Frequently Asked Questions
Take Control of Your Financial Future Today
Frequently Asked Questions
Take Control of Your Financial Future Today
Essential FAQs
To fund your account details, follow these steps:
Step 1: Log in using your User ID and Password. Also input your pin where required.
Step 2: On the dashboard under “Quick Actions”, click the “Fund Account” icon.
Step 3: Under “Account Funding Details”, select the currency you want.
Step 4: You will see the local account details or swift account details for each currency. You could copy to paste on your dashboard.
How can I add other currencies to my account?
To add other currencies to your account, follow these steps:
Step 1: Log in using your User ID and Password. Also input your pin where required.
Step 2: Under Overview, click on “Conversion”.
Step 3: Under the dropdown ‘from’, select one of the currencies in your wallet where you like to convert from.
Step 4: Using the dropdown ‘to’, select the currency you want to add and click proceed
Step 5: Choose the Conversion date and the reason for the conversion and send.
Step 6: At the left-hand corner, click on home to go back to the homepage. Your new wallet would be created.
How do I make payments?
To make payments from your account, follow these steps:
Step 1: Log in using your User ID and Password. Also input your pin where required.
Step 2: Under Overview, or quick actions, click on “Pay”.
Step 3: Choose between a one-time payment (payment) or a recurring payment (standing order).
Step 4: Select one of the currencies in your wallet where you like to pay from and input the amount you would like to send.
Step 5: Select your beneficiary or add a new beneficiary and then click proceed. Input the reason for the payment, payment reference and choose the payment type (either swift or local)
Step 6: Click proceed and view the summary of the transaction before sending.
How can I add a card?
To add cards to your account, follow these steps:
Step 1: Log in using your User ID and Password. Also input your pin where required.
Step 2: Within the dashboard, under home, click on “Cards”.
Step 3: Click on “add a card” and using the dropdown select one of the currencies (current options are GBP, USD and EUR). Proceed to complete the transaction. A fee of 10 GBP (including postage) or equivalent would be charged
Step 4: The virtual card would be displayed on your account whilst the physical one would be sent to your address on file.
How do I add an account?
To add a personal or business account, follow these steps:
Step 1: Log in using your User ID and Password. Also input your pin where required.
Step 2: At the top right corner of the homepage, click on purple icon “+Account”
Step 3: You would see your existing account at the bottom and the account available which you can add at the top.
Step 4: On Radiant Money, you can have a personal account and one of “Ruby” or “Sapphire” accounts.
How can I view my Transaction History and Obtain my Bank Statement?
To view your bank statement and transaction history, follow these steps:
Step 1: Log in using your User ID and Password. Also input your pin where required.
Step 2: Within the main dashboard, underneath your wallets, you would find a list of your recent transactions in sequence.
Step 3: To view your currency specific wallet statement, go to “Reports”, and choose the currency.
Step 4: Input the period you want the report to cover. Say “01-Jan-2024 to 30-Jan-2024” and choose the reporting format you prefer (csv and pdf formats available) and download.
Can I add multiple currencies to my account?
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.
What account details will I receive?
Answer: Radiant Money customers can receive funds from any bank within the countries and territories supported by Radiant Money.
How will I know that funds have been credited to an account?
Answer: Radiant Money sends you a funding confirmation email to inform customers when funds have arrived and when they are ready for use. The updated balance would immediately reflect on the applicable currency wallet within the dashboard.
Will I receive the full amount sent by the payer?
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).
What information can I see about the payer?
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.
Where can I receive funds from?
Answer: Radiant Money customers can receive funds from any bank within the countries and territories supported by Radiant Money.
How many currencies can I receive funds in via Radiant Money?
Answer: Radiant Money supports receipt of funds in 180+ currencies via SWIFT and 3 currencies via local routes.
Will receipts be automated 24/7, or only during specific hours?
Answer: Radiant Money operates 24/7. However, the operating hours of certain payment schemes may affect when transactions are processed.
How many currencies can I payout in via Radiant Money?
