How can I receive Euro (EUR) payments if I don’t have a EUR account?
For customers who do not have a Euro (EUR) account, it is still possible to receive EUR payments. In this article, we explain how you can receive EUR directly to your existing USD account using nsave and what to expect throughout the process.
Overview of Receiving EUR Payments Without a EUR Account
If you don’t have a EUR account, you can still receive EUR by providing your USD account details (IBAN). nsave supports receiving multiple currencies, including EUR, into your USD multi-currency IBAN. The EUR funds sent to your USD IBAN are automatically converted to USD and credited to your account after processing. The process works as follows:
The sender needs to initiate the payment to your USD IBAN.
nsave’s system automatically converts the incoming EUR amount to USD.
The USD amount is credited to your USD account after the conversion completes.
Key Considerations
Conversion Process
Automatic Conversion: All EUR funds sent to your USD IBAN are automatically converted into USD. For example, an incoming payment in EUR will be exchanged into USD based on the prevailing exchange rate at the time of processing.
FX Market Hours: The conversion takes place during foreign exchange (FX) market operating hours, Monday to Friday, from 7 AM to 1 PM UK time. If the payment arrives outside these hours, it will be processed when the market reopens.
Minimum Conversion Threshold: Generally, the conversion will occur only if the incoming EUR amount is equivalent to at least 15 USD. Transfers below this threshold may not be credited.
Fees and Charges
Receiving EUR into a USD account may incur the following fees:
Currency Conversion Spread: This is the difference between the market exchange rate and the rate applied to your conversion.
Intermediary Bank Fees: These may apply depending on the sending and intermediary banks involved in the transfer.
Instructions to Receive EUR Payments
Steps for Receiving Payments:
Open the nsave app.
Navigate to your USD account and tap on “Account Details.”
Copy the IBAN and share it with the sender. Remind them to use SWIFT/BIC details if needed.
Inform the sender to initiate the transfer in EUR to the provided IBAN.
Important Notes:
Ensure the sender uses your full IBAN details. For SEPA EUR transfers, omitting the full IBAN (e.g., relying solely on the account number and BIC) will result in a failed transaction.
Allow 2–10 business days for SWIFT transfers, as processing times can vary based on intermediary banks.
Troubleshooting and FAQs
1. Why didn’t my EUR transfer appear in my nsave account immediately?
If an EUR transfer is sent to your USD IBAN outside FX market hours (7 AM–1 PM UK time, Monday to Friday), the funds won’t be converted or credited to your account until the market reopens. No action is required; the funds will appear once processed.
2. Can I receive EUR using my GBP IBAN?
No, EUR funds cannot be credited to a GBP IBAN. Always provide your USD IBAN to receive EUR payments.
3. Will I be charged fees if my client pays me in EUR to my USD IBAN?
Yes, automatic conversion and associated fees apply. These include the currency conversion spread and any intermediary bank fees. To avoid such costs, consider upgrading to nsave Pro for a dedicated EUR IBAN.
Summary
If EUR accounts are unavailable to you, you can still receive EUR payments by using your USD account details. The EUR funds will be automatically converted to USD and credited to your account. Be sure to check FX market hours and account for potential intermediary bank fees. For trouble-free transactions, always advise senders to use your full IBAN and SWIFT details. For further assistance or specific scenarios, contact nsave support through the app.