Receiving currency
Definition
Receiving currency is the fiat currency that a payment destination instructs the sender to deliver for a particular transfer.
How receiving currency works
A balance displayed in your preferred currency does not establish what a bank-payment destination accepts. The sending account, payment instruction and eventual credited balance can use different currencies. Identify each stage before authorising a conversion or transfer, because the label beside an asset price is not a funding instruction.
If your bank holds a different currency, inspect who performs any conversion and what the recipient is expected to receive. A quoted exchange rate and a separately displayed transfer charge answer different questions. Avoid assuming that the recipient will automatically convert a mismatched payment into the intended balance.
Use the currency attached to the current payment request and keep that instruction with your receipt. If the bank preview and recipient instruction disagree, stop and resolve the mismatch. Choosing an interface language, residence or familiar payment method does not settle which currency the destination will accept for this particular request.
Example
Hypothetical example: a destination requests 100 EUR while a sender holds USD. The sender checks the bank's conversion preview and expected EUR delivery before confirming the payment.
Common mistakes
- Confusing display currency with accepted payment currency.
- Ignoring conversion between the sending bank and destination.
FAQ
What does receiving currency mean?
Receiving currency is the fiat currency that a payment destination instructs the sender to deliver for a particular transfer.
What should I check about receiving currency?
Use the currency attached to the current payment request and keep that instruction with your receipt. If the bank preview and recipient instruction disagree, stop and resolve the mismatch. Choosing an interface language, residence or familiar payment method does not settle which currency the destination will accept for this particular request.