Multi-currency clearing
Send and receive bank-to-bank payments with Worldclear
Wide coverage - Access to multiple correspondent banks

What we do

Worldclear provides transactional banking services (disclaimer: Worldclear is not a registered bank, refer here for more details on regulatory status) to international corporate and institutional customers, including:

  • Accounts in  AUD, CAD, CHF, EUR, HKD, GBP, JPY, NOK, NZD, and USD

 

  • Access to domestic payments systems in New Zealand, Europe (SEPA) and USA for inward payments. This means you can receive payments from these countries without the originator incurring the cost and hassle of sending an international wire transfer, and generally without having any correspondent bank fees deducted from your inward payments originating from these currency / payment zones. 

 

  • Outward wire transfer services - to bank accounts (includes an extensive range of currencies)

 

  • Inward wire transfer services - to your account with Worldclear

 

  • Effecting any currency exchange ordered or required to effect inward and outward wire transfers

 

  • Visa Debit cards available in USD, EUR and GBP for ATM cash withdrawal, POS and online purchases. You can load your card balance from within the online banking system. You can have these issued to as many individuals as you like and they can be for personal as well as business use.

 

Institutional Customers

Worldclear offers financial institutions:

  • acceptance and banking/clearing services, even for start up financial institutions
  • No minimum volume requirements
  • lower transaction pricing
  • Banking software integration, providing a streamlined and complete clearing and payment processing solution for both inward and outward payments for financial institutions
  • Bulk statement download and payment order file upload for efficient and accurate processing from and to your accounting and customer / payments systems
  • Access to a batch of Worldclear Clearing Codes to enable efficient and reliable inward payment processing through Worldclear all the way to your customer accounts
  • AML/CFT compliance services including risk assessment, AML/CFT Programme documentation, outsourced Customer Due Diligence (CDD) service which includes PEP, sanctions and high risk alerts
  • Talk to us about using market-leading  EBANQ internet banking system for your financial institution and for connecting with our system and services

The onboarding procedure requires Worldclear to assess the adequacy and effectiveness of the AML/CFT controls of financial institution applicants. Where these controls are not adequate, or have not yet been developed, Worldclear can assist in providing AML/CFT risk assessments and compliance programmes, and providing an outsourced customer due diligence (CDD) service which includes PEP and sanctions etc. list checking and documentation. This can provide a lower cost, faster and more robust solution to help start up financial institutions commence operations and comply with international AML/CFT requirements.

 

Fees

Fees are set in USD and where the account is in a different currency the fee amounts will be the approximate USD amount in the currency of the account.

Establishment and monthly fees are shown below. There are no additional monthly fees for additional accounts.

Establishment fee Non-financial institution

300

Financial institution

3,500

Monthly fee Non-financial institution 50
Financial institution 200

 

Visa debit cards are USD25 to issue, and add USD75 if express courier delivery is required. Card loading fee is 1% with a minimum of 5 USD, 5 EUR or 5 GBP.

 

Payment transaction fees are:

Non-Financial institution customers
Payment Type Payment Value (USD) Fee
Outgoing Wire Transfer under 40,000 40
40,000 - 500,000 0.10%
over 500,000 500
Direct Credit Transfer* under 50,000 25
50,000 - 500,000 0.10%
over 500,000 500
Inward payment under 20,000 30
30,000 - 500,000 0.10%
over 500,000 500

 

Financial institution customers
Payment Type Payment Value (USD) Fee
Outgoing Wire Transfer* under 70,000 35
70,000 - 400,000 0.05%
over 400,000 200
Direct Credit Transfer** under 50,000 25
50,000 - 400,000 0.05%
over 400,000 200
Inward payment under 30,000 25
50,000 - 400,000 0.05%
over 400,000 200

*Correspondent bank charge of USD25 applies for outgoing USD payments, deducted from the payment amount, as per industry standard practice.  Choose the 'charges our' option to pay these costs instead of having them deducted from the payment amount. Other currencies may be subject to similar fees.

**The currencies available for this are:

  1. NZD to New Zealand
  2. EUR to SEPA
  3. USD to USA

These payments will be sent out as domestic payments and generally no further fees are deducted by any correspondent or beneficiary bank. NZD direct credit payments normally arrive same business day (most major banks) or overnight (some smaller banks). 

Note that all inward payments must include a valid clearing code for prompt credit to the correct customer account. Failure to include this clearing code will result in delays in crediting the payment or the return of the funds to the sender. Separate (and higher) inward payment fees apply when the payment does not contain a valid clearing code. For non-financial institutions, the fee for credit or return of such a payment is 1%, subject to a minimum of USD60, and a maximum of USD600. For financial institution customers, the fee is 0.5%, subject to a minimum of USD55 and a maximum of USD300. Supporting documentation may be required to claim credit for payments received without a valid clearing code.

Bank references for customers can be provided, at management discretion, for a fee of USD100.

 

Outward payment exceptions

These are subject to a fee of USD70 for all (whether successful or not):

  • Recall requests
  • Amendment requests
  • Trace requests

Any costs incurred or charged to us will be passed on to the ordering customer. 

 

Application Process

Step 1: Register on Worldclear Electronic Banking here

Step 2: Worldclear staff will activate your profile and your log on credentials will be generated and emailed. This does not mean that the banking service is approved, but it does mean you have access to securely upload the documents required to assess the application.

Step 3: For non-financial institution applicants: Download, print, complete and sign the application form, scan and upload. Also Upload supporting documents on the company/entity and the beneficial owners and signatory.

For financial institution applicants, an Expression of Interest form will be sent to you to complete, summarising the applicant business / situation and services required to expedite the assessment process.

Step 4: Pay the establishment fee of USD 300.00 for corporates, plus 6 months of the account keeping fee (i.e. USD300), total USD600, or USD 3,500.00 for financial institution, plus 6 months of the account keeping fee (i.e. USD1,200), total USD4,700. The establishment fee and monthly fee for financial institutions is higher due to the additional due diligence required (e.g. licensing and AML/CFT controls assessment). These fee are fully refundable if the application is not accepted for any reason.

Step 5. Worldclear will review and assess all the required documents. Then progress the application and approve if possible, or otherwise contact you to advise of any additional information or documents required, or any concerns that could prevent the acceptance of the application. This will either result in the account being approved and activated, or declined and the establishment fee and opening deposit being refunded.

Blocked amounts

 There is a blocked amount on the base account covering 6 months of maintenance fees. This amount must be paid with the establishment fee and is credited to the account on account opening. This amount cannot be used to make outward payments except on account closure.

 

General Terms and Conditions

All applications are subject to Worldclear General Terms and Conditions.