FAQs

Your questions, answered.

Scroll through our FAQs to find the answers you need. If you don’t find what you’re looking for, please do call or email; we’re happy to help.

How secure are my funds?

All funds held on behalf of our clients, for the provision of a conversion or payment service, are subject to safeguarding and held in ring-fenced accounts with large reputable global financial institutions, such as Barclays Bank.  This ensures that your funds are always protected and can be issued back, should GreenShootsFX or Currencycloud go into administration or liquidation and therefore no other creditors, secured or otherwise, can make a claim on them.

Unlike holding money in a standard bank account, all your funds are protected, regardless of the value.

Where are my accounts/funds held?

When you fund your accounts with GreenShootsFX you do so by sending your payment to an account in your name.  Funds are ultimately swept to a concentration bank which is primarily Barclays Bank where they are ring-fenced and therefore protected from claims from third-parties.

Is access to my online services secure?

Physical security

The service operates on Amazon Web Services (AWS) which is certified under a number of global compliance programs which underlines best practices in terms of data centre security.

  • ISO 27001 Information Security Management Controls
  • PCI-DSS Level 1 Payment Card Standards
  • ISO 27018 Personal Data Protection
  • SSAE16/SOC 1, SOC2 and SOC 3
  • FIPS United States Government Security Standards

For the full list of AWS compliance programs see: https://aws.amazon.com/compliance/pci-data-privacy-protection-hipaa-soc-fedramp-faqs/

More information about AWS data centre controls may be found here: https://aws.amazon.com/compliance/data-center/controls/

Network security

There are dedicated systems in place to protect against Distributed Denial of Service (DDoS) attacks as well as man-in-the-middle attacks where the use of reputable registrars to protect against domain hijacking and “phishing” attacks are in place.

The platform undergoes regular penetration testing and has protection in place against common vulnerabilities like code injection attacks and cross-site scripting attacks.

Encryption

All network traffic is encrypted at a transport level and confidential information is encrypted at rest. We use best practices in terms of encryption key storage and security.

Information security

The platform and operational security is certified under ISO/IEC 27001:2013, the international best practice standard for Information Security Management Controls which is independently audited.

We also comply with best practices and regulations pertaining to the management of personal data under the UK Data Protection Act (DPA), as well as the upcoming European Union General Data Protection Regulation (GDPR).

Strong access control

Our platform provides a role based, hierarchical security model with two-step authentication and multi-factor authentication for sensitive systems. All access is logged and audited for suspicious behavior.

Are accounts in our company name and can we see balances online?

Yes.  The accounts are in your company name and you can see all of your balances online in one easy to view location. You can then switch balances between accounts and remit payments to non-sanctioned destinations.

This also means that when paying you, your customers will address their payment to you, and not to GreenShootsFX.

What are SWIFT and GPI and why should I care?

SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. For quite sometime it has been the industry ‘norm’ for when banks are communicating with each other.

GPI is the initiative to allow banks to show each other where a payment is along its journey and whether there have been any deductions along the way. For the first time you will be able to know whether your beneficiaries have been credited with certainty.

A SWIFT MT103 (MT stands for ‘message type’) is used for a customer transfer and informs the beneficiary bank of who to credit, with how much, on a specific value date, complete with details of the remitter and any references to help the beneficiary reconcile the payment.

What do you mean by “you don’t have to move all of your business to do just some of your business”?

As your business grows you might require more substantial international cash management services, which your existing bank or credit union may not be able to provide. Many of the larger financial institutions will insist you move all of your banking business for the privilege of accessing their FX services. More than likely, you have a long-term and successful relationship with your community bank or credit union that you don’t want to sacrifice. The solutions provided by GreenShootsFX enable you to stay with your current provider for all of your existing banking business.

Our sole interest lies in supporting your cross-border payments so we hope we can prevent you from having to move all of your banking business to an institution that you don’t want to move to.

Do you have a Direct Debit capability?

