CurrencyCloud: New Bank Transfer Solution for Global Clients
Announcement to our Global (non-Australian) clients:
Over the coming weeks, future bank wire deposits and withdrawals will be transacted via Currency Cloud (United Kingdom’s Financial Conduct Authority registration number 900199).
As you may be aware, e-money licenses in the United Kingdom are considered among the best in the world and a benchmark for other countries looking to establish their own regulatory frameworks. Their reputation is based on the FCA rules for e-money license holders covering capital requirements, consumer protection, anti-money laundering, and data protection. These strict FCA standards make UK e-money license holders highly reputable and trustworthy. Currency Cloud’s license information can be found here.
With this in mind and Blueberry Markets focus on clients, we believe the transition will enable the following:
What this means for you
If you use bank wire for your account deposits, please note that Blueberry Markets’ (ACY) bank account information has changed. Your Client Portal now displays the new bank account information on the Deposit page.
For your convenience, we have come up with the FAQs below:
Frequently Asked Questions
- Why are you changing financial institutions?
We aim to deliver faster & more efficient withdrawals & deposits for our global customers, with the intention of moving to CurrencyCloud to achieve this by improved integration and friendlier timezones.
- Do I have the option to deposit and withdraw through an Australian bank?
No. Blueberry Markets Group is regulated by SVG and does not have any Australian bank accounts to facilitate deposits.
- Are there any fees associated with depositing and withdrawing through CurrencyCloud?
If you experience any deposit fees, we will gladly cover them. We also don’t charge withdrawal fees. However, your bank or intermediary may charge fees. There may also be conversion fees if you withdraw to a different currency. However, bank and intermediary fees may have also been applicable with other financial institutions such as the original Australian bank account.
- How long will the withdrawals take?
We process withdrawal requests within 24 hours on business days. How long it will take to receive the funds depends on your financial institution; however, we expect it to be faster than before due to improved integration and friendlier timezones for most of our current global clients.
- How can I ensure my funds are safe with this financial institution?
CurrencyCloud has an e-money license (#900199) in the UK through the FCA, which ensures that they comply with strict regulations and safeguards to protect your funds. The e-money licenses in the UK are considered a benchmark for other countries trying to establish their regulatory frameworks.
- What happens if your financial institution goes bankrupt?
FSCS protection for banks, building societies and credit unions is up to £85,000 per person per banking licence. This means that if money is spread across the banking sector, yet the firms share a banking licence, the FSCS can only protect up to £85,000. In the case of a corporate or client trust bank account, that account is protected only up to £85,000. This does not cover FCA regulated e-money licensed companies such as CurrencyCloud. More information can be found here.
- How is my personal information protected?
- What currencies are supported?
To this date, there are 36 currencies available, including the base currencies we offer for trading accounts with Blueberry Markets.
Some currencies are restricted and can’t be funded directly; if you’re transferring a restricted currency, you must convert to a supported currency before transferring. Please visit this page for further information.
- Are there any restricted countries?
Listed here are the countries not supported by CurrencyCloud.
Please note that we may have a restricted currency from an allowed country, such as PHP in the Philippines. In these cases, the funds must be exchanged first and sent in a supported currency.