Excelcurrencies restricts the countries that it serves, at both the client level and the payer level
Permitted jurisdictions apply to where our clients are geographically based - we only onboard regulated clients that are located within one of the permitted jurisdictions listed below.
As standard, the permitted jurisdictions also represent where we can receive money from. If either our client, or our client’s customers, send funds from a bank account outside of our permitted jurisdictions, the funds will be rejected. Under some circumstances, clients based in North America may be able to receive money from an extended list of countries.
Any payments created with a payer outside of our permitted jurisdictions is 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 is reviewed and updated periodically.
| Åland Islands | Guernsey | New Zealand |
| Austria | Hong Kong | Norway |
| Australia | Hungary | Poland |
| Belgium | Iceland | Portugal |
| Bulgaria | India | Réunion |
| Canada | Ireland | Romania |
| Cayman Islands | Isle of Man | Saint Martin (French part) |
| China | Israel | Singapore |
| Croatia | Italy | Slovakia |
| Cyprus | Japan | Slovenia |
| Czech Republic | Jersey | South Africa |
| Denmark | Latvia | South Korea |
| Estonia | Liechtenstein | Spain |
| Finland | Lithuania | Sweden |
| France | Luxembourg | Switzerland |
| French Guiana | Malta | Taiwan |
| Germany | Martinique | United Kingdom |
| Gibraltar | Mayotte | United States |
| Greece | Monaco | |
| Guadeloupe | Netherlands |
We take our regulatory responsibilities very seriously. In line with our anti-money laundering policy and sanction screening requirements, we cannot receive funds from or send money to the following countries, although this may be subject to change.
If you have any questions about making payments to restricted countries, please contact your relationship manager, or email info@excelcurrencies.com.
Due to the current military coup in Myanmar, all banks onshore have been instructed by the Myanmar Banks Association to remain closed. As the banking system is now offline, our banking provider is unable to process any payments to Myanmar until further notice.
As part of our ongoing commitment to mitigate the risk of money laundering and terrorist financing, Excelcurrencies 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.
Please note: Kosovo and Montenegro use the Euro as their domestic currency but do not belong to SEPA or fall under the Payment Service Directive.
The information on this page is correct at the date of publication. It is intended as a general guide only.
The Wire Transfer Regulations (WTR2) came into effect on June 26, 2017. The regulations require that accurate payer and beneficiary information accompanies the transfer of funds in order to further combat financial crimes and money laundering.
To comply with the regulations, the following information on payers are mandatory regardless of the type/origin/destination of the payment.
Note: The above is the minimum set of information required for all payments. Some payment types/currencies may have additional requirements.
Our Payer Required Details endpoint allows you to get the required payer details and their basic validation formats.
get /v2/reference/payer_required_details
| Key | Type | Value | Required |
|---|---|---|---|
| payer_country | string | GB | required |
| payment_type | string | "priority" or "regular" | required |
| payer_entity_type | string | "company" or "individual" | required |
Below is an example of a call and response:
Call:
/reference/payer_required_details?&payer_country=GB& payment_type=priority
Response:
{
"details": [
{
"payer_entity_type": "company",
"payment_type": "priority",
"required_fields": [
{
"name": "payer_country",
"validation_rule": "^[A-z]{2}$"
},
{
"name": "payer_city",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_address",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_postcode",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_company_name",
"validation_rule": "^.{1,255}"
}
]
},
{
"payer_entity_type": "individual",
"payment_type": "priority",
"required_fields": [
{
"name": "payer_country",
"validation_rule": "^[A-z]{2}$"
},
{
"name": "payer_city",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_address",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_postcode",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_first_name",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_last_name",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_date_of_birth",
"validation_rule": "/A([+-]?d{4}(?!d{2}\b))((-?)((0[1-9]|1[0-2])(\u0003([12]d|0[1-9]|3[01]))?|W([0-4]d|5[0-2])(-?[1-7])?|(00[1-9]|0[1-9]d|[12]d{2}|3([0-5]d|6[1-6])))([T ]((([01]d|2[0-3])((:?)[0-5]d)?|24:?00)([.,]d+(?!:))?)?(\u000f[0-5]d([.,]d+)?)?([zZ]|([+-])([01]d|2[0-3]):?([0-5]d)?)?)?)?Z/"
}
]
}
]
}
Since WTR2 came into effect, payer details are mandatory for all payments regardless of the type/origin/destination of the payment. If any of these details are missing you will not be able to instruct payments.
