This depends on which payment method you choose to use and where you’re paying from. Here's a look at some timelines based on the feedback we’ve received from some of our customers:
- Payments through our app:
- Third-party payment vendors:
- Direct bank transfer:
- Tips to ensure your payments are successfully received by our team:
- If payment confirmation is not received:
If you are looking for more information on when to start making payments, view this article.
Payments through our app:
- For auto-debit payment (USD, EUR, GBP)
Funds will be debited from your account between the 12th and 25th of the month.
The payment usually takes between 3-12 days to reach us based on international transfers and the multiple intermediary banks the payment must travel through.
- For one-time payments (USD, EUR, GBP)
In USD, funds will be debited from your account within 1-3 business days and should reach us within 8 business days.
In EUR, funds will be debited from your account within 5 business days and should reach us within 12 business days.
Third-party payment vendors:
If you're using a vendor like Flywire and Wise it usually takes 3-5 business days for payments to reflect against your loan.
Remember to use the link we attach in your monthly statement to ensure the payment is easily tracked by the vendor and sent to us.
You'll have to account for international transfers and regulations that may be involved in the international transfer of funds.
Direct bank transfer:
We’ll give you the banking details of our HSBC bank account in your monthly statement.
You’ll need to include your loan reference number in your payment so that we can easily track and allocate your funds on your loan.
This payment method usually takes between 3-8 business days to reach us, depending on where your payment is originating from.
Tips to ensure your payments are successfully received by our team:
- We recommend initiating payment no later than the 19th of a given month to make sure your payment is received on time.
- Be sure to have sufficient funds in your account for 3-5 days after initiating the payment.
- You can track the status of your payments in the “Transaction History” section of the app.
If payment confirmation is not received:
If you do not receive payment confirmation within 5 business days, we would request a SWIFT document as well as Proof of Payment from your bank to assist us in tracking and allocating your funds.
A SWIFT is a detailed document that is generated when you complete an international transfer at your bank.
A SWIFT MT-103 document is a portion of the electronic payment document sent to the beneficiary bank. It is a confirmation of the payment made from your bank and includes all the details of your transaction including date, amount, currency, sender, recipient, and any fees applied.
Most banks can provide a SWIFT MT-103 document as they are also great for tracking payments because they show the route that the payment follows when traveling between banks.
You can send this document to email@example.com for us to track your payment.