Business Partner Prefunding Guide

Business Partner Prefunding Guide
This document covers the process to prefund the business Account, by the approved Business Partner. Prefunding of
the business account is required to enroll cardholders and fund an existing My Choice Corporate Card.
Account may be prefunded by any of the below three options:
1. NatWest Bank Transfer /Wire Transfer
2. Fast Bank Transfer
3. Instant Bank Transfer
Bank Transfer to Prefunding Account
Wire to NatWest Bank
Fast Bank Transfer
Available only to upgraded (KYB2) Business Partners
Transfer between
Prefunding Accounts of
different currencies
Instant Bank Transfer
Process
Wire funds to Wave Crest
account held in NatWest
Bank, Gibraltar
Transfer funds to local
bank account, provided
and processed by
WorldPay for Wave Crest
Authorize transfer from
your bank account to
Wave Crest Merchant
Account
Authorize Wave Crest
through email to move
funds between your
Prefunding Accounts
Geography
Funds may be wired from
anywhere.
Limited set of countries
Please login to your
account to view available
countries.
Limited set of countries
Please login to your
account to view available
countries.
N/A
Fee
Bank charges
No fee
Applicable.
Fee charged will be
displayed on screen during
funds transfer process.
0.5% margin on bank rate
for the day
Delivery
Speed
 2-3 working days*, if
wire is initiated outside
SEPA region
 Same day if wire is
initiated within SEPA
region on working day*
1-2 working days*
Instant any time
Same day if the email is
received on working day*
Daily Cut Off
(for same
day posting)
Funds must be received at
NatWest by 3PM GMT
N/A
N/A
Email must be received by
3PM GMT
Balance
Update Time
Between 4PM to 6PM
GMT
N/A
N/A
Between
 10AM to 11AM GMT and
 4PM to 6PM GMT
*Working days are Monday through Friday, except for recipient bank holidays.
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Important Notes:
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Deposits and currency conversion requests are processed and applied to your Prefunding Account daily Monday
through Friday, except for recipient bank holidays. Click here to view 2016 Gibraltar bank holidays.
The payments by all modes of transfers will be applied to your Prefunding Account same day upon receipt, only
if the Reference Number and other information provided are correct.
Please make sure to keep enough balance to cover for weekends and bank holidays since it will not be possible
to fund your account or process currency conversions during these days.
We recommend maintaining a balance of average weekly loads with 25% margin in your accounts at any given
time in order to avoid failures due to insufficient funds especially during weekends and bank holidays.
1. Wire Transfer to NatWest Bank
Business Partners may wire funds to the Wave Crest Account in NatWest Bank, quoting their Unique Reference Number
and Business Partner ID as the description of transfer. Funds will be available the same day in the Prefunding Account
provided the wire is received at NatWest Bank Gibraltar before 3PM GMT.
a) Steps to Transfer
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Login to your Business Partner account at www.mychoicecorporate.com
Navigate to My Account >> Fund My Account
Select ‘NatWest Bank Transfer’
Note down the Beneficiary Name, IBAN, Swift and Reference Number as per table below
NOTE: If you are an API-integrated Business Partner, you may view this information at your own program
portal instead of at www.mychoicecorporate.com.
Receiving
Institution
Description
Wire Inputs
Name on Account
Wave Crest Holdings Ltd – Visa MyChoice
Prefunding Acc
Log into your account to view the IBAN
IBAN Number
Beneficiary
Information
Swift Code
Originator to Beneficiary
Information
RBOSGIGI
 Your WaveCrest Business Partner ID
Log into your account and visit Home page to view
your Business Partner ID.
 Your Company name
Please use the name registered with Wave Crest.
 Unique Ref Number
Log into your account to view your Unique
Reference Number.
Other
Instructions
Special instructions
For exp: The Prefunding Account to be credited
is different from the Originator.
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 Wire / Transfer funds to the Bank Account as per the details noted
 Please make sure the Business Partner ID, Name and Unique Ref Number are provided in the description of
the transfer or in the ‘Other Instructions’ field. This is required for a seamless credit of your prefunding
account.
b) Once the wire transfer is initiated, please send an email from your registered email address with the wire
confirmation number and amount to: [email protected]
c) You will receive an email notification confirming the account deposited, and you will see the amount reflected in
the balance of your Prefunding Account.
2. Fast Bank Transfer
Business Partners may use Fast Bank Transfer option to transfer funds to a local bank accounts in different countries
provided and processed by World Pay for Wave Crest.
a) Steps to Transfer
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Login to your Business Partner account at www.mychoicecorporate.com.
Navigate to My Account >> Fund My Account
Select ‘Fast Bank Transfer’.
Select your country from the country drop-down.
The page loads with the instructions for Fast Bank Transfer.
Select a Bank from the ‘Available Banks’ list.
Follow the instructions to make deposit into our partner bank account.
NOTE: If you are an API-integrated Business Partner, you may be accessing this feature through your own
program portal instead of through www.mychoicecorporate.com.
Select Country
Select Bank
Instructions for
Fund Transfer
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 Please make sure to provide the unique ‘Payment Reference’ generated on the instruction page as the
‘Payment Reference’, ‘Details of Payment’ or ‘Reason for Transfer’, as may be applicable, during the transfer
process. This is required for a seamless credit of your prefunding account.
b) You will receive an email notification confirming the account deposited, and you will see the amount reflected in
the balance of your Prefunding Account.
3. Instant Bank Transfer
Business Partners may choose Instant Bank Transfer to fund their Prefunding Account instantly.
a) Steps to Transfer
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Login to your Business Partner account at www.mychoicecorporate.com .
Navigate to My Account >> Fund My Account
Select ‘Instant Bank Transfer’
Select your Country and the Banking Method (Service) as per the screenshot below
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Fee, if applicable, will be indicated for the transfer. Click on ‘Continue’ to proceed.
Choose the amount that you would like to transfer to the Prefunding Account and proceed.
You will be navigated to your Bank network page.
Provide your Account ID and Account password to complete your transaction.
NOTE: If you are an API-integrated Business Partner, you may be accessing this feature through your own
program portal instead of through www.mychoicecorporate.com
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b) You will receive an email notification confirming the account deposited, and you will see the amount reflected in the
balance of your Prefunding Account.
Transfer of funds between Prefunding Accounts in different currencies
This section covers the process to convert and transfer funds from Business Partner’s Prefunding Account in one
currency to Prefunding Account in another currency.
a) Steps to Convert
 Send an email to [email protected] with the Business Partner ID, amount, and currency to be
debited and the currency to be credited.
 Please make sure the Prefunding Account to be debited has sufficient funds.
 If you wish the conversion and transfer to be effected the same day, please make sure to send your request
email by 3PM GMT on a working day. Currency conversion requests received after 3PM GMT will be processed
the following working day between 10AM and 11AM GMT.
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