Help with sending funds to Currency uk
Sending funds to Currency UK:
Once you have agreed a contract with Currency UK you will need to make a transfer to us in settlement. The exact account to which you will need to send these funds will depend on which currency you are selling and as such will be specified on the contract note.
You will either be making a domestic transfer (From the UK) to us or an international transfer if the funds are in a non-UK account.
For a domestic transfer settlement in GBP you have the choice of making the transfer via BACS or CHAPS or FPS (Faster Payments service). Please note the Faster Payment Service is a new transfer initiative between the major UK banks.
See below table for details:Learn more
| TRANSFER METHOD | TRANSFER TIME | Charge from your bank | AUTHORISATION REQUIRED | COMMENTS |
|---|---|---|---|---|
| CHAPS | Same day before 1.00pm* | £15-£25 | In person / via signed letter to branch or via electronic business banking | This is method will ensure quickest execution of your deal |
| BACS | 3-4 Working Days** | Free | Telephone Banking Internet Banking Via bank branch | There will be a limit on this type of transfer which will vary, usually approx GBP10,000.00 |
Faster Payments Service (FPS)
| Same day (within 2 hours) | Free | Telephone Banking Internet Banking Via bank branch | Limit is GBP 10,000.00, this is a new service and not all banks/building societies have fully implemented yet. click here for more info LINK TO http://www.apacs.org.uk/payments_industry/faster_payments_service.html |
| CHEQUE | 5 Working days + Postage time | free | We cannot agree a rate until the funds are cleared if you choose to settle via Cheque |
**If the transfer is being made from an institution which is part of Barclays banking group then this transfer may be completed more quickly. Please consult your bank for further information.
N.B.
Due to money laundering regulation we cannot accept cash payments into our accounts.
For non-GBP and/or international settlement:
This is used when, for example, you are selling us Euros and we are converting them to Sterling for you.
You will need to instruct the bank holding the funds to make a SWIFT transfer to us.
PLEASE NOTE ALL TRANSFERS MADE TO CURRENCY UK MUST BE REFERENCED WITH YOUR CLIENT CODE, FAILURE TO DO SO MAY DELAY YOUR ONWARD PAYMENTS.
International Cheques:
Whilst we can accept international cheques they may take up to six weeks to clear and there will be a charge for the negotiation of this cheque by the banks involved. For more information on this please call us on (+44) 0207 738 0777
