What's the Settlement Process?

You need to submit your Bank Account details to instruct Finmo where you want your funds to be settled. 
Settlement computations of the Payin amounts collected depend on the settlement amount & frequency at which you want to settle funds to their Bank account. 

There is a minimum settlement amount that Finmo allows depending on the currency and settlement frequency which can be updated on your Finmo Dashboard.

In order to request Settlement configuration for any currency, you’ll need to follow the below steps. 

On your Finmo Dashboard click on Account details under My Organisation

Add your Bank account details where you want to settle your respective currency funds to, to request for approval on your Settlement Bank account with Finmo

You can reach out to support@finmo.net to create Settlement Configuration for desired currency and you can always request changes on the settlement Configuration on Finmo Dashboard based on the threshold and frequency. 

Settlement Processes for different currencies are as follows:

AUD:

• There is no Threshold Amount or time for Settlement to get Processed

• The Merchant needs to raise a Settlement Request to support@finmo.net

• Depending on the Minimum (AUD 1.00) and Maximum (AUD '10000000.00) amount and the Beneficiary Settlement Bank, money is settled in Real Time or via Direct Entry (DE)/Swift transfer

  • NPP Banks: Realtime

  • NON NPP Banks: DE (T+1 to T+3 Business Days)

  • Swift Wire transfer

NZD: 

What is the settlement time for NZD?

Settlement of NZD Payins collected depends on the settlement amount & frequency at which you want to settle funds. Minimum settlement amount that Finmo allows is 20,000.00 NZD and settlement frequency can be requested on your Finmo Dashboard.

In order to request Settlement configuration for NZD currency, you’ll need to follow the below steps. 

On your Finmo Dashboard click on Account details under My Organization

 

Add your Bank account details where you want to settle your NZD funds to, to request for approval on your Settlement Bank account with Finmo

You can reach out to support@finmo.net to create Settlement Configuration and you can always request changes on the settlement Configuration on Finmo Dashboard based on the threshold and frequency. 

Once the settlement Bank account is approved and Settlement threshold & frequency is reached, the Merchant can request via Email to support@finmo.net to process the settlement.

Please note that each settlement incurs a settlement payout fee based on your signed MSA which is deducted before settling the amount to the settlement bank account. You can reach out to sales@finmo.net to know your settlement fee for NZD.

PHP: 

Once the settlement Bank account is approved and Settlement threshold & frequency is reached, the Merchant can request via Email to support@finmo.net to process the settlement. 
The PHP amount is converted to USD and sent to your settlement bank account configured in their Finmo dashboard. 

Please note that each settlement incurs a settlement payout fee based on your signed MSA which is deducted before settling the amount to the settlement bank account. You can reach out to sales@finmo.net to know your settlement fee for PHP.

SGD:

Once the settlement Bank account is approved and Settlement threshold & frequency is reached, the Merchant can request via Email to support@finmo.net to process the settlement. 

Please note that each settlement incurs a settlement payout fee based on your signed MSA which is deducted before settling the amount to the settlement bank account. You can reach out to sales@finmo.net to know your settlement fee for SGD funds.

THB:

Once the settlement Bank account is approved and Settlement threshold & frequency is reached, the Merchant can request via Email to support@finmo.net to process the settlement. 
The THB amount is converted to USD and sent to your settlement bank account configured in their Finmo dashboard. 

Please note that each settlement incurs a settlement payout fee based on your signed MSA which is deducted before settling the amount to the settlement bank account. You can reach out to sales@finmo.net to know your settlement fee for THB.