How do I tell you who to pay?
You will need to complete the Onward Payment Instruction form (page 2 of your Trade Confirmation) which you receive after you have agreed a trade. You can submit the details of your beneficiary bank account in writing by email or post. You can save the bank details for future use so that you don’t need to resubmit the same information again. We will then template these bank details so you can agree payments to these accounts over the phone.
What is a BIC (SWIFT code)?
A BIC or Bank Identifier Code is an internationally agreed way to identify a particular beneficiary bank and branch. The BIC will comprise of 8 characters (for a bank head office) or 11 characters (for a specific branch) and can usually be found on bank account statements or invoices.
BICs are sometimes referred to as SWIFT codes, SWIFT numbers or SWIFT addresses.
Do all countries use BICs (SWIFT codes)?
Yes. A BIC is an internationally agreed way to identify the beneficiary’s bank and branch.
What is an IBAN?
An IBAN or International Bank Account Number is an account number in a format that is internationally recognisable. Not all IBANs are the same length, but all of them start with a country code followed by 2 numbers and up to 30 alphanumeric characters (with no spaces). IBANs can usually be found on bank account statements or invoices. Please see the following UK example for illustrative purposes only:
||1 2 3 4 5 6
||1 2 3 4 5 6 7 8
Do all countries use IBANs?
No, not all countries use IBANs. In these cases simply use the beneficiary account number.
What is routing number/code/NCC?
Banks in Australia, Canada, New Zealand, South Africa and the USA routinely use unique routing codes known as National Clearing Codes (NCC) as an alternative to SWIFT/BICs. Whilst we recommend you try to obtain a BIC wherever possible, for these countries only, you can provide us with the local routing code instead of the SWIFT/BIC. To ensure your payment is routed correctly it is always best to quote the code that is specific to the branch where your beneficiary’s account is held.
Are payments subject to any cut off times?
Yes. To enable us to make your payment on the agreed date we must receive your funds before the relevant cut off time. As cut off times vary depending on the currency being sent, we recommend that we must receive your funds before 12pm (UK time) on the value date, and where possible the business day before, to ensure we can make your payment without delay. Your dedicated FX Consultant can provide you with specific cut-off times.
When will my payment be received?
This depends on the currency being transferred, where it is being sent and how fast the beneficiary bank credits the beneficiary account. We can send Pounds Sterling (GBP), US Dollar (USD), Euro (EUR) and Canadian Dollar (CAD) transfers for ‘same day’ value which in most instances will mean the beneficiary account will also be credited the same day.
The majority of other currencies including Australian Dollars (AUD), New Zealand Dollars (NZD), Hong Kong Dollars (HKD), Singapore Dollars (SGD), South African Rand (ZAR) and Japanese Yen (JPY) are known as ‘next day’ currencies which in most cases will mean the beneficiary account will be credited one business day after the payment has been made.
Please note that public/bank holidays may delay the delivery of funds which is beyond our control.
How can my beneficiary and I receive confirmation my payment has been made?
Both the initiator and, if requested, the recipient of the payment will receive a confirmation by email confirming how much money was sent and where it was sent to.