TRUST INTERNATIONAL PREMIER BANK | Other products

You may need to make overseas money transfers for a variety of reasons, this service is particularly useful for people:

  • Topping up a bank account in a different country.
  • Paying bills.
  • Sending money to family.
  • Making purchases.
  • Running a home or a holiday home.
  • Working or living abroad.
  • About to move to the UK.
  • Buying or investing in a property abroad
  • Travelling frequently.
  • With dependants in different countries.

If you are sending money abroad for the first time, you could be worried that the process is complicated and expensive. But for TRUST I.P. Bank customers, making an overseas money transfer is simple and straightforward – and, it's free with our International Moneymover Service. Recipient and Corresponding Banks abroad may charge a fee for receiving payments. Whilst our services will be available to many of our customers, there are countries where, due to legal or regulatory restraints, we cannot provide them. This step-by-step guide explains how the process works.

Receiving money from abroad

Receiving money from abroad

If you're being sent money from overseas, it's cheaper and easier to receive the money through an electronic bank transfer. So, make sure you provide your bank details to the sender.
If you're sent a cheque or a draft, you can pay it into your account. Cheques or drafts can be processed as either:
The costs for handling them (and how quickly you can access the money) will depend on how they're treated.

Funds by negotiation
Cheques or drafts by negotiation will be credited into your account in a few days, minus charges. This service can only be used if the draft or the cheque is in the local currency. Cheques can still be unpaid by the bank, at a later date.

Funds for collection
If the payment is from a high-risk country or isn't in the sender's local currency, it's likely the payment will be sent for collection. This means your account won't be credited until we're certain the money will be paid. The time this takes will depend on the country involved – it can take several weeks.

Sending money abroad step-by-step

1.   Assess your needs
 
If you know you will need to send money abroad on a regular basis, it makes sense to set up an international bank account. You can bank in different major currencies with flexibility.You need to hold one of these TRUST IPB accounts:
a.   International Current Account in Sterling, US Dollars or Euros
 

2.   Think about how you want to make payments
 
If you don't want to queue with us every time you need to send money, a TRUST I.P.B. account lets you make payments online or on the phone, 24 hours a day, 7 days a week.With a TRUST currency account, you can send up to £100,000 or equivalent a day to most countries in the world - with a maximum of £50,000 for each transaction.
 

3.   Understand the various methods available for sending money overseas and weigh up the pros and cons.
 
There are several options to choose from:
 

Electronic transfers

 

The cheapest and simplest way of sending money abroad is through an electronic transfer. If you have an International Currency Account with TRUST IPB, you can use the free, fast International Moneymover Service which allows you to make overseas money transfers in all major currencies. Recipient and Corresponding Banks abroad may charge a fee for receiving payments.
 
International Standing Orders
   

These allow you to make overseas money transfers on a regular basis using your International Currency Account. They are ideal for paying bills, topping up an account in another country or sending money to family on a regular basis. It means you won't forget to make a payment if you're busy or away. It's as straightforward as setting up a normal standing order. You can set up the payment online, by phone or in writing and once the initial instruction has been received it will happen automatically, until you request it to stop.International Drafts
 
 
These are the international equivalent of a cheque. They're useful if you don't have your recipient's bank account details. International Drafts are sent through the mail, which often takes longer than electronic transfers.The bank account that the draft is paid into has to be in the same name as the recipient on the draft.Weigh up the pros and cons, together with the costs of the different methods for sending money abroad.In most circumstances, using electronic payments will be the quickest, cheapest and easiest method of sending money abroad for both one-off and regular payments.
 

4.   Check the exchange rate.
 
If you are sending money abroad, your payment is being converted from one currency into another. TRUST IPB offers a wide range of foreign exchange services to help make your transfer quick and easy.To find out the current exchange rates please contact us.
 

5.   Decide on the currency you want to use.
 
You can make a payment in two ways
a.   Pay in your own currency, which is then converted into the local currency when it arrives at its destination
b.   Convert the amount into the destination currency before paying it overseas
When you make overseas money transfers online with your international currency account, you'll be able to see clearly how much money will leave your account – or how much the recipient will get.If you need to be sure of how much is leaving your account then pay in your own currency – but the amount that will be deposited in the account abroad will depend on the exchange rate on the day that payment is made.If you need certainty about the exchange rate, make your payment in the currency of the destination country. This removes any uncertainty about the exchange rate used by the receiving bank.Please be aware that the overseas banks involved may make a charge, which we have no control over.
 

6.   Gather the information you need from the intended recipient.
 
You'll need to get information from the person or company that you want to make an overseas money transfer to, about their bank account.
 

7.   Set up the payment details.
 
If you're making a payment online, it's easy to set up the payment details once you have the information you need from the intended recipient (see step 7).Watch a demonstration of how to create a new recipient online.
 

8.   Make the payment.
 
If you've got a currency internet banking account, it's really easy to make overseas money transfers once you have set up the recipient. Just login and follow the instructions. This service isn't available for Premier International Accounts opened in Sterling.Watch a demonstration of how to create a new recipient online.To make the payment by phone or in writing make sure you include the details of the payment along with the instructions to set up the recipient (see steps 7 and 8). You can print out a receipt for the payment if you make it online, otherwise, check your statements to confirm the overseas money transfer has been made as requested.Payments are subject to normal account withdrawal restrictions.
 

9.   Need to repeat a payment?
 
Your recipient's details are saved, so it's easy to make a payment again. If you need to make a payment regularly to the same recipient, consider setting up an International Standing Order.
 

10. Need to stop a payment?
 
We can't guarantee the cancellation as your payment may already have been made, but if you ask us to stop a payment, we will do our best.You could receive less than the original amount of the payment, because of adverse exchange rate movements. There is a charge of £20 or equivalent per payment.
 

11.   What you should do if the money doesn't arrive
 
If, for any reason, the money doesn't arrive, please tell us as soon as possible and we'll try to trace it. You may be charged for this service.


Don't forget...
 
When you're sending money overseas, there are a few things you need to be aware of:
 
Time zones: Your payments are only handled by banks during their normal working hours – and the receiving bank may be in a different time zone. This can affect how quickly your payment is handled. You may need to take this into account if you need to meet a payment deadline.
Costs and charges: Sending money overseas using the TRUST IPB Moneymover Service is free. But, overseas banks handling the payments may levy charges that we have no control over.
Delays: We aim to have all overseas money transfers with the destination bank within 1-3 days. However, we can't guarantee how long the bank will then take to credit the account of the recipient. The payment may have to go through several links in a chain overseas, and some banks are more efficient with international payments than others.