Log in to Bound
BEFORE YOUR KICK-OFF
Set up your bound account
There are just a few things to do to get your Bound account ready. We've put together a simple guide to walk you through each step.
About 10 minutes · 4 steps
How money moves through Bound
1
MONEY IN
Set up your balances
Think of your balances as separate wallets for each currency you send to Bound. When a trade is due to settle, you’ll send the funds to the relevant balance. Add a balance for each currency you expect to send us. Funding trades in GBP and EUR? Set up both.
You don’t need to send any money now. A balance simply gives you the funding instructions for that currency. You’ll only send money to Bound when a trade is due to settle, never in advance.
How to set up your balances
Dashboard —> Balances (on the right-hand side) —> + Create —> Choose currency
1. Add each currency you expect to send to Bound.
2. Click the three dots next to the balance.
3. Select funding instructions to see the bank details you’ll use to send that currency to Bound.
For example: if you usually send GBP to Bound to buy EUR, set up your GBP balance. That gives you the right instructions for when it's time to settle.
See how to set up a balance and find your funding instructions
2
MONEY OUT
Add your recipients
Money in, sorted. Now for where it goes next. Once your trade has settled, tell us where you want the money to go. Add the accounts you expect to pay now and they’ll be ready when you start trading.
Your own bank or currency account
A supplier
Another third party
Have these handy: account name, account number and sort code, or IBAN/BIC where applicable.
How to add a recipient
Go to Wallet in the menu bar at the top and select recipients
+ New recipient
Enter the payment details.
Verify and save. We'll email you a quick code for each new recipient. Enter it to confirm.
Set as default
Top tip: set a default recipient for each currency
If your funds usually end up in the same place, set a default recipient for each currency. Once funds from a trade clear, they’ll automatically be sent to the account you chose.
3
THE FULL JOURNEY
Book a test trade
Balances set up? Recipients added? You’re ready for a quick test run. Making a small £100 spot trade is the easiest way to see the full Bound journey in action - from booking your trade and sending us the funds, through to settlement and getting the converted money back.
Book your test trade
We created a draft spot trade for you, all you need to do is accept it
Go to the trade screen in Bound
Double check the currencies are what you use and the direction is ride
Accept the trade
Fund your trade
Next, send the funds to Bound so your trade can settle.
Go to the trade screen
Find your test trade and select View.
Select View funding instructions to see the bank details for sending the funds to Bound.
Choose the right payment method, such as local rail or SWIFT.
Send the required amount using those instructions.
Once the money reaches us, your trade will show as funded.
Receive your payment
If you've set a default recipient for that currency, there's nothing else to do: once your trade settles, the funds are sent there automatically. If not, they'll stay in your Bound wallet until you're ready to send them:
Go to Trade and select View on your test trade.
Select the recipient you added earlier.
Add a payment reference and payment reason, for example Bound test payment.
Select Review and check everything looks right.
Confirm your payment.
4
TIMING
Timing your payments
Two timings are worth knowing: when your money needs to reach Bound, and when your converted funds can head out the other side.
MONEY IN
UK TIME
Money out: receiving your converted funds
When your converted funds arrive depends on the currency you're receiving and its payment cut-off time.
Default recipient set
Nothing to schedule. We'll send the funds to your chosen account automatically once they're ready.
No default recipient
Schedule your payment before the currency cut-off time below.
Payment cut-off times by currency
For same-day payments, make sure we receive your funding before the cut-off time for your payment currency. Times are shown in UK time and may change on bank holidays.
OTHER CURRENCIES
T+0 = delivered the same working day
T+1 = delivered the next working day
That’s the important bit
Money in (Funding)
Fund Bound on the settlement date using your balance funding instructions.
Money out (payments)
Bound sends the settled funds to your chosen recipient.
Fund Bound on the settlement date using your balance funding instructions. Bound sends settled funds to your chosen recipient. Comfortable with that, and your balances and recipients are set up? You’re ready for your kick-off.