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The time it takes to send money from your Nomo account will differ depending on the transfer type and location of the recipient bank account.

GBP (£) transfers within the UK usually arrive within seconds, but can also take up to 24 hours.

International transfers can take up to 5 days. The time it takes for international transfers to arrive in the destination account depends on the currency of the payment, if it is submitted before the cut-off time, or if the transfer is sent around weekends or region holidays.

As a regulated institution, we need to complete regular security checks on our customers and their payments. This means we might need to check your ID, address, or where your money comes from when you make a transfer. These checks can increase the transfer time.

Nomo has partnered with The Currencycloud Limited to offer multi-currency accounts. When making international transfers, the sending bank might show the receiving bank’s name and address as:

The Currencycloud Limited

The Steward Building

12 Steward Street

London, UK

E1 6FQ

This is because of the SWIFT BIC (TCCLGB3L) associated with The Currencycloud. Your international payment will still be deposited to your Nomo currency account.

Please be aware that Nomo’s registered address is:

Bank of London and The Middle East plc

20 Churchill Place

Canary Wharf

London

E14 5HJ

Just like sending a WhatsApp message, payments to mobile contacts let you send money to other Nomo users using just their mobile number.

If the recipient sets their account to ‘visible’ you don’t need to enter their number. Once you’ve given permission for Nomo to access your contacts, their name will appear and you can simply tap their name and send money in seconds.

Payments to mobile contacts are perfect for when you want to send money to someone quickly and cheaply, without the hassle of entering all of their bank details. They’re fee-free no matter the locations of the sender and the recipient.

In order to appear as visible to other Nomo users that have your mobile number saved in their phonebook, you need to enable this in your account settings. Here’s what you need to do:

1. Head to your account settings
2. Click on Privacy and security
3. Select Make myself visible to my friends on Nomo

You can also make yourself visible by heading to the Pay a mobile contact section in the Pay & transfer tab in the Nomo app, and following the on-screen instructions.

The two methods detailed above can also be used to make yourself invisible to other Nomo users – simply unselect the option to make yourself visible. Please note that a Nomo user won’t be able to receive payments from a mobile contact if they are set to invisible.

Step 1: Head to the Pay & transfer tab.

Step 2: Choose Pay a mobile contact.

Step 3: Enter the recipient’s mobile number, or select their name from the list of your contacts that have a Nomo account. For this, you will need to give Nomo access to your contacts, and the recipient will need to make their Nomo account ‘visible’ in their account settings.

Step 4: Enter the amount you want to send, and an optional reference for the payment.

Step 5: Confirm the transfer.

Recipients that you add to Nomo are stored in the app. When trying to transfer money, you’ll see a list of your existing recipients. You can select the recipient you wish to send money to from this list.

For international transfers, we apply the mid-market rate. It’s the most accurate rate, and we don’t charge any mark-up on it.

The exchange rate shown on the quote is the expected rate for the transfer. The exact rate will be the rate at the time of the conversion (right after submitting the request), so it could change by a small margin.

Cut-off times for international payments are all UK times:

SWIFT cut-off time: EUR - 2:30 pm

USD - 4:30 pm

SAR - 2:00 pm

KWD - 2:00 pm

AED - 2:00 pm

Local routing transfer cut-off time:

EUR - 2:00 pm

USD - 8:45 pm

SWIFT (Society for Worldwide Interbank Financial Telecommunications) is the leading system for transferring payments securely around the world, in multiple currencies.

This type of payment goes through the international SWIFT network and is much easier to track than local routing transfers.

When a payment goes through SWIFT, there are fees charged by the intermediary banks.

There are different options for paying the fees for SWIFT transfers:

Shared (SHA): The fee is shared between you, the sender, and the recipient. You pay Nomo’s transfer fee, and the recipient pays the intermediary bank fees and any fees imposed by their own bank. The fees charged by the intermediary bank are taken out of the payment amount. Because of this, the amount the recipient receives in their bank account may not be the full amount expected.

Ours (OUR): As the sender, you pay all fees for the transfer, including the fees charged by the intermediary and recipient bank. These fees are not taken out of the payment amount. The recipient gets the full amount of the payment, but the person making the payment will have to pay a higher fee to cover the costs of the intermediary bank.

A local routing transfer uses local payment routes such as ACH, Faster Payments, and SEPA. It’s our most cost-effective way to move money globally. Local routes make use of transfer channels set up in a domestic market to make the payment process between banks more efficient.

There are a number of methods you can use to receive money to your Nomo account by sharing your bank account details.

Here are a few important things to keep in mind when receiving transfers, how your account number, sort code, and IBAN or SWIFT/BIC code differ from each other, and when it's important to use these details:

1. Receiving money from UK banks

• FasterPayments, CHAPS

To receive money from UK banks to your Nomo account, you simply need to provide the sender with your Nomo account number and sort code. With these details, they can initiate a transfer to your Nomo account.

Account Number: This is a unique number that helps to identify your Nomo account.

Sort Code: A six-digit code that assists in routing transfers to the correct bank and branch. The Nomo Bank sort code is 04-13-68

• BACS: Direct Credits (UK)

A Direct Credit is set up by a business or entity wishing to pay money into your account, so there is nothing you need to do for one to be set up. Simply share your bank details (account number and sort code) with the sender.

This type of transfer is often used for regular transactions like salaries, pensions, and bill transfers.

BACS Direct Credit transfers typically take a few business days to be processed, providing a secure and convenient way to receive funds directly into your account.

Please note, FasterPayments, CHAPS and BACS transfers can only be processed in your GBP account.

2. Receiving money from non-UK banks

• SWIFT transfers

For transfers from banks based outside of the UK, and specifically those utilising the SWIFT network, you'll typically need to provide the sender with the following details:

IBAN (International Bank Account Number): A standardised format that identifies your Nomo account internationally

SWIFT/BIC Code (bank code): This code ensures the accurate delivery of funds to your Nomo account through the SWIFT network. The Nomo Bank SWIFT/BIC code is TCCLGB3L

Bank Clearing Code (also known as the ‘sort code’): Some banks, when processing international transfers, might request the sort code as an additional validation measure. For international receipts, the BCC or sort code for Nomo Bank is 04-14-04

Nomo uses the IBAN and BIC code provided by our 3rd party provider, CurrencyCloud. It's important to note that these details are needed for international transfers from non-UK banks.

• Local routing cross-border transfers (non-GBP)

Some financial institutes or banks allow bank transfers via ‘local transfer routing’ for international transfers, which is a more cost-effective method, such as:

SEPA (Single Euro Transfers Area) which is used for transfers in Euros

ACH (Automated Clearing House) for transfers in US Dollars and other currencies

Nomo does not currently support receipts for ACH inbound transfers.

The information you require for the transfer will differ depending on the currency you want to send.

1. Navigate to the currency account you would like to send from

2. Select ‘Pay & transfer’

3. Click ‘International transfers via Nomo’

4. Select the recipient’s country

5. Enter the amount you would like to send, and add a reference if you wish

6. Add the recipient by adding their details, including:

   • Account type (personal or business)

   • First, middle and last names, as they appear on the recipient’s account

   • The recipient’s address

   • The recipient’s SWIFT/BIC and IBAN/account numbers

7. Confirm the transfer