Banking Circle

1. Banking Circle Overview

Banking Circle is our primary banking provider and provides our most comprehensive range of funding currencies.

2. Virtual IBANs

Banking Circle provides a virtual IBAN for each funding account. You can use this virtual IBAN to transfer money to your Nium funding account. Moving money to a virtual IBAN is the same as sending a bank transfer to a regular IBAN. Send a bank transfer to the virtual IBAN allocated to the funding account if you want to add money. This will route your money to Banking Circle. Once Banking Circle receives the transfer, it will automatically be applied to your correct funding account.

3. How much does Banking Circle cost?

The only cost for using Banking Circle is the cost of a wire transfer applied by your bank. Banking Circle does not add any additional bank charges.

4. Banking Circle transfer types

Three main types of payments are routed via Banking Circle:

  1. Local payments in GBP

  2. SEPA transfers in EUR

  3. Cross-border (SWIFT) payment for all currencies

5. GBP payments

If you are transferring GBP from within the UK, Banking Circle can receive Faster Payments, BACS, and CHAPS.

If you are transferring GBP from outside the UK, it must be sent as a cross-border payment. In this case, transfers reach Banking Circle by routing through a partner bank (NatWest). In addition to the BIC that identifies the destination of the funds (SAPYGB2L), you will also need to include Banking Circle's partner bank's BIC (NWBKGB2L, as shown below). This tells your bank where and how to send the transfer to Banking Circle.

This is the routing information for a Banking Circle GBP transfer:

CurrencyAccount nameAccountBIC or sort codeNotes
GBPIxaris Solutions LtdLast 8 digits of IBAN608382For BACS and Faster Payments
GBPIxaris Solutions LtdLast 8 digits of IBANSAPYGB2LFor CHAPS
GBPIxaris Solutions LtdGB********SAPYGB2LFor BACS and Faster PaymentsIntermediary BIO code for Swift Payments: NWBKGB2LXXX

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UK Bank Address:

Banking Circle S.A
24 King William Street, Floor 9, London, United Kingdom

6. SEPA Transfers (EUR)

6.1. SEPA Credit Transfers

Banking Circle has direct access to the SEPA scheme through their German partner bank (Bundesbank). This IBAN should only be used for SEPA Credit Transfers. Any transfers not sent through SEPA on this virtual IBAN can be declined.

This is the information required for a Banking Circle EUR SEPA Credit transfer:

CurrencyAccount nameAccountBIC or sort codeNotes
EURIxaris Solutions LtdDE********SXPYDEHHFor such payments, please send payment as “SEPA Instant Transfers”.

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Germany Bank Address:

Banking Circle S.A.
20095 Hamburg,
Germany

6.2 SEPA Instant Transfers

Banking Circle is a participant in the SEPA Instant Scheme. This funding option enables clients to fund their EUR funding account in seconds, at any time of the day, including weekends and public holidays. The maximum amount that can be transferred through SEPA Instant is EUR 100,000.

SEPA Instant is only available to clients within the European Economic Area (EEA), providing that the remitting bank also participates in the SEPA Instant Scheme. You may check if your bank participates in the SEPA Instant Scheme by visiting this page or enquiring directly with your bank.

The same virtual IBAN and BIC used for SEPA Credit Transfers are used for SEPA Instant Transfers as per the below example:

CurrencyAccount nameAccountBIC or sort codeNotes
EURIxaris Solutions LtdDE********SXPYDEHHFor such payments, please send payment as “SEPA Instant Transfers”.

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Germany Bank Address:

Banking Circle S.A.
20095 Hamburg,
Germany

7. Cross-border (multi-currency) payments

Banking Circle's Danish entity supports multi-currency cross-border payments. These payments reach Banking Circle through their UK partner bank (Citibank). In addition to the BIC that identifies the destination of the transfer (SXPYDKKKXXX), you will also need to include Banking Circle's partner bank's BIC (CITIGB2L, as shown below). This tells your bank where and how to send the transfer to Banking Circle.

Please note you can also send EUR payments with these routing details. EUR can be sent as a SEPA Credit Transfer or cross-border SWIFT instruction. However, it is essential to note that for EUR payments to arrive in a timely and efficient way, we suggest using the DE IBAN shown in the SEPA EUR section above if you are processing a SEPA transfer; otherwise, use the DK IBAN shown below if you are processing a cross-border SWIFT transfer.

CurrencyAccount nameAccountBICIntermediary BIC
AUDIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
CADIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
CHFIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
CZKIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
DKK**Ixaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
EURIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
HKDIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
HRKIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
HUFIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
ILSIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
JPYIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
MXNIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
NOKIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
NZDIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
PLNIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
RONIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
SEKIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
SGDIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
TRYIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
USDIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L
ZARIxaris Solutions LtdDK********SXPYDKKKXXXCITIGB2L

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Denmark Bank Address:

Banking Circle S.A.
Philip Heymans Alle 15
2900 Hellerup
Denmark

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Note:

**Local DKK transfers are not supported by Banking Circle. Please refer to the Barclays section of this document.

8. How do I choose where to route Banking Circle Payments?

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Figure 1: Banking Circle Payments routes

9. Banking Circle timeframes

Once Banking Circle receives a transfer, it's instantly credited to your funding account. If a transfer is sent before your bank's cut-off time and is received by Banking Circle (even after working hours), it will be available for you to use - effectively offering a $24 / 7$ credit reflection.

The following days are the only dates when transfers are not processed:

  • 1 January

  • Good Friday

  • Easter Monday

  • 25 December

  • 26 December

10. Common causes for delays

The payment was made after your bank’s cut-off times If your bank’s cut-off time is at 4:00 pm and you request a payment to be sent at 4:15 pm, this payment will not leave your bank until the next processing time, which could also be the next day. Please ask your bank for their cut-off times, as these may affect your outbound payments.
Weekends and bank holidays Payments are not processed on weekends and bank holidays. The processing data will be the next available day (e.g., Monday in case of weekends).
Currency holidays If you send a currency with a country holiday, this may impact your transfer. For example, UK bank holidays will stop GBP from being credited to a GBP account, regardless of where you send your transfer.
Transfers can be expected to be deposited on the next working day. The following section lists all currency holidays for 2022.

11. Currency holidays for 2022

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Figure 2: Currency holidays 2022

13. How long will it take for my transfer to be added to my funding account?

The following are generic timeframes, with "T" being the day of booking and before the processing bank's cut-off time.

These timeframes are indicative and should only be used as a reference point. Your bank should be able to provide you with its settlement cycles for each currency, and this should be your main point of reference.

CURRENCYSETTLEMENT CYCLECURRENCYSETTLEMENT CYCLE
AUDT+1JPYT+1
CADTMXNT+1
CHFT+1NOKT+1
CZKT+1NZDT+1
DKKT+1PLNT+1
EUR*TRONT+2
GBPTSEKT+1
HKDT+1SGDT+1
HRKT+2TRYT+2
HUFT+1USDT
ILST+1ZART+1

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NOTE:

SEPA Credit Transfers should arrive by the end of the next working day from when the transfer was processed, hence T+1.

4.13. What if a Banking Circle transfer is delayed?

For SEPA credit transfers, please email [email protected] with the date you sent your transfer and your transfer currency and amount. Please also attach your proof of payment for the transfer.

For cross-border transfers, please send an email to [email protected], with the date that you sent the transfer and your transfer currency and amount. Please also attach the MT103. The MT103 is provided by your bank and looks like this:

753

Figure 3