A key feature has been added in Flash Connect, allowing clients to initiate FX payments. Previously it was available in the ageing Flash App only.
You'll be able to specify how much money you wish to send in your currency or how much you want your recipient to receive in theirs. On the same page, you will see a live quote, the option to create senders and recipients in different jurisdictions, etc.
On the “FX payments” page you can now find a new link in the upper right corner called "New payment" (see screenshot )
In the first step (see screenshot ) :
If you want to send an exact amount, then choose "You send exactly" and then insert the amount in the "from" field. Currently, only AUD is enabled as base currency
If you want the recipient to receive an exact amount, then choose "Recipient gets exactly", select the currency, and then insert the amount in the "to" field.
The Estimated Exchange Rate that you see in this step is INDICATIVE
In the second step :
The sender is optional, if you don't select one, then you will be the sender. You can use the “+Sender” button to create a new sender if you want
The recipient is mandatory, you must select one. If you notice that the recipient list is disabled, it's because there are no recipients whose bank account currency matches the selected currency. In this case you can use the “+ Recipient” button to create a new recipient
Therefore, we added the ability to create new international recipients (See more details below).
In the third step :
Payment reason is mandatory
Source of funds is mandatory
Payment reference is optional
When you click Review and Confirm, the TRADABLE quote will be fetched and displayed for the user for 30 seconds. The tradable quote and the rest of the payment details will be shown in a modal that the user will review and confirm.
If the 30 seconds expire, the quote will be updated automatically. You will receive a new adjustment and a changed converted amount (if the quote differs from the previous one).
Creating international recipients
This is also a new feature that has been added to Flash Connect as part of the new functionality for creating FX payments.
Key Details:
Recipients' addresses are no longer restricted to Australia. You can now select from a wide range of countries, excluding those specifically prohibited by our policy.
The address of the bank account can also be in countries other than Australia
Upon selecting the Recipient bank address country, the account currency and method, you will be asked to provide the necessary bank details.
This update opens up new possibilities for Flash Connect users, making international transactions easier and more powerful.