Multi-currency Account Collection
Our Multicurrency Account product simplifies international payments by enabling businesses to issue named EUR and USD accounts to individuals via our API.
Note
- Monthly inflow limits: $10,000 for USD and €10,000 for EUR accounts.
- Transaction limits: Max $10,000 or €10,000 per transaction.
- Auto-settlement: Transactions below $2,000 or €2,000 settle automatically; larger amounts require additional information.
- Name Matching: Account holder names must match exactly, or the transaction will be reversed.
- Only configured merchants can access this via API.
To get started, businesses must sign up and undergo verification.
Purpose
Our Multicurrency Accounts are designed to help individuals own named foreign currency accounts, facilitating hassle-free international transactions. Whether you’re a freelancer, remote worker, contractor, or part of a payroll company, these accounts make it easy to receive payments for services from around the world.
Our MCY account is restricted to certain activities and countries. For a detailed list of prohibited activities and restricted countries, please check out our Prohibited Activities and Restricted Countries section.
Transaction Handling for Multi-currency Accounts
Inflow transactions are processed based on their type:
-
First-party inflows: These are payments from accounts with the same name as the recipient account. They are straightforward and do not require additional review or a Request For Information (RFI).
-
Third-party inflows: Payments from accounts with different names than the recipient’s account may require additional review, especially for amounts over $2,000 or €2,000. An RFI is also triggered after three consecutive third-party deposits.
For third-party transactions, if the required information is not provided within 48 hours, the funds will be returned to the sender, with a return fee of €15 for EUR or $35 for USD transactions.
Information required for inflows exceeding thresholds:
- Source of funds
- Relationship with the sender
- Evidence of relationship (e.g., contracts)
- Purpose of funds
- Sender's identity
- Frequency of transactions (One-off or Recurring)
For full details, please refer to the Required Information/Documents (RFI) section.
Whitelisted Third-Party Transactions
After review and approval, a third-party may be whitelisted, allowing future transactions without additional approval. However, if there is any indication of fraud, non-compliance, or security threats, the associated MCY accounts may be blocked.
Chargebacks and Refunds
In certain cases, our payment partners may request a refund through a "Chargeback" process, which can cover the full or partial value of a previously settled transaction. If a merchant fails to resolve a chargeback claim within 24 hours, FINCRA is entitled to:
- Debit the merchant’s account or deduct from any remittance, reserve, or invoice.
- Charge a fee of €15 for EUR transactions or $35 for USD transactions.
Account Issuance Requirements
To issue a named MCY account for individuals, businesses must provide verified information, including:
Personal Information: First name, last name, address, zip code, email, date of birth, and country of residence.
ID Information: International passport, residence permit, or national ID (both front and back).
Proof of Address: Recent bank statement or utility bill.
Accepted identity documents for MCY account.
| Document | API Value | Description |
|---|---|---|
| International Passport | passport | The International passport of the customer (This is the only ID type where a string url is accepted as the "meansOfId", payload. For the rest, an array is expected.) |
| Driver License | driverLicense | The driver's license of the customer. (When uploading this in the meansOfId field, ensure to send two string urls in an array, one for front and one for back). |
| National ID card only | nationalId | National ID Card (Not NIN or v-NIN). |
| Identity Card | idCard | This would accept an identity card, including Resident Permit. This identity card has to be a valid government issued ID, with the name, issue date and date of birth clearly visible. |
For more detailed information on getting started, visit our dedicated page on Multicurrency Accounts.
Updated 29 days ago