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Receiving or sending money from your account

Our correspondent banking arrangements have changed. We have appointed new banks who will provide services more in keeping with our strategy, so we can continue to offer payment solutions to our clients worldwide

Will this affect me?

Yes, all customers will be affected by this change, so please make sure you take time to read the  correspondence that we have sent you and the following questions / answers to fully understand how this will impact you.

What does it mean to me?

When sending money to your account, you will need to quote different correspondent bank details, which will vary according to the currency you are sending. You will also need to notify anyone else who sends money to your account, for instance if you have automatic payments in place such as your salary or pension payments.

Our correspondent banking arrangements will be through:

  • Citibank NY for USD
  • Lloyds UK for GBP and EUR
  • HSBC Dubai for AED (no change)
  • Standard Bank of South Africa for all other currencies
  • Russian Roubles (RUB) will no longer be offered

The new routing details can be found on our website here.

Additional correspondent banking charges will now apply for payments made in USD or EUR (see section 1.2).

Inbound BACS payments and cheque clearing will remain through HSBC. We are not changing our sort codes and our swift code will not change.

What are the additional correspondent bank charges?

An additional charge will apply for USD and EUR correspondent bank fees.

For USD, this charge is US$16, and will either be added as an additional charge if you select OUR (remitter pays all charges) charge type, or will be deducted from the amount being sent if you select charge type BEN (Beneficiary pays all charges) or SHA (charges are split between sender and receiver).

For EUR, this charge is €10 added to the charge for all OUR payments, but will be the EUR equivalent of GBP7 deducted from the amount, for payments sent as either BEN or SHA charges.

For further details click here to download the document “Making payments from your account”.

I haven't received a notification about any charges?

We sent correspondence out to all of our clients providing 30 days’ notice of these changes either by email or by post if we don’t have a current email address. We are happy to provide you with a copy of the notification which can also be found on our website.

Why are we changing correspondent banks?

We are diversifying our providers so we can continue to offer robust payment services to our entire international client base. This was becoming difficult in some regions.

Which currencies are affected?

All fifteen of our supported currencies will be affected by this change with the exception of Emirati Dirham (AED). Please note that we no longer offer Russian Roubles (RUB) as a currency. 

I haven't seen any new terms and conditions?

Our terms and conditions have not changed

All of our clients have been given 30 days’ written notice of the changes and charges in line with our terms and conditions.

Terms and conditions are available on our website, please click here to view.

What's happening to Angolan payments?

We will not be offering Angolan payments in USD and will only reconsider this under improved conditions within the country and by guidance from our USD provider.

You can still transact in other currencies, for instance EUR or GBP into of from Angola.

If you have a debit card linked to your account you can use it for US Dollar transactions in Angola, subject to any local regulations.

Does this affect payment cut off times?

Payment cut off times for the major currencies GBP | USD and EUR payments will be unaffected.

Payment instructions received before the following times, will be processed on the same day. Payment instructions received after the times stated below will be processed the next working day.

Currency

Payment instruction received by

For amounts greater than 5 million payment instructions received by

GBP

15:00 (GMT)

12.30 (GMT)

USD

15:00 (GMT)

14.30 (GMT)

EUR

14:00 (GMT)

12.30 (GMT)

All other currencies will not be processed at spot (2 day) value.

What about USD cheque collections?

Citibank will in future handle all of our USD cheque collections. All other currency collections will be collected directly from the drawing bank.

How long do I have to make any amendments to my payments?

After a period of no less than one month to allow you to make changes, the old accounts will be closed and payments will be returned.

I used the wrong charge type, will you refund the charge?

Unfortunately, this is not possible as the charge has already been taken from the payment amount by the correspondent bank.

I have stored payments set up on my account; do I need to change them?

You should review all of your stored payments to ensure that you are happy with the way that you have set them up.

You need to review the ‘charge type’ selected when making payments on internet banking.

Will I have to change any current direct debit details?

No, Sterling direct debits remain the same as our Sort Code has not changed.

Will the transfer charges remain the same?

Our payment tariff is not changing for the Standard Bank charge however, when if sending either USD or EUR, you will now incur a correspondent banking charge in addition to the standard charge as per below:

For USD, this charge is US$16, and will either be added as an additional charge if you select OUR (remitter pays all charges) charge type, or will be deducted from the amount being sent if you select charge type BEN (Beneficiary pays all charges) or SHA (charges are split between sender and receiver).

For EUR, this charge is €10 added to the charge for all OUR payments, but will be the EUR equivalent of GBP7 deducted from the amount, for payments sent as either BEN or SHA charges.

For further details click here to download the document “Making payments from your account”


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