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Business Products and Payment Methods

Outgoing International Payments

Outgoing International Payment Methods

Whether you’re sending or receiving international payments, our business services can help provide a quick exchange of funds

We offer:

  • Outgoing International Payments (Wire Transfer or Telegraphic transfer)
  • Cross Currency Payments
  • Currency Drafts

These international payment solutions are often used for quick settlement, typically from same day to two business days within the EEA.1

Incoming International Payments

Converting foreign currency payments into Sterling can sometimes prove a challenging and costly process. Processing your incoming international payments with FX International Payments gives you convenient access to funds thanks to our global banking relationships.

We can convert your incoming foreign currency wire or draft into Sterling and transfer the funds into your nominated Sterling bank account.

We process incoming international payments for the following currencies:

  • British Pound GBP
  • United States Dollar USD
  • Euro EUR
  • Canadian Dollar CAD
  • Swiss Franc CHF
  • Australian Dollar AUD
  • Japanese Yen JPY
  • Danish Krone DKK
  • Swedish Krona SEK
  • Norwegian Krone NOK
  • New Zealand Dollar NZD
  • South African Rand ZAR
  • Singapore Dollar SGD
  • Hong Kong Dollar HKD
  • Mexican Peso MXP

Managing foreign exchange risk

We can help you manage foreign exchange risk using forward contracts, for example when you have invoices or receipts due at a future date in a foreign currency.

Solutions for Managing Foreign Exchange Risk

We offer:

  • Outgoing Forward Contracts
  • Incoming Forward Contracts
  • Blended Payments

Forward Contracts are agreements between you and a foreign exchange provider to buy or sell a certain amount of foreign currency at a fixed rate of exchange at a future date. They allow you to lock into an exchange rate now to avoid currency fluctuations.

Online platform advantages

International Payment Solution Features
  • Real-time currency rate updates
    Rates are displayed in real time so you have complete visibility of the total cost before confirming your payment.
  • Foreign exchange customer support Mon-Fri 24 hours by phone and email
    Our specialist investigation and payment processing teams will ensure your payment is instructed in the correct way
  • In-depth reporting services and payment history
    Processing, tracking, reconciliation, history – all in one place. Keep on top of your foreign currency transactions, see payment histories and reports can also be imported to excel.
  • Get rate alerts by text or email
    Transact when the rate is right for you. We’ll tell you when your chosen currency reaches the rate you want. Set up alerts by rate, currency, value or time period.
  • Payment Scheduling
    Payment Scheduling allows you to pre-plan payments with funds automatically sent as per your chosen schedule.

Tailored payment methods

For businesses with complex payments needs or large outgoing payments we have a range of tailored integration solutions. Please contact us to discuss which integrated payment solution is right for you.

Tailored International Payment Solutions for Businesses
  • File upload does away with the need to manually input time-consuming multiple payments. The facility allows you to input multiple transactions using a file containing information from your accounting software.
  • SYNC is our integrated international payment service that can provide an automated and secure online solution, to help save your business time and money.

More about FX international payments for businesses

Benefits of spot contracts

Spot contracts provide a solution to short term currency exposure with quick foreign exchange settlements.

Benefits of Forward Contracts

Forward Contracts help you manage your cash flow and future payment risk by locking in exchange rates- up to 12 months.

Forward Contracts therefore help provide cost and pricing certainty on supply and sales contracts due to be settled in the future.

Fixed Forward Contracts specify a definitive date in the future when the full contract must be settled and the currency delivered, called the maturity date.

Window Forward Contracts must also be settled by the maturity date but enable you to make multiple drawdowns throughout the duration of the contract. There is no minimum drawdown amount and drawdowns can be made to different beneficiaries

Blended Transactions allow you to add additional funds to a drawdown from a Forward Contract. They add rate flexibility when booking Forward Contracts and help avoid paying fees twice when you only really need to make one final payment.

Risks when transferring money internationally

There are two types of risk when you are managing a business with exposure to foreign currency:

  • Transactional risk
    where you have contractual cash flows – such as receivables and payables denominated in a foreign currency – that are liable to change in line with exchange rate fluctuations.

  • Translation risk
    the extent to which financial reporting is affected by exchange rate movements.
Settling payments in foreign or local currency

Paying in a supplier's currency is usually the most efficient – although it depends on the nature of your business. You can complete the transaction on local terms and control when you accept the foreign exchange rate.

Send payments abroad

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