Yes.  We use an ACH Debit function in the USA and in Canada.

How long will it take to open an account?

The conversation could be as quick as 15 minutes, and the account opening should be complete within 24-48 hours.

Our JOIN US page has a handy fact-finder document you can down load which details information about our onboarding discussion including questions we’ll ask and supporting items we’ll need.

While not necessary, please feel free to complete the form in advance and email it to info@GreenShootsFX.com

Equally, if you prefer to apply directly online please do so here: OPEN ACCOUNT

What are the benefits of using GreenShootsFX instead of my bank?

Your relationship banker is not well versed in FX currency movements, is not likely going to call you when a currency you are interested in moves in, or against, your favor, and is not likely keeping up with global economic conditions that affect current and future rates and therefore your net profit.

Other GreenShootsFX benefits include, but not limited to:

  • Better FX rates.
  • Education on why paying/receiving in currency is financially better than paying/receiving in USD.
  • Risk management tools such as window forwards, market orders, and more than 30 currency accounts.
  • Introduction to vetted supply chain professionals.
  • Beneficiary validation service.
  • Rate alerts via text and/or email.
Which countries can you operate in?

We are heavily focused on the United States, Canada, and Mexico.

But, we can onboard businesses located in the EU and select other countries too (please contact us for details).

These locations could be ideal to support your parent company, or subsidiaries/international operations.

Currencies & Cut-Off Times

All times quoted below are Eastern Time (USA).Payment instructions and cleared funds must be received before the quoted cut-off time.

For information regarding any currencies not shown, please contact us at
855-GSFXPMT (473-9768).

