International payments often take 3-12 days to travel abroad and land in our accounts. Please allow enough time for your payment to make it to us.
- What to do if we haven't received your payment?
- Incorrect or no loan reference number (Example: PDG12345)
- Transaction Fees
- Incorrect Currency of Payment
- Payments held for screening purposes
What to do if we haven't received your payment?
If you initiated a payment more than 7 days ago but haven't yet received a confirmation, here's what to do:
- Please do reach out to us on email@example.com.
- Be sure to attach the proof of payment and a copy of your SWIFT payment confirmation (MT 103) so that we can track and allocate your payment towards your loan.
- Please let us know if one of the below scenarios applies to your payment
Incorrect or no loan reference number (Example: PDG12345)
If you haven't received confirmation of your payment, it could be that we are unable to identify that the payment belongs to your account.
If it was not included, not to worry, reach out to us on firstname.lastname@example.org with your proof of payment and indicate what reference was used. We will then be able to track down your payment and have it allocated towards your loan if we have received it.
If you have not selected the option OUR when initiating the payment, the bank will then deduct the transaction fee off of your payment meaning we will receive less than what you intended to repay us.
If you would like to read more on this, click here.
Incorrect Currency of Payment
When an international wire transfer is initiated to our UK HSBC account, banks often assume that the payment needs to be transferred in GBP even though the denominated currency of our account is in USD or EUR.
Due to this, your bank will want to convert the funds on your behalf. If your bank converts your funds, they will not notify you of the conversion once the payment has been transferred to us and will only reflect on the Swift Confirmation
Example: You initiated payment of USD 500. Your bank will then convert that to an equivalent amount in GBP based on the conversion rate at the time of the transfer. When we receive the funds, a second conversion will need to take place converting your funds from GBP to the currency of your loan. This would result in duplicated conversion fees which means we will receive far less than your payment amount instructed.
Payments held for screening purposes
With the nature of international bank transfers and in line with global banking procedures, payments can be randomly selected for screening purposes. In some cases, this may be the cause for the delay in your funds reaching Prodigy Finance up (in some cases as long as 21 days).
Your bank should notify you when your payment is being held for screening but this is most often not the case.
In such instances, we would require the SWIFT confirmation document in order to query with our bank if the payment has been held for screening.
If this is the case, this will require you to reach out to your bank directly to have the payment released to avoid any further delays.