Radiantlife Group

FAQs

Essential FAQs

  How do I find my account details?

 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.

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.

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.

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 have their accounts enabled for SWIFT and local GBP, EUR, and USD account details.

How will I know that funds have been credited to an account?  

Answer: Radiant Money uses push notifications to inform customers when funds have arrived and when they are ready for use.

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.

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.

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: 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.

What are the fees for making payments locally?

Answer: For local payments in currencies such as EUR, GBP, USD, AUD, and more, the fee is a fixed amount of £1.00.

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.

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 £1.00.

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 £1.00. For payments made through Swift, the fee is £45.

Are there any additional fees or hidden charges associated with Radiant Money's services?

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.

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 £1.00 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.

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.

 

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.

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