There is a wide range of benefits to using this method of transfer, including:
- Electronic payment instructions are sent from the sender's bank to a bank in the UK (preferably to us) and the money is then paid directly into your account.
- Enhance your cash flow, as funds are received from abroad as quickly as possible.
- Eliminate the paperwork involved in handling paper-based payments.
- Payments up to £100 or currency equivalent are charged at £1. Payments for over £100 or currency equivalent are charged at £7 each. These charges do not apply where another bank receives sterling from overseas and passes the funds to our customer via the UK clearing system; in that case, the receiving banks will levy its own charges.
- Our fees are debited from the principal amount before we credit your account. We will send you a credit advice showing a breakdown of our charges.
- Funds will be credited to your account as soon as possible. This will be either on the value date or, if this is not possible, on the next best possible value date.
- Automatic currency conversion - payments will be converted into the currency of your account.