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Settlements FAQs


 

How do I send you my money?

We will send you a Trade Confirmation by email which will detail the precise amount(s) you will need to pay and the Halo Financial bank account details you will need to credit. You will then need to pay the required amount(s) by the agreed settlement date(s). You can pay us via CHAPS, BACS, Faster Payment, cheque (Pounds Sterling only) or telegraphic transfer (TT). We do not accept cash.

What is a CHAPS payment?

A CHAPS payment is a secure, electronic bank to bank payment that is guaranteed to be received by the beneficiary bank account the same day the payment is initiated, providing the payment has been made before the cut-off time. CHAPS payments are for Pounds sterling payments transferred within the UK only. Charges vary between banks but are usually charged at between £20 - £40 per transfer. As Halo Financial only charge a maximum of £15 you can start saving a considerable amount of money on our reduced payment charges alone.

What is a BACS payment?

A BACS payment is a secure, electronic bank to bank payment that is guaranteed to be received by the beneficiary bank account 3 business days after initiation providing the payment has been made by the cut-off time. BACS payments are for Pounds sterling payments transferred within the UK only. These payments are usually free of charge and are used for non-urgent transfers. 

What is a Faster payment?

It provides same-day clearing of low value electronic Pounds sterling payments, usually within a few hours. Please be aware that Faster Payments (FPS) has 'scheme limits' i.e. maximum amounts for any payment sent through FPS (defined by the UK Payment Council and cannot be increased by Halo Financial). Payments exceeding this maximum will need to be sent to us via BACS or CHAPS. Please speak to your FX Consultant for further information and details of the current maximum amounts.

What is a SEPA payment?

A SEPA (Single Euro Payments Area) is a way of sending and receiving Euro payments across Europe. SEPA payments will credit within 4 business days from the date the payment was initiated and are cheaper than traditional international payments. With a SEPA payment your European payments can be made as effortlessly as a domestic payment.

Can I make the payment to you via online or telephone banking?

Yes, but please note that many UK banks will make the payment to us via either BACS, Faster Payment or in some cases by CHAPS. Since all payment methods have different clearance times you must ensure you make the payment in sufficient time for the payment to be received by the agreed settlement date of your trade. 
 

Are payments subject to any cut off times and when will you receive my money?

Yes and they vary depending on the currency being sent.  To ensure you settle your trade on time, it is best to speak to your bank to identify the cut off times they operate to.

We advise that you send funds to us before the specified settlement date to ensure that your outbound payment is not subject to any delays or late payment charges. Only when your funds have cleared into our accounts in full will we pay your designated beneficiary. 

Please refer to the table below for information on clearance times for different payment methods.

Payment method Clearance (business days) Same day urgent payment Spot contract payment Forward contract deposit (margin payment) Forward contract balance payment
CHAPS (transfers within the UK) Same day
Faster payment (transfers within the UK) Same day
BACS (transfers within the UK) 3   * **
Telegraphic Transfer (transfers outside the UK) Various***
Cash Not accepted Not accepted Not accepted Not accepted Not accepted
 

* BACS transfers can be used to pay for spot contracts only if you've notified your dealer in advance.
** Payments need to be send in good time before a contracts value date to clear in our client transaction accounts by the banks cut-off time.
*** Pounds Sterling, Euro, US Dollar Telegraphic Transfers clear the same day assuming the payment has been initiated before the banks cut-off time.

I have sent you my money - how do I know you have received it?

You will receive a confirmation by email confirming how much we have received and when we received it.
Any other questions?

If you have a Business enquiry please call us on +44 (0)20 7350 5470 or if you have an Individual personal enquiry please call +44 (0)20 7350 5474

You can also get in touch using our contact form.

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020 7350 5474

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