The "Payer" is considered to be the individual or entity from where a particular payment originates. Depending on the payment model you operate, the payer will either be you or your client on whose behalf you are instructing the payment.
The exact information required can be determined by calling the Payer Required Detail endpoint. All relevant fields enabling you to submit payer details are available on the Create Payment and Update Payment endpoints.
When you send funds to Excelcurrencies for conversion on your own behalf and instruct a payout to the ultimate beneficiary, you are considered the payer.
Flow of funds Excelcurrencies Client as Payer
Typically, you will fall under this operating model if you are a:
There is no requirement to explicitly provide payer details for each payment. This information will be taken automatically from the details on your account. Please ensure that the Name, Address and Date of Birth (if applicable) on your account are provided and up to date. If any of these details are missing, you will not be able to instruct payments as payer details are mandatory.
Your customer is considered the payer when you collect funds from your customers and send to Excelcurrencies for conversion and payout to the ultimate beneficiary.
Flow of funds Currenycloud Client's Customer as Payer
Typically, you will fall under this operating model if you are a:
You must provide the details of your customer in the Payer fields at the time of creating a payment using the "Create a Payment" API. Please ensure that the Name and Address on your account are also provided and up to date. If any of these details are missing you will not be able to instruct payments as payer details are mandatory.
In order to ensure that all new accounts have the required WTR2 information, the following fields on the Create Account and the Update Account endpoints are required. As a result, you cannot create or update an account without providing these details:
In order to ensure that all new accounts have the required WTR2 information, the Date of Birth field on the Create Contact and the Update Contact endpoints is required. As a result, you will not be able to create or update a Contact without providing the Date of Birth.
Note: This only applies when the Contact belongs to an "individual" type of account.
Since WTR2 came into effect, payer details are mandatory for all payments regardless of the type/origin/destination of the payment. If any of these details are missing you will not be able to instruct payments.
The "Payer" is considered to be the individual or entity from where a particular payment originates. Depending on the payment model you operate, the payer will either be you or your client on whose behalf you are instructing the payment.
When you send funds to Excelcurrencies for conversion on your own behalf and instruct a payout to the ultimate beneficiary, you are considered to be the payer.
Flow of funds Excelcurrencies Client as Payer
Typically, you will fall under this operating model if you are a:
There is no requirement to explicitly provide payer details in each payment. At the time of creating a payment, select "Yes" under the "I am the Payer" field.
Payer information is taken automatically from the details on your account. Please ensure that the Name, Address and Date of Birth (if applicable) on your account are provided and up to date. If any of these details are missing you will not be able to instruct payments as payer details are mandatory.
Your customer is considered the payer when you collect funds from your customers and send to Excelcurrencies for conversion and payout to the ultimate beneficiary.
Flow of funds Excelcurrencies Client's Customer as Payer
Typically, you will fall under this operating model if you are a:
You must provide the details of your client in the Payer fields at the time of creating a payment by selecting "No" under the "I am the Payer" field.
Flow of funds Excelcurrencies Client as Payer View
You will be shown the required fields that need to be completed for the payer depending on the Payer Type.
Please ensure that the Name and Address on your account are also provided and up to date. If any of these details are missing you will not be able to instruct payments as payer details become mandatory.
In order to ensure that all new accounts have the required WTR2 information, the following fields to create and update an account are required. As a result, you will not be able to create or update an account without providing these details.
In order to ensure that all new accounts have the required WTR2 information, the Date of Birth field is required when you create or update a Contact. As a result, you will not be able to create or update a Contact without providing the Date of Birth.
Note: This only applies when the Contact belongs to an "individual" type of account.