Answer: Radiant Money supports payouts in 37+ currencies via SWIFT and 17 currencies via local payment routes.
How long does it take for a SWIFT transfer to appear in my Radiant Money account?
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.
Am I able to reject funds that are approved by Radiant Money?
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
How do conversion timelines work for foreign exchange (FX) with Radiant Money?
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.
What is the timeframe for funding the conversion?
Answer: You have 40 minutes beyond the cut-off time for major currencies and 60 minutes for all other currencies to fund the conversion.
How are cut-off times determined?
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.
What happens if I miss the cut-off time?
Answer: If you miss the cut-off time, the conversion will settle on the next business day.
When does Radiant Money's trading time begin and end?
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.
What are the cut-off times for specific currencies?
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).
Are there any exceptions to the cut-off times?
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.
Can I perform conversions with restricted currencies?
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.
Are there any limitations on converting Russian Ruble (RUB)?
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.
Do conversion timelines change during public holidays?
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.
How are time zones handled for conversion cut-off times?
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.
Where can I find additional resources related to currency pairs and payment guides?
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
What are the fees for receiving or collecting money locally or SWIFT?
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.
Is there any fee for currency conversion?
Answer: Yes, there is a small fee applicable for currency conversion with Radiant Money. The fee is usually clearly displayed on the dashboard for every transaction.
What are the fees for making payments locally?
Answer: Yes, there is a small fee applicable for currency conversion with Radiant Money. The fee is usually clearly displayed on the dashboard for every transaction.
What are the fees for making priority payments?
Answer: For priority payments, including those made through Swift, the fee is a fixed amount of £45 with the first 5 priority payments free.
Can I make local payments from my Radiant Money account to multiple currencies?
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 £0.50.
Are there any fees for collecting money globally using my multi-currency account?
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.
What are the fees for outgoing payments to the UK, EU, US, and other countries?
Answer: The fee for outgoing payments to the UK, EU, and the US is £0.50. For payments made through Swift, the fee is £45.
Are there any additional fees or hidden charges associated with Radiant Money's services?
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.
Can I make payments exceeding a million with Radiant Money's services?
Answer: Yes, with Radiant Money, you can make payments of any amount, including amounts exceeding a million. The fixed fees of £0.50 for local payments and £45 for priority payments still apply.
Are the fees mentioned per transaction or per amount transferred?
Answer: The fees mentioned are per transaction. Whether you transfer a small or large amount, the fees will remain the same.
Can I track the status of my outgoing payments?
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.
Is Radiant Money's multi-currency account available for personal use or only for businesses?
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. Radiant Money uses a single user profile that allows you access all your accounts (business and personal) from the same place.
Are there any limitations on the number of currencies I can hold in my multi-currency account?
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.
What is the difference between local and priority payments?
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.
Essential FAQs
To fund your account in Naira, follow these steps:
Step 1: Log in using your User ID and Password. Also input your otp if you set up 2FA on your account.
Step 2: On the dashboard under “Quick Actions”, click the “Fund Account” icon.
Step 3: Under “Account Funding Details”, click on “Fund Naira”
Step 4: On the “Naira Top Up” page, input the Naira amount you want to put in Radiant Money and the reason for the transaction. You will be taken to our partner bank interface.
Step 5: On the right-hand section, choose a method of transfer to the Radiant Wallet Top account. Either USSD, Card payment, Bank (requires your bank account details and login details for your bank) or Bank transfer.
Step 6: After making the transfer, confirm it on the app. The system automatically checks for the payment (This is usually instant and dependent on your bank availability. The system will keep checking for 30 minutes if there is a delay with your transfer).
Step 7: Once the payment is confirmed, your naira wallet would be topped up immediately with the amount you transferred. Please refresh your system if not reflecting or contact support.
You can then hold, convert or do a payout straight from your Radiant Money Naira wallet. Please note that a token amount of 1.4% capped at N2000 would be charged by our partner if you use Card, USSD and Bank options, Bank transfer option is free.
