Frequently Asked Questions

How many Currency Accounts can I have?

We can provide you with one Currency Account for each currency you need and that we can support.

Where are my funds held?

All client funds held are securely stored in The Curreny Cloud’s accounts in tier 1 banks in the UK and in other countries where they are regulated. They comply fully with all relevant regulations and ensure your funds are appropriately segregated from our own funds.

Is my money safe?

Rutland FX’s currency services are provided by The Currency Cloud who is an authorised Electronic Money Institution (EMI) independently regulated by the Financial Conduct Authority (FCA) in the UK. As an EMI, we are required to ensure that customer funds are appropriately safeguarded. This means that funds received by us corresponding to electronic money will be held in one or more segregated bank accounts separately from our own funds, in accordance with the Electronic Money Regulations.

Who can pay into my Currency Accounts?

You can use your Currency Account details to receive payments internationally from corporate clients, partners and subsidiaries or other legal entities within your corporate group. If you are an online seller, you can receive funds from approved online marketplaces. If you are unsure whether the marketplace you’re selling on is approved, please get in touch to speak with your account manager, who will be able to help.

Will I be required to provide any documentation to support incoming payments?

Depending on the nature of your business and origin of your transactions, we may request you to provide invoices for incoming payments to support our compliance checks from certain clients.

Can I set up Direct Debits from my account?

We do not currently support Direct Debits.

When I send a payment, whose name will appear on the payment message?

Payments sent from your Currency Accounts will be sent in your own name and will appear to be coming from you.

Can I withdraw cash from my accounts?

No, Currency Accounts can only be used for bank to bank transfers.

Will my Currency Accounts be held in my own name?

Yes. Your Currency Accounts will be unique to you and will be held in your own name. This means that when paying you, your customers will address their payment to you, and not to Rutland FX or The Currency Cloud.