Frequently Asked Questions - Abounding

Frequently Asked Questions

Whether you are sending money overseas or buying a place in the sun, we will get your money where you need it quickly and safely.

With competitive exchange rates, good customer service and secure online money transfers, our clients have total peace of mind.

  • What are the different type of payment methods?

    UK Faster Payment – Faster Payments is a service in the United Kingdom that enables near-instant electronic money transfers between banks and building societies. It allows individuals and businesses to make payments and transfers online, 24 hours a day, 7 days a week.

    SEPA – A SEPA payment is an electronic euro transaction within the Single Euro Payments Area, encompassing participating European countries. It utilizes standardised processes, including IBAN and BIC, to enable fast and efficient cross-border fund transfers between bank accounts.

    SWIFT – A SWIFT payment is a type of international money transfer conducted through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which provides a secure and standardised messaging system for financial institutions. It allows banks to communicate and transfer funds globally, ensuring a standardised and efficient process for cross-border transactions.

    Fedwire Payment – A Fedwire Payment is an electronic funds transfer service operated by the Federal Reserve in the United States, facilitating real-time, high-value transactions between financial institutions. It is a crucial component of the country’s financial infrastructure, enabling secure and instantaneous transfers of funds for various purposes, including interbank settlements and large-value transactions.

    ACH Payment – ACH (Automated Clearing House) payment is an electronic funds transfer system widely used in the United States, allowing the seamless movement of money between bank accounts. ACH payments enable various transactions, such as direct deposits, bill payments, and business-to-business transfers, and typically involve batch processing, making them a cost-effective and efficient method for handling large volumes of payments.

  • What are the cut off times for our main currencies?

    GBP – 14:30

    EUR – 14:30

    USD – 16:30

    PLN – 09:30

    SEK – 10:30

    JPY – 13:00

    CAD – 15:00

    AUD – 13:00

    NZD – 14:00

  • Is there a minimum payment a client can make?

    Abounding has no minimum payment, there is also no upper limit to the value of transaction as we are flexible to suit the clients needs.

  • What currencies can we provide?

    We can facilitate transfers in over 50+ different currencies. Please see below some of the main currencies our clients use:

    Australian Dollar (AUD)

    Japanese Yen (JPY)

    Canadian Dollar (CAD)

    Swedish Krona (SEK)

    New Zealand Dollar (NZD)

    Norwegian Krone (NOK)

    Hong Kong Dollar (HKD)

    Polish Zloty (PLN)

    UK Sterling (GBP)

    Euro (EUR)

    United Arab Emirates Dirham (AED)

    US Dollar (USD)

  • How secure are we?

    Alongside our partners, Abounding are completely secure. Funds are safeguarded by our FCA-regulated e-money partners at a credit institution.

    When funds are posted to your Currencycloud account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called Currencycloud. In line with regulatory requirements, Currencycloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of Currencycloud’s, or our, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.

    The link below will give you further detail of our security with our main partners, Currency Cloud:

  • How long does it take to set up an account?

    Once the application form has been submitted, we can open a clients account in as quick as 30 minutes. 

  • Are there extra fees/charges to transfer funds?

    There are no fees or hidden costs when arranging a trade.

  • Can I arrange transfers online?

    Yes, clients have the choice to arrange transfers online, via email or via the phone.

  • How long does it take for my funds to reach my beneficiary?

    We have around the clock payment runs and on average, it takes 8 minutes for funds to reach the beneficiary’s Bank.

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