficiary to contact the receiving bank directly, inform them of the situation and request that they reject the payment.

If a payment fails, then you will be sent an email with the reason given to Excel Currencies by the recipient's bank for the failure.

You need to speak with the beneficiary's bank directly for instructions on avoiding a returned payment again.

The most common reasons are incorrect details (e.g. account number) being submitted on the payment.

On occasion, the banking network may have to route funds via a corresponding bank to reach your destination; these corresponding banks may levy a transaction charge resulting in your funds arriving short.

This is more common with US dollar transactions so we advise you to send additional funds to cover these charges if they occur regularly.

At least five working days must have passed before you can request a trace on a payment. We can only place one trace or recall on each payment and these cannot be canceled.

If you believe a payment is eligible for a payment trace or recall but cannot see this option, then please get in touch with us at info@excelcurrencies.com

• Funds will be released by Excel Currencies on the "delivery date" noted on the trade confirmation email
• Please refer to our Payment Timeline for exact times for currency cut off times
• Please allow additional time for any payments sent locally

You will receive an automated email confirmation advising when we have settled a transaction. The status of the transfer will update to "Completed" on the platform in Payment History. This means we have made the payment as per the instructions provided and are now waiting on funds to arrive with the recipient. Please check the email confirmation for specifics as the type of payment (either standard or local) will affect the speed of the delivery. Different currencies may also take longer to clear.

In order to meet our regulatory requirements, mandatory information is required when making payments. Our comprehensive payment guides outline the compliance information required for any payment.

Remember that your login ID, security questions and password are all case sensitive. Make sure you haven't got Cap Locks on. Login IDs must also be unique. If you have one user with multiple accounts, you must have different logins for each account.

If you still can't access the platform, click on “Forgot Password?” link on the login page. This will allow you to reset your login credentials...

If you still can't log in, contact support@excelcurrencies.com

There is a sophisticated tracking system available for SWIFT payments in the form of the SWIFT GPI tracker. This is available through Excel Currencies, so please get in touch if with us to see if we can GPI track your payment.

All Excel Currencies payments are SWIFT gpi-enabled. Every SWIFT gpi-enabled payment is assigned a unique ID (UETR) that allows it to be tracked at any point across the network. SWIFT gpi shows the full payment chain and the last update status for the payment. Provided that all banks in the payment chain are gpi-enabled, it can be used to identify and confirm the whereabouts of the payment at any given time.

SWIFT gpi is growing but, currently, not all banks around the world are enabled. Payment tracking data may, therefore, be incomplete for some payments we send out. Universal Confirmations were mandated for all SWIFT members in November 2020, which means that SWIFT members must confirm when a payment (MT 103) has either been credited to the beneficiary's account, placed on hold or transferred outside of SWIFT. The introduction of Universal Confirmations has improved the coverage of tracking visibility.

In summary, Excel Currencies can provide you with the following information to help locate a SWIFT payment:

• SWIFT gpi screenshots
• MT103 - this is a standardized SWIFT payment message. It is accepted as proof of payment and includes all payment details such as date, amount, currency, sender and recipient
• UETR Reference - this is a unique reference associated with each payment that is kept and shared by each bank involved in the payment
• PET reference - this is a reference from our banking partner confirming that the payment has been processed from our side.

We recommend that you pass this information to the beneficiary's bank who will then be able to locate the funds.

Compliance and the security of our client's data and money is something we take very seriously at Excel Currencies. To this end, we ensure that clients are who they say they are by requesting proof of identification.

• Accepted Proof of Identity (POI) Africa
• Accepted Proof of Identity (POI) Asia
• Accepted Proof of Identity (POI) Australia
• Accepted Proof of Identity (POI) Europe
• Accepted Proof of Identity (POI) North America
• Accepted Proof of Identity (POI) South America

You now have access to a new dedicated account number which will allow you to fund the wallet via FPS.

Your funds get assigned almost instantly to your account as we have automated our reconciliation processes.

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.

Your dedicated account number can be found on all GBP trade confirmations. Please contact your account manager to get a copy of these details if needed.

Yes you can still use the existing funding route but we recommend the new service as it will be more efficient for you.

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.

The maximum value you can send per payment is £250K.

T+0 and T+1 (Default). We cannot support Forwards. Please see our FX timelines(LINK TO EXCELS TIMELINES HERE) for more details.

No, the recipient receives the full payment amount.

Yes, we have the following maximum transaction sizes:

• INR 1,500,000 per day to any particular beneficiary
• IDR 350,000,000
• MYR 100,000
• PHP 1,300,000

No, we do not allow loan payments to businesses in India. Any other payments to businesses and all payments to individuals are permitted.

We support conversion from any of these four currencies – USD, GBP, EUR and AUD to any of these four APAC currencies – INR, IDR, MYR and PHP.

Yes, under exceptional scenarios, if payments in these 4 APAC currencies fail and it is no longer feasible to pay the balance funds, you can sell the funds back into another supported currency. This should only occur in exceptional circumstances. Excel Currencies monitors the activity closely.

No, you need to pay all funds immediately. Please make sure you create payments on the back of each trade so no surplus balance is outstanding. Excel Currencies periodically monitors the balance and reserves the right to automatically sell back any surplus funds held over five days.

We do not roll conversions to the next day. Unfortunately, failure to send sold currency funds by the settlement cut-off time results in the cancellation of your conversions.

You must correct the payment instruction and resend. Failure to do so may result in the automatic conversion of APAC currency into another supported currency and will be subject to exchange rate fluctuations.

No traces or recalls are supported via the network. Excel Currencies payment notifications are available through our self-service portal so please speak to your Account Manager about accessing this functionality.

An Excel Currencies payment reference is given.

In India, most major banks display the information in a similar format to the example below:

Any payments to non-profit organisations, charities and charitable funds/institutions in Indonesia, India, Malaysia and Philippines are not supported as local payments. To make these types of payments, you need to send them as USD payments via SWIFT.