How can I add other currencies to my account?
To add other currencies to your account, follow these steps:
Step 1: Log in using your User ID and Password. Also Also input your otp if you set up 2FA on your account..
Step 2: Under Overview, click on “Conversion”.
Step 3: Under the dropdown ‘from’, select one of the currencies in your wallet where you like to convert from.
Step 4: Using the dropdown ‘to’, select the currency you want to add and click proceed
Step 5: Choose the Conversion date and the reason for the conversion and send.
Step 6: At the left-hand corner, click on home to go back to the homepage. Your new wallet would be created.
How do I make payments?
To make payments from your account, follow these steps:
Step 1: Log in using your User ID and Password. Also input Also input your otp if you set up 2FA on your account.
Step 2: Under Overview, or quick actions, click on “Pay”.
Step 3: Choose between a one-time payment (payment) or a recurring payment (standing order).
Step 4: Select one of the currencies in your wallet where you like to pay from and input the amount you would like to send.
Step 5: Select your beneficiary or add a new beneficiary and then click proceed. Input the reason for the payment, payment reference and choose the payment type (either swift or local)
Step 6: Click proceed and view the summary of the transaction before sending.
How can I add a card?
To add cards to your account, follow these steps:
Step 1: Log in using your User ID and Password. Also input Also input your otp if you set up 2FA on your account.
Step 2: Within the dashboard, under home, click on “Cards”.
Step 3: Click on “add a card” and using the dropdown select one of the currencies (current options are GBP, USD and EUR). Proceed to complete the transaction. A fee of 10 GBP (including postage) or equivalent would be charged
Step 4: The virtual card would be displayed on your account whilst the physical one would be sent to your address on file.
How do I add an account?
To add a personal or business account, follow these steps:
Step 1: Log in using your User ID and Password. Also input Also input your otp if you set up 2FA on your account.
Step 2: At the top right corner of the homepage, click on purple icon “+Account”
Step 3: You would see your existing account at the bottom and the account available which you can add at the top.
Step 4: On Radiant Money, you can have a personal account and one of “Ruby” or “Sapphire” accounts.
How can I view my Transaction History and Obtain my Bank Statement?
To view your bank statement and transaction history, follow these steps:
Step 1: Log in using your User ID and Password. Also input Also input your otp if you set up 2FA on your account.
Step 2: Within the main dashboard, underneath your wallets, you would find a list of your recent transactions in sequence.
Step 3: To view your currency specific wallet statement, go to “Reports”, and choose the currency.
Step 4: Input the period you want the report to cover. Say “01-Jan-2024 to 30-Jan-2024” and choose the reporting format you prefer (csv and pdf formats available) and download.
To fund your account in GBP, follow these steps:
Step 1: Log in using your User ID and Password. Also input your otp if you set up 2FA on your account.
Step 2: On the dashboard, click the "Bank Details" on your wallet.
Step 3: Your local GBP funding details and your SWIFT GBP funding details appear in a dropdown.
Can I add multiple currencies to my account?
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.
What funding details would I receive?
Answer: Radiant Money customers will be able to access full funding details to receive payments for all currencies supported by Radiant Money.
How will I know that funds have been credited to an account?
Answer: Radiant Money sends you a funding confirmation email to inform customers when funds have arrived and when they are ready for use. The updated balance would immediately reflect on the applicable currency wallet within the dashboard.
Will I receive the full amount sent by the payer?
Answer: For local routes (GBP, EUR and USD), you will be charged a small fee of £0.5 for GBP and £2 for EUR and USD.
What information can I see about the payer?
Answer: Radiant Money allows customers to see details such as the payer’s name, payment reference. The extent of information depends on the payment method used to send funds.
Where can I receive funds from?
Answer: Radiant Money customers can receive funds from any bank within the countries and territories supported by Radiant Money.
How many currencies can I receive funds in via Radiant Money?
Answer: Radiant Money supports receipt of funds in 180+ currencies via SWIFT and 3 currencies via local routes.
