Essential FAQs
To find your account details, follow these steps:
Step 1: Log in using your User ID and Password.
Step 2: Go to the “Balance” section on your dashboard.
Step 3: Click on “GBP” to select the GBP currency.
Step 4: Click on “Add GBP” at the top right corner.
Step 5: Click on “Manual Transfer” to reveal your account details.
To add other currencies to your account, follow these steps:
Step 1: Log in using your User ID and Password.
Step 2: Go to the “Balance” section on your dashboard.
Step 3: Click on “Add a currency.”
Step 4: Select the currency you want to add, for example, EUR.
Step 5: Click on “Add EUR” to reveal your EUR account details.
Yes, you can add multiple currencies to your account. Simply follow the steps mentioned above for each currency you wish to add. After adding a currency, you will have separate account details for each currency, allowing you to transact and manage funds in multiple currencies within your account.
Answer: Radiant Money customers can have their accounts enabled for SWIFT and local GBP, EUR, and USD account details.
Answer: Radiant Money uses push notifications to inform customers when funds have arrived and when they are ready for use.
Answer: For local routes (EUR, GBP, and USD), you will receive the full amount sent by the payer. For SWIFT payments, fees may be deducted if the payment was sent as shared (SHA) or beneficiary (BEN).
Answer: Radiant Money allows customers to see details such as the payer’s name, payment reference, account number, and sort code. The extent of information depends on the payment method used to send funds.
Answer: Radiant Money customers can receive funds from any bank within the countries and territories supported by Radiant Money.
Answer: Radiant Money supports receipt of funds in 180+ currencies via SWIFT and 3 currencies via local routes.
Answer: Radiant Money operates 24/7. However, the operating hours of certain payment schemes may affect when transactions are processed.
Answer: Radiant Money supports payouts in 37+ currencies via SWIFT and 17 currencies via local payment routes.
Answer: The time it takes for SWIFT funds to reach Radiant Money is dependent on the bank, currency, and the correspondent banking chain. Once the funds arrive, they are typically credited to the account within seconds.
Answer: Yes, Radiant Money allows you to make your own screening assessment on inbound funds. If the funds don’t meet your risk appetite, you can create a return payment back to the payer.
Conversion timelines for Foreign Exchange (FX) Services
Answer: Radiant Money’s FX schedules ensure timely conversions. If you initiate your conversion before the given cut-off time, the conversion will settle on the same day.
Answer: You have 40 minutes beyond the cut-off time for major currencies and 60 minutes for all other currencies to fund the conversion.
Answer: The cut-off time for conversions is determined based on the currency with the higher rank in the provided table. For example, if you want to convert UK Sterling (GBP) to Australian Dollars (AUD), the cut-off time will be 13:00 since AUD has a higher rank.
Answer: If you miss the cut-off time, the conversion will settle on the next business day.
Answer: Radiant Money’s trading time starts on Sunday at 17:02 ET and closes on Friday at 17:00 ET. Please note that there is a 90-second daily downtime from 17:00 ET.
Answer: The cut-off times for various currencies are listed in the provided table. Please refer to the table for the specific cut-off times based on UK Time, Eastern Time (NYC), and Singapore Time (SGT).
Answer: Yes, there are exceptions for certain conversions. For example, the cut-off time for UK Sterling (GBP) to US Dollar (USD) conversions for all clients is 15:30 UK Time. Please refer to the exceptions mentioned in the provided information for further details.
Answer: Restricted currencies such as Indian Rupee (INR), Indonesian Rupiah (IDR), Malaysian Ringgit (MYR), and Philippine Peso (PHP) are available as buy-only currencies. You can convert supported currencies into these restricted currencies for payments within the respective countries.
Answer: Currently, Radiant Money does not support RUB transactions due to the conflict in Ukraine. When RUB is supported, it is available as a sell-only currency.
Answer: Public holidays may affect conversion timelines. It’s recommended to refer to the public holidays section or contact Radiant Money’s support for specific information on how holidays can impact FX timelines.
Answer: Radiant Money’s platform and APIs display FX and payment cut-off times in Coordinated Universal Time (UTC), aligned with Greenwich Mean Time (GMT). The cut-off times are listed in UK time, which reflects the accurate local time, considering the seasonal changes.
Answer: Radiant Money provides additional resources such as available currency pairs, payment guides for specific currencies, and information on permitted jurisdictions. You can explore these resources on their website or contact their support for assistance.
Other FAQs
Answer: There are no fees for receiving or collecting money locally or by SWIFT with Radiant Money. You can receive or collect funds in your local currency without incurring any charges.
Answer: No, there are no fees for currency conversion with Radiant Money. You can convert any amount to any of the 37+ supported currencies at zero fees.
Answer: For local payments in currencies such as EUR, GBP, USD, AUD, and more, the fee is a fixed amount of £1.00, after the first 5 free sending
Answer: For priority payments, including those made through Swift, the fee is a fixed amount of £45, after the first 5 free sending.
Answer: Yes, you can make local payments from your Radiant Money account to multiple currencies such as EUR, GBP, USD, AUD, BGN, CAD, CZK, DKK, HKD, HRK, HUF, RON, IDR, INR, MXN, MYR, NOK, PHP, PLN, SEK, SGD, and more. The fee for these local payments is £1.00.
Answer: No, there are no fees for collecting money globally using your multi-currency account with Radiant Money. You can receive funds in different currencies from around the world without incurring any charges.
Answer: The fee for outgoing payments to the UK, EU, and the US is £1.00. For payments made through Swift, the fee is £45.
Answer: No, Radiant Money is transparent about its fees, and there are no hidden charges. The fees mentioned for different services are the only charges you will incur.
Answer: Yes, with Radiant Money, you can make payments of any amount, including amounts exceeding a million. The fixed fees of £1.00 for local payments and £45 for priority payments still apply.
Answer: The fees mentioned are per transaction. Whether you transfer a small or large amount, the fees will remain the same.
Answer: Yes, Radiant Money provides the ability to track the status of your outgoing payments. You can monitor the progress and receive updates on the movement of your funds.
Answer: Radiant Money’s multi-currency account is available for both personal and business use. It allows individuals and businesses to manage and transact in multiple currencies efficiently.
Answer: There are no limitations on the number of currencies you can hold in your Radiant Money multi-currency account. You can hold multiple currencies based on your specific requirements.
Answer: Local payments refer to transactions made within your country or region using the local currency. Priority payments, on the other hand, are expedited transfers that are processed quickly, often involving international transfers or payments requiring urgent.
If you have any further questions or need more specific information, please reach out to Radiant Money’s support team at support@radiantmoney.com.
Radiantlife Financial Services Ltd with registration number 10718058 is Authorised and Regulated by the Financial Conduct Authority (FCA) under the Payment Service Regulations 2017 for the provision of payment services with reference number 781232. The EMI license is provided by The Currency Cloud Limited with reference number 900199.
