Can XYLO Foreign Exchange receive funds in a foreign currency?
Yes. XYLO Foreign Exchange can facilitate the receipt of funds in a foreign currency. In this arrangement you will be selling XYLO your foreign currency in exchange for an equivalent amount of Australian Dollars. This is typically called a Foreign Inward Telegraphic Transfer. After you have requested and accepted an FX rate to sell your foreign currency to XYLO, you will be provided with on-screen settlement instructions. You must arrange for the telegraphic transfer of the foreign currency as per these instructions, otherwise you will not be regarded as having met your obligation to deliver that amount to XYLO. Once XYLO receives your foreign currency, the contracted AUD equivalent will be paid into your nominated domestic AUD bank account.
