How Making a Deposit With CurrencyFair Works
As the second in our series of posts about common FAQs on using CurrencyFair, we thought we’d address one we get at least one call per day inquiring about – how to first make your deposit when making a peer-to-peer currency exchange.
It can get a bit confusing- does the money get automatically taken from your account? Do you have to wait a long time for it to go to CurrencyFair? Where does it go, when you send it? Hopefully this post will clear up the confusion.
Does the Money go Straight From My Bank Account?
Not quite! First you need to notify us of how much you are intending to deposit into your CurrencyFair account. You do this by signing in and clicking on “Deposit Funds”, entering the amount you will be sending, selecting the account the funds will be coming from and clicking on “Notify”. When you do this, there will be some payment instructions that appear on screen. The next step is for you to instruct your bank to actually transfer the funds to the CurrencyFair account using these payment instructions (CurrencyFair can’t automatically “pull” the funds from your account). The easiest way to instruct your bank is to use your internet banking, but you can also visit your local branch.
Do I Have to Tell You How Much I’m Sending?
Yes, as per the above you complete a pending deposit notification. This notifies our system to expect some funds and once the funds arrive and are credited to your account, you will be sent an automated email confirming the credit.
Is My CurrencyFair Account Separate to my Bank Account?
Yes, we hold a segregated designated client account with Bank of America. The two are separate.
So every person has their own account?
No, there’s one client account for every currency we operate on the marketplace. It’s a segregated client account, so your funds are not mixed with our own.
Why do I need to tell you up ahead how much I’m depositing?
That’s one of the ways we’re able to allocate your deposit to your CurrencyFair account in good time (we also use the reference on the deposit i.e. your CurrencyFair client number). If you do not add a pending deposit notification, it does not mean your funds will be lost, it just means there may be a delay in applying the funds to your account.
Why do you need details like my passport code upon signup?
I think the first thing to say is that you do not need to enter this information when completing the registration process (it is an optional field). The reason we ask for this, and other personal information, is to help us to verify your identity in line with our regulator’s requirements.
How long does it take to arrive in that account?
The deposit timings vary depending on the currency you are sending to your CurrencyFair account. For example, sterling takes less than an hour on average, euro and Australian dollar average 1-2 working days. See our transfer times for more info, and to calculate an estimate of how long your transfer will take.