Transfer Rates
Q. How are your transfer rates of exchange applied?
A. Our rates of exchange are set around 9.30am each day and apply to all transfers and drafts for less than 20,000.00 pounds (or equivalent) keyed before their respective cut-off times.
They are based on current market rates and are comparable with those used by other banks and building societies within the UK. Unfortunately, we don’t have the facility to display our transfer rates on the website but you can contact us at any time for the most current rate as an indication.
For transfers and drafts over 20,000.00 pounds (or equivalent), we will automatically go through to our dealers to negotiate a preferential rate for you the best possible rate at the time the payment is processed.
The exception to this is the euroCHAPS rate, which is a single rate for all amounts under £100,000. We can only book rates on values over 100,000 GBP for euroCHAPS.
We only deal in the major commercial currencies for our transfers. These include:-
AUD (Australian Dollars), CAD (Canadian Dollars), DKK (Danish Kroner), EUR (euros), HKD (Hong Kong Dollars), INR (Indian Rupees), JPY (Japanese Yen), NZD (New Zealand Dollars), NOK (Norwegian Krone), PLN (Polish Zloty), SGD (Singapore Dollars), ZAR (South African Rand), SEK (Swedish Kroner), CHF (Swiss Francs), USD (US Dollars)
If you need to do a transfer in any other currency then the best option is for us to send the transfer in sterling with the instruction for it to be paid out in local currency. The conversion will then be made by the beneficiary bank before the funds are applied to the recipient's account. You will need to provide a sterling amount to transfer in order for us to be able to do it this way. We would recommend you agree this with the beneficiary before making the transfer.
We can usually buy the currency in for the transfer or draft if you need to send an alternative currency amount, but there can be additional charges for this on top of the usual agent’s fees.
