How do we make sure the money arrives on completion day?
Work through a checklist with your lawyers and provider at least a week out, and prefund the payment so nothing depends on a same-day transfer arriving in time.
| Check | Why it matters | When |
|---|---|---|
| Final amount and currency | The completion statement can change late, for example with locked box leakage or completion accounts adjustments | As soon as the draft statement exists, again the day before |
| Value date | The date the money must be in the receiving account, not the date you send it | Agreed with the seller's lawyers a week out |
| Cut-offs at both banks | Each currency has a latest time for same-day payment at your provider and at the receiving bank, in their local time zone and on their local holidays | Confirmed in writing with your provider a week out |
| Prefunding | Most providers release a payment only once cleared funds are with them. Money still in transit at 2pm can miss a 3pm cut-off | Funds with the provider the working day before |
| Beneficiary verification | Payment details for completions are a favourite target for fraud. A changed account in a late email is a warning sign | Confirmed by phone with the receiving lawyer on a known number |
| Exact beneficiary name | A mismatch between the name and the account can delay or return the payment | Checked against the receiving bank's confirmation |
| Payment reference | The receiving lawyer or escrow agent needs it to match your money to the deal | Agreed in advance and quoted exactly |
| Proof of payment | Sellers and lawyers want evidence before they release documents. A payment tracking reference lets everyone follow the payment | Sent as soon as the payment is released |
| Contingency | Completions slip. Know what happens to converted money if the date moves | Agreed before you convert |
What if the completion date moves?
If you have already converted, the money simply waits in the right currency. That is the main reason to convert into an account in the fund's own name rather than pay straight out.
Holding the purchase currency in a multi-currency account means a slipped date costs nothing but time. If you converted and sent the money on to an escrow or lawyer's account, getting it back in a hurry is harder. Agree with your lawyers what happens to funds held for a deal that is delayed or does not complete.
Do we need to prefund, or can the provider pay before our money arrives?
For spot payments, assume you need to prefund. Most providers release a payment only once cleared funds are in your account with them.
Some banks will pay against an agreed facility, and some providers offer limited same-day settlement for established clients, but neither should be assumed for a completion. Plan the capital call or the subscription line drawing so the money reaches your provider at least one working day before completion, and confirm in advance what the provider needs to release the payment: an instruction, a second approver, any call-back.
How do escrow agents, solicitors and notaries fit in?
They are usually the receiving party. Verify their account details by phone, and ask them to confirm receipt as soon as funds arrive.
In many civil law countries the purchase money goes to a notary's client account; elsewhere it goes to the seller's lawyers or an escrow agent. Each will send payment details, often by email, which is exactly why they must be confirmed by calling a number you already hold, not one in the same email. FundFX never sends, receives or changes payment details, so any message claiming otherwise is not from us.
What does FundFX do for a completion?
We find a provider that suits the size, currency and timing, and make sure the checklist is covered well before the day. The provider does the conversion and the payment.
For a one-off large conversion, a blind quote across several providers is the quickest way to see where the market is for your size. If your fund is new to the provider, allow time for onboarding: a completion is not the moment to open an account. Our guide to choosing an FX provider covers what to check first.