What is a Local Business Account?

A Unicorn Currencies Local Business Account gives an approved business local account details for receiving funds in a specific currency. It is provided as a named local collection account, matched to the business, and used for receiving, holding available balances, conversion, and supplier payouts through Unicorn Currencies.

Is it a bank account?

No. A Unicorn Currencies Local Business Account is provided as a named local collection account for approved businesses. It is designed for receiving, holding available balances, reconciliation, conversion and supplier payments through Unicorn Currencies.

Approved businesses with international payment flows that pass Unicorn Currencies onboarding, payment purpose review, and ongoing compliance checks. Typical users include importers, exporters, wholesalers, and other B2B companies that receive, hold, convert, or pay across currencies — subject to onboarding, approval, currency availability, payment purpose, jurisdiction, and ongoing compliance review.

Which currencies are available?

GBP, EUR, USD, and AED Local Business Accounts are available to approved businesses. Availability of any specific currency is subject to onboarding, approval, payment purpose, jurisdiction, and ongoing compliance review.

Can I receive funds locally?

Yes, where approved. Local Business Accounts provide named local collection account details in GBP, EUR, USD, and AED so payers can send funds through familiar local payment routes, subject to onboarding, approval, currency availability, payment purpose, jurisdiction, and ongoing compliance review.

Yes. Approved businesses can hold available balances in the currencies of their Local Business Accounts, and convert or pay suppliers through Unicorn Currencies when needed.

Can I convert and pay suppliers?

Yes. Through Unicorn Currencies you can convert available balances and pay approved suppliers. Conversion and payouts are subject to corridor availability, beneficiary review, and compliance checks.

Is approval guaranteed?

No. Local Business Accounts are not automatically issued. Approval depends on business profile, jurisdiction, payment purpose, expected activity, supported currencies, screening results, and ongoing compliance review.

What does pricing depend on?

Local Business Account pricing shown on the Business Accounts page is for low-risk approved business profiles. Final Local Business Account pricing may vary based on business activity, jurisdiction, payment purpose, expected volumes, currencies, counterparties, and ongoing compliance review. Pricing is confirmed before account activation. FX conversion and supplier payouts are agreed separately with your volume and corridors.

MSBs focused on foreign exchange activity should explain FX payment purpose and flow of funds during enhanced review. FX firms may also review the foreign exchange firms page.

Enhanced review · Local Business Account

Local Business Accounts for Money Service Businesses

Unicorn Currencies supports selected Money Service Businesses (MSBs) that need local account details, named collection flows, currency separation, reconciliation, and payment operations across GBP, EUR, USD and AED. These accounts require enhanced review and prior approval before any account details are issued.

Local Business Accounts for regulated and financial businesses are available only after enhanced review and prior approval. Approval depends on the business model, licence or registration status, jurisdiction, ownership, payment purpose, currencies, counterparties, expected activity, and ongoing compliance review.

What this page is about

Unicorn Currencies Local Business Accounts may be available to selected Money Service Businesses that need local GBP, EUR, USD and AED account details for named collection, currency separation, and reconciliation. Accounts are provided as named local collection accounts after enhanced review of licence or registration status, AML/CTF controls, flow of funds, and ongoing compliance requirements.

Who it may fit

MSBs with valid licence or registration where required in their operating jurisdictions
Businesses with documented customer onboarding, screening, and transaction monitoring
MSBs that can provide clear payer, beneficiary, and corridor context
Businesses prepared for enhanced review before any account details are issued

Who it will not fit

Unlicensed businesses where a licence or registration is required
Unclear source of funds
Unclear flow of funds
Unsupported jurisdictions
Businesses unable to provide customer due diligence and transaction evidence
Prohibited activity

How a Local Business Account can be used

Receive funds using local account details
Separate GBP, EUR, USD and AED flows
Hold available balances
Reconcile by payer, customer or currency
Convert and pay suppliers or beneficiaries through Unicorn Currencies

Enhanced review requirements

Corporate documents
Ownership and control structure
Licence or registration evidence
AML/CTF policy
Sanctions and PEP screening process
Customer onboarding process
Transaction monitoring process
Flow of funds
Expected currencies, corridors and volumes
Payer and beneficiary types
Sample transaction rationale
Supporting documents where requested

Approval process

Submit business profile

Share entity details, jurisdictions, and payment purpose before review begins.

Complete enhanced onboarding

Provide ownership, control, and operational context beyond standard business onboarding.

Provide licence and compliance documents

Submit registration, AML/CTF, screening, and monitoring documentation where applicable.

Review payment purpose and expected flows

Treasury and compliance assess currencies, corridors, payers, beneficiaries, and activity.

Obtain prior approval where required

Some profiles require explicit approval before any Local Business Account can proceed.

Account details issued only if approved

Local account details are not issued until onboarding, enhanced review, and required approvals are complete.

Ongoing review continues after activation

Activity, jurisdictions, counterparties, and compliance posture are reviewed on an ongoing basis.

Pricing

Pricing for regulated and financial businesses is confirmed after review. Published Local Business Account pricing applies to low-risk approved business profiles only. Enhanced-review businesses may be priced differently based on risk, activity, volume, currencies, jurisdictions and compliance requirements.

Published indicative pricing for low-risk profiles is on the Business Accounts page. Talk to treasury to discuss your profile.

Compliance note

Local Business Accounts are provided as named local collection accounts. They are not bank accounts. Availability is subject to onboarding, enhanced review, prior approval, currency availability, payment purpose, jurisdiction, counterparty profile and ongoing compliance review.

FAQ

Can MSBs apply for a Local Business Account?

Yes, where approved. MSBs may apply for a Unicorn Currencies Local Business Account after enhanced onboarding, licence or registration review, and any required prior approval. Approval is not guaranteed.

Can FX firms apply?

Can remittance companies apply?

Can CFD brokers apply?

Are accounts guaranteed?

Is this a bank account?

What documents are required?

How long does enhanced review take?

Can account details be issued before approval?

Can pricing differ from published pricing?

To discuss enhanced review for your Unicorn Currencies profile, contact treasury.