Will receipts be automated 24/7, or only during specific hours?
Answer: Radiant Money operates 24/7. However, the operating hours of certain payment schemes may affect when transactions are processed.
How many currencies can I payout in via Radiant Money?
Answer: Radiant Money supports payouts in 37+ currencies via SWIFT and 17 currencies via local payment routes.
How long does it take for a SWIFT transfer to appear in my Radiant Money account?
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.
How to fund your account in GBP, follow these steps:
Step 1: Log in using your User ID and Password. Also input your otp if you set up 2FA on your account.
Step 2: On the dashboard, click on the "bank Details" on your GBP wallet.
Step 3: Your Local funding details and your SWIFT finding details appear in a drop down.
How to find your account details in other currencies, follow these steps:
Step 1: Log in using your User ID and Password. Also input your otp if you set up 2FA on your account.
Step 2: On the dashboard, under "Quick Action", click "Fund Account" Icon.
Step 3: Put the currency you need in a search box
Step 4: Copy and share the funding account details as appears on your dropdown.
Conversion timelines for Foreign Exchange (FX) Services
How do conversion timelines work for foreign exchange (FX) with Radiant Money?
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.
What is the timeframe for funding the conversion?
Answer: You have 40 minutes beyond the cut-off time for major currencies and 60 minutes for all other currencies to fund the conversion.
How are cut-off times determined?
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.
What happens if I miss the cut-off time?
Answer: If you miss the cut-off time, the conversion will settle on the next business day.
When does Radiant Money's trading time begin and end?
Answer: Radiant Money’s trading time starts on Sunday 10:30pm UK time and closes on Friday 10:30pm UK time. Please note that there is a 90-second daily downtime from 17:00 ET.
Are there any exceptions to the cut-off times?
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.
Are there any limitations on converting Russian Ruble (RUB)?
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.
Do conversion timelines change during public holidays?
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.
Where can I find additional resources related to currency pairs and payment guides?
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
What are the fees for receiving or collecting money locally or SWIFT?
Answer: There is a small fee for receiving or collecting money locally or by SWIFT with Radiant Money. There is a £0.5 charge for receiving GBP locally. There is a £2 for receiving USD and EUR locally and a £10 for receiving any currency via swift.
Is there any fee for currency conversion?
Answer: Yes, there is a small fee applicable for currency conversion with Radiant Money. The fee is usually clearly displayed on the dashboard for every transaction.
What are the fees for making payments locally?
Answer: Yes, there is a small fee applicable for currency conversion with Radiant Money. The fee is usually clearly displayed on the dashboard for every transaction.
What are the fees for making priority payments?
Answer: The fee for priority payments, including those made through Swift starts from £15 depending on the corridor.
Can I make local payments from my Radiant Money account to multiple currencies?
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.
Are there any fees for collecting money globally using my multi-currency account?
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.
What are the fees for outgoing payments to the UK, EU, US, and other countries?
Answer: The fee for outgoing payments to the UK, EU, and the US is £0.50. For payments made through Swift, the fee is £45.
Are there any additional fees or hidden charges associated with Radiant Money's services?
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.
Can I make payments exceeding a million with Radiant Money's services?
Answer: Yes, with Radiant Money, you can make payments of any amount, including amounts exceeding a million.
Are the fees mentioned per transaction or per amount transferred?
Answer: The fees mentioned are per transaction. Whether you transfer a small or large amount, the fees will remain the same.
Can I track the status of my outgoing payments?
Answer: Yes, Radiant Money provides the ability to track the status of your outgoing swift payments. You can monitor the progress and receive updates on the movement of your funds.
Is Radiant Money's multi-currency account available for personal use or only for businesses?
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. Radiant Money uses a single user profile that allows you access all your accounts (business and personal) from the same place.
Are there any limitations on the number of currencies I can hold in my multi-currency account?
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.
What is the difference between local and priority payments?
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 attention.
If you have any further questions or need more specific information, please reach out to Radiant Money’s support team at support@radiantmoney.com.