Your IBAN and account details for receiving CAD, USD, GBP, or EUR via Wire (SWIFT) are the same. The currency that gets credited to your Venn account depends on the currency indicated in the sender’s transfer instructions.
If your funds were converted to GBP by mistake, it may be due to an incorrect assumption made by the sender’s bank or its intermediary banks. This can occasionally happen because our banking partner has a UK-based address, even though they operate internationally.
To avoid this issue in the future, follow these steps:
Provide Clear Instructions – Get the sender to instruct their bank not to convert the funds into GBP when sending the funds to your Venn account.
Use other local payments instead of Wire (SWIFT) – Local transfers like EFT, ACH, SEPA are typically faster and more cost-effective.
Move Funds to Venn First – With Venn, payments are only processed according to your exact instructions, eliminating unnecessary conversions.