Payments Guides

Local Payments

Local Payment Restrictions

It is not possible to use local payment routes to send local DKK, EUR, GBP, NOK or SEK payments where the destination country or the ultimate payer is in one of the following:

• Andorra
• Cayman Islands
• Cyprus
• Gibraltar
• Guernsey
• Isle of Man
• Jersey
• Liechtenstein
• Malta
• Monaco

When making payments to Canada using our local route, there are certain jurisdiction restrictions that apply.

Following the guidelines imposed by our banking partner, local CAD payments will not be permitted to be created if the client, payer or beneficiary are from any of the jurisdictions listed below:

Non-Permitted Activity

As part of our ongoing commitment to mitigate the risk of money laundering and terrorist financing, Excel Currencies has a number of restrictions on the type of industries, activities, and countries we support and service. Failure to comply with these restrictions can result in delayed payments or rejected payments with continuous breaches leading to account closure

Non-permitted Industries – Global

• Weapons / Military-Grade Security
• Multi-Level Marketing
• Pawnbrokers
• Political Organizations
• Precious Metals
• Adult Entertainment
• Drug paraphernalia
• Carbon Credits
• Crypto Currencies
• Gambling
• Gambling
• Firms involved in the servicing of illegal goods/services including but not limited to: Counterfeit Goods/trademark infringement, Human Trafficking, Child Labor, Prostitution.

Non-permitted Industries – United States of America

• Chemicals
• Medical devices
• Alcohol
• Tobacco
• Dietary supplements
• Seeds or plants
• Regulated financial services
• Outbound telemarketing

Non-permitted Client Types

• Financial Institutions making payments on behalf of other financial institutions, also known as 'nested relationships' or 'Layering.'
• Shell Banks
• Unregistered Charities

Non-permitted Activities

• Clients are not allowed to use our services to speculate changes in FX
• Transactions deriving from Crypto Currencies
• Excel Currencies restricts the countries that it serves, at both the client level and the payer level for layered/nested relationships.
• Permitted jurisdictions apply to where funds are originating from and/or where a payer is geographically based. If either our client, or our client's customers, send funds from a bank account outside our permitted jurisdictions, or they are geographically located outside of our permitted jurisdictions, the funds will be rejected.
• Any payments created with a payer outside of our permitted jurisdictions will be failed automatically by our transaction monitoring system at the point of processing.
• Please refer to the table below for a full list of permitted jurisdictions. This list will be reviewed and updated periodically.