FAQs
Account Setup
How long does it take to open an account?
Your account can be opened within a few hours following registration (subject to compliance).
Can I apply from outside the UK?
Absolutely! You can be based anywhere in the World as long as you have a company registered within one of our permitted jurisdictions, including Europe, North America, Australia/NZ etc. Please ask for a full breakdown if required.
Do we need any locally based staff to open an account in the UK/EU?
No. You can set up the account remotely and start using it straightaway.
I’m not resident in the UK or EEA, can I still open Meridian accounts in the UK/EU?
Yes. As long as your business is registered in the EEA (or within any of the permitted jurisdictions), then it is possible to open accounts with Meridian.
Account Features
Will my account be held in my own name?
Yes. Your multi-currency collection account will be unique to you and will be held in your own name. This means that when your customers pay you, they will address their payments to you and use your unique account and IBAN number.
Can I speak to someone on the phone?
Yes. You will be assigned your own experienced account manager to answer any questions you have about your account or the currency market.
What types of statements do you provide?
You can view your previous transactions and account balance on the online platform. You can also request pdf and csv formatted reports which document all activity on your account.
Can I withdraw cash from my account?
No. The accounts can only be used for electronic transfers (therefore no cheques). You cannot fund the accounts in cash either.
Will I get a debit card for my account?
No, currently it can only be used for electronic transfers.
Will I get an overdraft facility?
No overdraft facilities will be available on the account.
Will I receive interest on my account balances?
No interest will be paid on account balances.
Payments
When I send a payment, whose name will appear on the payment message?
Payments sent from your accounts will be sent in your company name. The recipient will receive funds showing your company name.
Who can pay into my account?
You can use your account details to receive payments domestically or internationally from corporate clients, partners and subsidiaries. If you’re an online seller, you can receive funds from approved online marketplaces.
Can I send international payments?
Of course! We are experts at this – ensuring payments arrive quickly and safely in over 38 currencies.
How will I know when a payment hits my account?
You will receive automated email notifications when payments hit your account and you can also check your account activity 24/7 online.
How quickly will payments arrive in my suppliers’ accounts?
Our payments are sent via the SWIFT/FPS/SEPA networks meaning payments arrive extremely quickly. Usually this is within a couple of hours or the same day (depending on time zone).
Security
Is my money safe?
Yes. Meridian's payment and foreign exchange service providers segregate and safeguard all client funds in accordance with FCA regulations.
Meridian's e-money accounts are provided by The Currency Cloud Limited who are regulated by the FCA as an authorised Electronic Money Institution (EMI).
As an EMI, they’re obliged to ensure that customer funds are appropriately safeguarded. This means funds are safeguarded by our FCA-regulated e-money partners at a credit institution. Therefore, unlike banks that lend out and re-invest customer funds, we safeguard 100% of our clients' funds. Consequently, we do not require FSCS protection because your funds are not touched or re-invested.
This means that, in the unlikely event of The Currency Cloud Ltd's insolvency, your funds will be fully protected, and an administrator will reimburse you from the safeguarded funds.
Where are my funds held?
All client funds are safeguarded by our FCA-regulated e-money partners at a credit institution. Ourselves and our regulated service providers take the safety and security of your money extremely seriously and comply fully with the rigorous regulatory standards in the UK, Europe, US, and every country operated in.
Can we have different levels of authority on the online system?
Yes. Your account has a dual authority setting, giving the option for two separate users to approve all payments.
Does the platform offer two-step verification when logging in?
Yes. The system requires two-factor authentication when logging into your account. This is an extra layer of security designed to ensure that you’re the only person who can access your account. For further information on security, please click here.
