FAQs
Account Setup
How long does it take to open an account?
Business accounts can be opened within 24-hrs and e-money accounts issued within a couple of hours.
Can I apply from outside the UK?
Absolutely! You can be based anywhere in the World as long as you have an EEA-registered company (or business based in any of our other permitted jurisdictions).
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, then it is possible to open accounts with Meridian.
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.
How many currency accounts can I have?
We can provide you with as many currency accounts for each currency as you need (35+ currencies available).
I have a few different businesses. Can I set up accounts for each one?
Yes, you can set up multiple business accounts. We can also create one master login for you, from which you can manage all your separate accounts. So, everything’s in one place.
Account Features
Will my accounts be held in my own name?
Yes. Your accounts 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 numbers/IBANs.
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 and download reports from the online platform showing the history of payments in and out for a given currency (pdfs and csv files). It also details the list of your FX transactions and SWIFT (MT103) confirmations.
Can I withdraw cash from my accounts?
No. The accounts can only be used for electronic transfers (therefore no cheques as well). You cannot fund the accounts in cash either.
Will I get a debit card for my accounts?
There is an optional addition of prepaid MasterCards with expense management portal (provided by an external provider). Please ask for more information.
Will I get an overdraft facility?
No overdraft facilities will be available on the accounts.
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 accounts?
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 and payment gateways (such as PayPal, Stripe/Shopify).
Can I send international payments?
Of course! We are experts at this – ensuring payments arrive quickly and safely in over 130 currencies.
How will I know when a payment hits my account?
You will receive automated email notifications when payments hit any of your accounts and you can also check your account activity 24/7 online.
How quickly will payments arrive in my suppliers’ accounts?
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. The e-money accounts are provided by Ebury Partners UK 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 that funds received corresponding to electronic money will be held in segregated bank accounts separately from their own funds, in accordance with the Electronic Money Regulations, and, as such, are not exposed to risk. 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 Ebury’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 securely stored in Ebury’s accounts in tier 1 banks in the UK and in other countries where they’re regulated. Ourselves and Ebury 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. You can customise your authorisation settings for transactions and other functionalities. With 10-eyes processing technology, it’s possible to have up to five levels of authorisation on transactions if required.
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.
