US structured payment
Q. What is a US structured payment?
A. A US structured payment is a way of transferring US dollars to the United States of America, using the SWIFT system.
Please note if you require us to send a non standard payment i.e. Sterling or where the beneficiary account details you have given us are found to be incorrect, we will charge you the fee levied by the overseas bank to repair the transaction, which may be an amount of up to £25.
Q. How much do structured payments cost?
A. You will pay our charge of £8 and there are no further charges for the beneficiary to pay as long as the details you give us are correct.
Q. How much can I send by a structured payment to the USA?
A. There is no limit to the amount of US dollars that you can send, subject to the funds being available in your account
Q. How long does it take for a structured payment to the USA to be received?
A. It will take up to 5 working days for the payment to be received. If you need an urgent payment, then please request it to be sent via a SWIFT payment.
Q. What payment information do I need to give you for a structured payment to the USA?
A. You will need the following:
- fedwire/routing/ABA code (9 digits)
- account number – (17 digits max)
- beneficiary bank’s name and address (and BIC/SWIFT code if you have it)
- beneficiary account holder’s name
- amount in £ or $ but we will always send the payments in US dollars.
We also need you to agree to the following declaration for structured payments to anywhere in the world.
Declaration
We may need to disclose limited information to third parties where reasonably necessary. This is for the purposes of the prevention and detection of crime, prosecution of offenders, for the purposes of national security or where required by law. This may mean that the information could be transferred to countries that do not provide the same level of data protection as the UK.
