ApprovalMax Pay Wallets empower your Organisation to manage international spending with ease. Every Organisation begins by funding its GBP Wallet; from there, you can convert funds and make payments in other supported currencies.
To make sure your funds arrive on time, it’s vital to understand cutoff times. A cutoff is the daily deadline by which a transaction must be finalised to begin processing that same day.
To get the most out of ApprovalMax Pay Wallets, you’ll need to keep an eye on two deadlines: those for converting your funds and those for making payments.
Please note: All deadlines are scheduled in UK Time; please adjust for your local time zone accordingly.
1. Converting funds between Wallets
When converting currency in ApprovalMax Wallets, you’re working with two separate timelines: one for the currency you’re selling and one for the currency you’re buying.
The "earliest cutoff" rule
The golden rule for currency conversions is that the earlier deadline of the two currencies dictates the cutoff for the entire trade. To achieve same-day settlement (T+0), you must book your trade before this earliest window closes.
Example: For a GBP to JPY conversion, you must book by 13:00 (the JPY cutoff) because it is earlier than the GBP cutoff at 14:20. Missing this earlier window means the conversion will not settle until the next business day.
Standard conversion deadlines:
Time Zone: UK Time
Currency | ISO Code | Cutoff Time |
UK Sterling | GBP | 14:20 |
US Dollar | USD | 15:50 |
Euro | EUR | 13:50 |
Canadian Dollar | CAD | 16:20 |
Australian Dollar | AUD | 13:00 |
Japanese Yen | JPY | 13:00 |
Swiss Franc | CHF | 09:30 |
New Zealand Dollar | NZD | 13:00 |
Singapore Dollar | SGD | 13:00 |
Hong Kong Dollar | HKD | 13:00 |
Chinese Yuan (Offshore) | CNH | 08:00 |
South African Rand | ZAR | 09:30 |
Swedish Krona | SEK | 09:30 |
Norwegian Krone | NOK | 09:30 |
Danish Krone | DKK | 09:30 |
Polish Zloty | PLN | 08:30 |
Turkish Lira | TRY | 08:30 |
Czech Koruna | CZK | 08:00 |
Hungarian Forint | HUF | 08:00 |
Israeli Shekel | ILS | 13:00 |
UAE Dirham | AED | 13:00 |
Saudi Riyal | SAR | 13:00 |
Thai Baht | THB | 08:00 |
Romanian Leu | RON | 08:00 |
Mexican Peso | MXN | 08:00 |
Kenyan Shilling | KES | 13:00 |
Ugandan Shilling | UGX | 08:00 |
Bahrain Dinar | BHD | 13:00 |
Kuwait Dinar | KWD | 13:00 |
Omani Rial | OMR | 13:00 |
Qatar Rial | QAR | 13:00 |
Conversion deadline exceptions
Please note that certain currency pairs are governed by specific market windows that override the standard "earliest cutoff" rule.
Time Zone: UK Time
Selling | Buying | Cutoff Time |
GBP | USD | 15:30 |
EUR | USD | 15:30 |
Even though the standard GBP cutoff is 14:20 and EUR is 13:50, these specific pairs benefit from a special extended window for same-day processing.
Reviewing conversion date details
When completing a conversion in ApprovalMax, you can double-check the timing by reviewing the Conversion date in the Review step before you click on Confirm.
2. Making payments
Once your Wallet is funded with the correct currency, you can send payments via two main payment networks or "Rails”:
Local Rails: these use domestic networks (like FPS in the UK or SEPA in Europe) and are typically the most cost-effective and fastest way to pay
SWIFT Rail: this is the traditional international wire network, used primarily when a local option isn't available
Each rail has a specific daily deadline that determines when the funds leave your Wallet.
Payment Cutoff rule
To qualify for same-day processing, your payment must be submitted before the network's cutoff time. If you miss the cutoff, your payment will be processed the next business day.
Example: To send a USD payment via SWIFT on the same day, you must submit the payment by 16:30. If you click on Send after 16:30, the transfer won't start processing until the next business day.
Payment deadlines
Time Zone: UK Time
Currency | ISO Code | Local Cutoff | SWIFT Cutoff |
UK Sterling | GBP | 24/7 Availability | 17:00 |
US Dollar | USD | 20:45 | 16:30 |
Euro | EUR | 24/7 Availability (SEPA Instant)* | 14:30 |
Canadian Dollar | CAD | 16:00 | 16:45 |
Australian Dollar | AUD | 13:30 | 14:00 |
Japanese Yen | JPY | N/A | 14:00 |
Swiss Franc | CHF | 10:00 | 10:30 |
New Zealand Dollar | NZD | N/A | 14:00 |
Singapore Dollar | SGD | 24/5 (Weekdays) | 14:00 |
Hong Kong Dollar | HKD | 14:00 | 14:00 |
South African Rand | ZAR | N/A | 10:30 |
Chinese Yuan (Offshore) | CNH | N/A | 09:00 |
Swedish Krona | SEK | 10:30 | 10:30 |
Norwegian Krone | NOK | 10:30 | 10:30 |
Danish Krone | DKK | 08:50 | 10:30 |
Polish Zloty | PLN | 09:30 | 09:30 |
Turkish Lira | TRY | 24/5 (Weekdays) | 09:30 |
Czech Koruna | CZK | 09:00 | 09:00 |
Hungarian Forint | HUF | 09:00 | 09:00 |
UAE Dirham | AED | N/A | 14:00 |
Saudi Riyal | SAR | N/A | 14:00 |
Thai Baht | THB | N/A | 09:00 |
Israeli Shekel | ILS | N/A | 14:00 |
Indian Rupee | INR | 16:30 | N/A |
Indonesian Rupiah | IDR | 16:30 | N/A |
Malaysian Ringgit | MYR | 16:30 | N/A |
Philippine Peso | PHP | 16:30 | N/A |
*SEPA Instant is typically available 24/7 for Euro payments under €100,000 - depending on the recipient bank.
Reviewing payment date details
When paying with ApprovalMax Wallets, you can confirm when the payment will be processed by checking the Payment date in the Batch Payment summary before completing the payment.