Banking Wanted: Local EUR and GBP Collection Accounts (SEPA and Faster Payments) for a Regulated Canadian FX Dealer

Summary

A Canadian foreign exchange dealer with more than 15 years of operations is looking for a licensed bank (a regulated EMI will also be considered) to provide a multi-currency account with local EUR and GBP details in its own legal name, on SEPA and Faster Payments.

The firm is registered with FINTRAC as a Money Services Business and with the Bank of Canada as a Payment Service Provider under the RPAA. Actual volumes are about 1.8 million a month incoming and 4.8 million a month outgoing. Its current provider offers SWIFT options only. Desired go-live is 31 January 2027. The company's name is withheld during initial screening.

Description

A long-established Canadian foreign exchange dealer is looking for a multi-currency business current and collection account with local EUR and GBP details, in the company's own legal name, on SEPA and UK Faster Payments.

The company's existing provider offers SWIFT options only. It wants local SEPA and Faster Payments so that it does not have to turn clients away.

What the business does

• Primary activity: currency exchange for Canadians
• Foreign exchange dealer operating for more than 15 years, incorporated in Canada
• Converts currency for private individuals and businesses at rates well inside bank pricing, and pays out by wire or local transfer
• Clients use it because it is materially cheaper than their bank on large transfers
• Revenue is the spread between the client rate and the wholesale rate
• Primary revenue model: commissions
• Customer type: B2B (businesses) and B2C (consumers)

Regulatory status

Banking history

What the account must do

Currencies

• Primary operating currency: GBP (pound sterling)
• Main FX currency pairs: EUR, GBP, CAD, USD
• Holding currencies without auto-conversion: preferred

Money movement

The company states these are actual volumes.

Expected monthly FX conversion volume: 6,500,000

Where money comes from:

Where money goes:

How the money flows

Whose money moves through the account: the company's clients' money. The company may send money on behalf of third parties.

Incoming:

1. Clients pay EUR or GBP into the account in the company's name, from accounts in their own names.
2. These are clients' own bank accounts in the UK and EEA, holding proceeds of property sales, estates, inheritances and savings, sent for conversion to CAD.
3. The company converts the funds and pays the clients in CAD in Canada.

Senders of funds are approved through KYC and based in Canada.

Outgoing:

1. The company converts from CAD and pays out in EUR or GBP.
2. Payment goes to the client or a beneficiary the client nominates, including third parties, after KYC.
3. Typical purposes are property purchases, family support, tuition and supplier invoices.

Money entering the account comes from: corporate customers and other sources, as described above.

Money leaving the account pays for: suppliers, and the client payouts described above.

Compliance and documents

• Payments supported by commercial documentation: almost always
• Typical payment purpose or reference: every payment is tied to a booked trade confirmation and client KYC, with source-of-funds documents on large receipts
• Anything unusual a provider should understand: nothing unusual

Documents currently available:

• Certificate of incorporation
• Articles / memorandum
• Proof of address
• Director / UBO passports
• Bank statements

Priorities and timing

Important

All figures and details are as stated by the company and must be verified during onboarding. The company's name and registration number are shared with suitable banking providers after initial screening.

This listing is managed by DealHarbor on the client's behalf.