In the scenario described above your recipient will already need to be registered with the NBWM as a client. From inside the NBWM wallet you can send them money. Once your recipient knows you’ve sent them money and it’s waiting in a balance for them, they’ll need to go through steps in order to withdraw or pay out the money to their own bank account. Note that this may take additional time and may depend on the type of bank and jurisdiction.
Note that the bank of your supplier may still charge transfer fees in respect of a withdrawal to their own bank account. Exotic currencies might apply additional correspondence costs.
We intend to register the payments between you and your supplier or customer almost immediately. Note however that payments are only effected during CET business hours. NBWM intends to process payments same day, but note that NBWM does not guarantee same day settlement. Payments instructions will be executed on a ‘best efforts’ basis. Payments that are not processed intraday, will be processed the first available business day.
NBWM clients always must have sufficient funds available on the account in order to execute the transactions.
Transfers may be delayed or even cancelled in connection with international anti-money laundering rules. Transfers may be delayed if destination accounts or are not delivered correctly, when the C-number is missing or we otherwise reasonably cannot recognize the transaction.
Your supplier or customer can hold funds no longer than necessary. This means that if we have credited your supplier for your payment, your supplier must withdraw the funds to his own bank account within a few days. Of course, as any client of NWMB, your supplier can on pay the funds in whole or in part to a third party as specified in a destination account to be created by him.
Please see our General Terms and Conditions for further information.
Important note: While we of course would greatly value your supplier or customer becoming a new client of us, it is not required for you to make or receive payments to suppliers or from customer. This is already possible with your current NBWM account. For making payments simply create a destination account. For receiving payments simply ask your customer to send the funds to our escrow account (‘Stichting Derdengelden’) mentioning your C-number (client number).