Worldclear provides both commercial finance and transaction facilities.
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.
Invoice-based Business Finance
This service is available in USD and EUR only, and allows businesses with repetitive customers who pay in USD or EUR to borrow against the value of the unpaid invoices.
Funding is available on the following terms:
- Borrowing customer must be a business entity operating a business with adequate profit margin and positive equity ratio.
- Personal guarantee to be provided by the director(s) or shareholder(s) as applicable.
- Limits based on advance rate of up to 70% of receivables ledger.
- Limits on total funding per borrower and per customer-debtor.
- Debtors must pay to banking facilities nominated by the company.
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 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||
|Monthly fee||Non-financial institution||50|
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
Outgoing Wire Transfer: 0.1% (minimum USD40)
Inward Wire Transfer: 0.1% (minimum USD30)
Financial Institution customers
Outgoing Wire Transfer: 0.05% (minimum USD35)
Inward Wire Transfer: 0.05% (minimum USD25)
Correspondent bank charge of USD25 applies for outgoing 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.
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. An additional fee is applied for release of inward payments when the payment does not contain a valid clearing code. The fee is 1% of the payment amount, minimum USD50, maximum USD500.
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.
Any outgoing payments that bounce, are process as inward wire transfers and charged accordingly.
Register on Worldclear Electronic Banking here
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.
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.
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.
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.
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.