Currency ISO FX Trade Priority Payment Regular Payment Priority (SWIFT) Regular (Local) Currency Account
Australian Dollar AUD 8:00am 9:00am 8:30am 1 day 2 days YES 
Bahrain Dinar BHD 8:00am 9:00am - 1 day - YES*
Bulgarian Lev BGN 10:30am 3:30am - Same Day - YES
Canadian Dollar CAD 8:00am 9:00am 11:00am Same Day Same Day YES
Chinese Yuan CNY 3:00am 4:00am - 1 day - YES
Croatian Kuna HRK 10:00am 3:30am - Same Day - YES
Czech Koruna CZK 10:30am 4:00am 3:30am Same Day 1 day YES
Danish Krone DKK 4:30am 5:30am 3:30am Same Day 1 day YES
Euro EUR 8:50am 9:30am 7:30am Same Day Same Day YES
Hong Kong Dollar HKD 8:00am 9:00am 9:00am 1 day 1 day YES
Hungarian Forint HUF 3:00am 4:00am 3:30am Same Day Same Day YES
Indian Rupee INR 11:30am - 11:30am - Same Day NO
Indonesian Rupiah IDR 11:30am - 11:30am - Same Day NO
Israeli Shekel ILS 8:00am 9:00am - 1 day - YES
Japanese Yen JPY 8:00am 9:00am - 1 day - YES
Kenyan Shilling KES 8:00am 9:00am - 1 day - YES*
Kuwait Dinar KWD 8:00am 9:00am - 1 day - YES*
Malaysian Ringgit MYR 11:30am - 11:30am - Same Day NO
Mexican Peso MXN 3:00am 4:00am 3:30am Same Day 1 day YES
New Zealand Dollar NZD 8:00am 9:00am - 1 day - YES
Norwegian Krone NOK 4:30am 5:30am 5:30am Same Day Same Day YES
Omani Rial OMR 8:00am 9:00am - 1 day - YES*
Philippine Peso PHP 11:30am - 11:30am - Same Day NO
Polish Zloty PLN 3:30am 4:30am 4:30am Same Day Same Day YES
Qatar Rial QAR 8:00am 9:00am - 1 day - YES*
Romanian Leu RON 3:00am 4:00am - Same Day - YES
Russian Ruble RUB 3:00am - - - - YES*
Saudi Riyal SAR 8:00am 9:00am - 1 day - YES*
Singapore Dollar SGD 8:00am 9:00am 1 day 1 day 1 day YES
South African Rand ZAR 4:30am 5:30am - Same Day - YES
Swedish Krona SEK 4:30am 5:30am 5:30am Same Day Same Day YES
Swiss Franc CHF 4:30am 5:30am - Same Day - YES
Thai Baht THB 3:00am 4:00am - 1 day - YES*
Turkish Lira TRY 3:30am 4:30am - Same Day - YES*
Ugandan Shilling UGX 3:00am 4:00am - 1 day - YES*
UK Sterling GBP 9:20am 11:30am 10:30am Same Day Same Day YES
United Arab Emirates AED 8:00am 9:00am - 1 day - YES*
US Dollar USD 10:50am 11:30am 12:10pm Same Day Same Day YES
Currency ISO COT (ET) Min. Value Date Forwards Market Orders Currency Account
Australian Dollar AUD 3:00 PM Spot
Bahrain Dinar BHD 3:00 PM Spot -
Botswana Pula BWP 3:00 PM Spot - -
Bulgarian Lev BGN 3:00 PM Spot -
Canadian Dollar CAD 1:00 PM Same Day
Croatian Kuna HRK 3:00 PM Spot
Czech Koruna CZK 12:00 PM Next Day
Danish Krone DKK 3:00 PM Next Day
Euro EUR 9:00 AM Same Day
Great Britain Pound GBP 9:00 AM Same Day
Hong Kong Dollar HKD 3:00 PM Spot
Hungarian Forint HUF 12:00 PM Next Day
Indonesian Rupiah INR 3:00 PM Spot - - -
Israeli Shekel ILS 3:00 PM Spot
Japanese Yen JPY 3:00 PM Spot
Jordanian Dinar JOD 3:00 PM Spot - -
Kenyan Shilling KES 3:00 PM Spot - -
Kuwait Dinar KWD 3:00 PM Spot - -
Mauritian Rupee MUR 3:00 PM Spot -
Mexican Peso MXN 4:00 PM Same Day
New Zealand Dollar NZD 3:00 PM Spot
Norwegian Krone NOK 3:00 PM Next Day
Polish Zloty PLN 12:00 PM Next Day
Qatar Rial QAR 3:00 PM Spot -
Romanian Leu RON 3:00 PM Spot - -
Saudi Arabia Riyal SAR 3:00 PM Spot -
Singapore Dollar SGD 3:00 PM Spot
South African Rand ZAR 3:00 PM Next Day - -
Swedish Krona SEK 3:00 PM Next Day
Swiss Franc CHF 3:00 PM Next Day
Thai Baht THB 3:00 PM Spot -
Turkish Lira TRY 3:00 PM Spot -
Ugandan Shilling UGX 3L00 PM Spot - -
United Arab Emirate Dirham AED 3:00 PM Spot -
United States Dollar USD 4:00 PM Same Day

Contact us for an additional 100 currencies.

If cut off time (COT) is missed then settlement at the beneficiary bank will take an extra business day.

Some currencies might come with specific restrictions; please connect with your Relationship Manager if you are unsure of the payment criteria for the countries you are paying.

Trading time begins on Sunday 4:00PM ET and closes Friday 5:00PM ET. Weekend trading is available but we have built in an increased margin in case there's a significant exchange rate movement before we are able to cover the position when markets open at 4:00PM ET on Sunday.

Sanctioned Countries

We take our regulatory responsibilities very seriously. In line with our current anti-money laundering policy and sanction screening requirements, we cannot receive funds from, or send money to, the following countries:


Crimea

Cuba

Iran

Libya

North Korea

South Sudan

Sudan

Syria

Venezuela

Currency Guides

A comprehensive country-by-country reference

Ensure a smooth transaction by formatting your payment correctly at the outset. Our currency guide provides up-to-date information on payment rules and regulations for the currencies we offer.

PDF download