1. What are SWIFT transfers?
SWIFT transfers are transfers between two banks in different countries, done through the SWIFT code of the beneficiary/receiving bank. For example, from a Nigerian bank to a US bank or Indian bank to a Kenyan bank.
Note: A SWIFT code is always required to make a SWIFT transfer.
2. Can Cleva receive SWIFT transfers?
Not anymore. Starting January 1, 2025, our banking partner will no longer be able to receive SWIFT transfers.
We are working hard to remove this restriction and support SWIFT transfers again, but we do not have a timeline for this.
3. Does that mean I cannot receive payments from a non-US country?
Not entirely. As long as the sender can send you an ACH or Wire transfer without needing a SWIFT code, you can receive the payment into your Cleva account.
For example, many businesses and individuals in Europe use Revolut, Monzo, Wise, and other digital banks that offer ACH or Wire transfers. Your sender can use one of these applications to send you an ACH or Wire transfer without needing to send SWIFT. Please ensure you check with your sender on whether they can send ACH or Wire.
Similarly, for senders in other countries across the world, they might have access to a banking application that allows them to send ACH and Wire transfers. Please ensure to check with them.
4. What are ACH and Wire transfers and how do they differ from SWIFT transfers?
ACH transfers
These are transfers between banks through the Automated Clearing House (ACH) network. All US banks are capable of sending ACH transfers. Additionally, online platforms also payout funds via ACH. For example, PayPal, Upwork, Payoneer, Telus, Wise, Airbnb, Amazon, Etsy, Stripe, Shopify, and all such platforms.
Note: ACH transfers do not need a SWIFT code.
Wire transfers
Also called Domestic Wire or FedWire. These are transfers between one US bank and another US bank. Senders can send a Wire from their banking application or in-person at the bank. Platforms such as PayPal, Amazon, Upwork, Payoneer, Stripe, Shopify do not send Wire transfers.
Note: Domestic Wires (FedWires) do not need a SWIFT code.
5. Can I still receive ACH and Wire transfers?
Yes, absolutely! You can receive ACH and Wire transfers into your Cleva account.
A rubric you can use: As long as the sender doesn’t need a SWIFT code to send you money, you can receive the payment into your Cleva account.
6. What banks or platforms can I receive ACH or Wire transfers from?
ACH transfers
You can receive ACH transfers from:
Freelance platforms: All freelancer platforms send ACH transfers. E.g. Upwork, Payoneer, Freelancer.com, Toptal, Telus, Appen, and all other freelancer platforms.
Payroll platforms: All payroll platforms send ACH transfers. E.g. Rippling, Deel, Gusto, Remote.com, and all other payroll platforms
Marketplaces: All marketplaces send ACH transfers. E.g. PayPal, Airbnb, Etsy, Amazon, and all other marketplaces
Social media platforms: All social platforms send ACH transfers. E.g. Facebook, TikTok, Twitter (X), Youtube, and all other social media platforms
Payment processors: All payment processors send ACH transfers. E.g. Stripe, Square, Shopify, Apple Pay, Google Pay, and all other payment processors
Payment apps: All payment applications in the US such as Wise, Chime, Venmo, CashApp, all send ACH transfers. Additionally, payment applications outside the US such as Revolut, Monzo can also send ACH transfers.
Wire transfers
You can receive Wire transfers from: Any US bank.
The sender can send you a Wire from their online banking application or in-person at the bank.
7. Can I receive payment from Amazon marketplaces globally?
Yes! You can receive payments from Amazon without any issues.
Amazon sends ACH transfers. Hence, you can receive payments from Amazon KDP regardless of the Amazon marketplace it’s coming from. Whether from Amazon Canada, Amazon Japan, or any other Amazon marketplace.
8. If a payment is coming from outside the US but it was sent via ACH or Wire, is that fine?
Yes, if the sender can send ACH or Wire (FedWire) transfers, you can receive the payment into your Cleva account.
Remember, as long as the sender doesn’t need a SWIFT code, you can receive the payment!
9. How about Western Union or Moneygram?
Yes, Western Union and Moneygram can also send ACH transfers. Hence, you can receive these payments without issues.
Remember, as long as the sender doesn’t need a SWIFT code, you can receive the payment!
10. My clients outside the US (e.g. in Germany, Australia) claim there is no ACH or Wire option. What are my options?
Kindly ask your clients to explore using Revolut, Monzo, or Wise to send ACH or Wire (FedWire) transfers to you. If they’re unable to, and can only send SWIFT transfers from their bank, we recommend that you receive the payment into your Nigerian domiciliary account.
11. What is the recommended way to receive SWIFT transfers?
In as much as Cleva would like to be the solution for all of your payment needs, we are unable to receive SWIFT transfers for now.
Hence, we recommend using your Nigerian domiciliary account to receive SWIFT transfers if your sender has exhausted all other options to send you an ACH or Wire transfer.