Is currenxie a Hong Kong based EMI?

[uplana]

As the title says, wonder if Currenxie is a Hong Kong based EMI / Neobank?

How reliable do you find them to be with a 100K euro deposit ?

 

[troubled soul]

Currenxie Limited is a truly global financial institution. In Hong Kong we are a licensed Money Service Operator and hold a Money Lenders License. We are also a registered Foreign Money Service Business in Canada, a licensed Financial Service Provider in South Africa, and AUSTRAC registered in Australia.

Currenxie UK Limited is authorized as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority with registration number 901010.

 

[JohnLocke]

I have stumbled upon them a few times in my business, they seems to be used by a few big players.

 

[uplana]

Got my account - multicurrency account.

Where do I put Bank Code and Branch Code if I want to transfer money from my other account to this account for a test?

My other account is with Wise.

 

[JackAlabama]

Got my account - multicurrency account.

Where do I put Bank Code and Branch Code if I want to transfer money from my other account to this account for a test?

My other account is with Wise.

If it is a HK wire by Swift. Put it like this:

bank code - branch code - 9digit account#.

The people there are generally quite smart and hard working, so usually money finds its correct destination fast. (I banked there for many years)

But be careful; Afaik Currenxie does not allow self-funding (or maybe they changed it, but better check it?)

 

[Fred]

But be careful; Afaik Currenxie does not allow self-funding (or maybe they changed it, but better check it?)

They do since 2021.

Guess you are referring to the early days when they were basically a Payoneer clone.

The whole operation is run on Citibank in the backend - so as long as they keep good with Citibank - Currenxie is a decent option.

Always keep in your mind - issue with EMI's is the underlaying financial institution / bank.

They got basically LHV Bank shutdown over night for certain countries of incorporation same like every other EMI - due to there good relationship to Citibank (can even imagine the whole thing is some kind of Citibank Fintech Pilot project) they could replace instant with Citibank UK accounts.

 

[JackAlabama]

They do since 2021.

Guess you are referring to the early days when they were basically a Payoneer clone.

The whole operation is run on Citibank in the backend - so as long as they keep good with Citibank - Currenxie is a decent option.

Always keep in your mind - issue with EMI's is the underlaying financial institution / bank.

They got basically LHV Bank shutdown over night for certain countries of incorporation same like every other EMI - due to there good relationship to Citibank (can even imagine the whole thing is some kind of Citibank Fintech Pilot project) they could replace instant with Citibank UK accounts.

Good points. They changed in HK as well, away from DBS to Citi.

Yah, I still had the early days in mind, never bothered to re-check for updates.

 

[uplana]

bank code - branch code - 9digit account#.

Thank you.

That is also what my customer must do ?

 

[JackAlabama]

Thank you.

That is also what my customer must do ?

Yes. This and enter the bank swift code or select Citi according to the bank to send from.

 

[uplana]

okay final question.

With all this war in Ukraine and Russia an China being the best friend of Russia. Would you still trust a Chinese EMI like Currenxie ?

 

[JackAlabama]

okay final question.

With all this war in Ukraine and Russia an China being the best friend of Russia. Would you still trust a Chinese EMI like Currenxie ?

Id never hold significant cash in emis. Just for transactions and chunk change.
If you hold a western passport and the war drags china actively in, and they face sanctions, Id expect a sharp payback.
So Id either have a non-western passport ready or plan accordingly.

 

[Forester]

How reliable do you find them to be with a 100K euro deposit ?

I have never had a problem and I'm trusting them for such sums. Nevertheless, I would not start with such a transfer; better to begin with 4 figures...

The people there are generally quite smart and hard working, so usually money finds its correct destination fast.

I can confirm.

But be careful; Afaik Currenxie does not allow self-funding (or maybe they changed it, but better check it?)

They do since 2021.

Are you sure? I was warned before self-deposits even in the beginning of 2022. (It was possible but only in special cases.)

The whole operation is run on Citibank in the backend - so as long as they keep good with Citibank - Currenxie is a decent option.

Always keep in your mind - issue with EMI's is the underlaying financial institution / bank.

I agree completely.

They got basically LHV Bank shutdown over night for certain countries of incorporation same like every other EMI - due to there good relationship to Citibank (can even imagine the whole thing is some kind of Citibank Fintech Pilot project) they could replace instant with Citibank UK accounts.

Not a long time ago they were still using LHV (that I consider to be rubbish) for SEPA transactions. Have it changed? (I do not use Currenxie for SEPA so I do not know.)

With all this war in Ukraine and Russia an China being the best friend of Russia. Would you still trust a Chinese EMI like Currenxie ?

I do. But having said that, I must say that I fully agree with @JackAlabama' s statement below.

If you hold a western passport and the war drags china actively in, and they face sanctions, Id expect a sharp payback.
So Id either have a non-western passport ready or plan accordingly.

 

[uplana]

Thank you for all replies, it looks like I can work with them without troubles. That was my main concern if they make lot's of troubles.