Great News – you can now accept international payments into your Cashplus Business Account. But, receiving international payments works a bit differently to bank transfers received from a UK account. Read on for instructions to ensure your payment is processed without delays or issues.
How to Accept International Payments
To ensure an inbound international payment can be made to your Cashplus Account, you’ll need to provide the person/company that’s making a payment to you with the GBP or EURO bank details detailed in the table below. They’ll need this information to complete the payment.
Details for Accepting International Payments
It’s important that you use the correct bank account details for the currency that’s being paid into your account. So, it’s best to ask the person making the payment which country and currency it’s coming from before providing the relevant details to them.
|What you’ll be asked for:||A. For payments being sent to Cashplus in EURO1||B. For payments sent to Cashplus in any Foreign Currency and GBP2||Description|
|Currency received by Cashplus||Euro||GBP||This is the currency that your transfer will be sent to Cashplus in|
|Description of transfer or Reference details||SortCodeAccountNumber||SortCodeAccountNumber||Your unique Sort Code and Account Number need to be referenced here (with no spaces) so that we can identify your account. These are the same details you use to receive UK-to-UK payments, which can be found in Online Servicing|
|IBAN||GB72NWBK60721442217830||GB74NWBK60000145719225||IBAN is our International Bank Account Number|
|International Payments Account Number||42217830||45719225||This is a new number we’ve set up for this service. It’s a central Account Number for all international payments which is used by all customers. It’s critical that you provide the Cashplus account number and sort code in the reference field for money to be identified as yours.|
|SWIFT/BIC||NWBKGB2L||NWBKGB2L||This identifies the receiving bank details, in this case NatWest, our bank partner|
|Address||NatWest Bank PLC, City of London Office, PO Box 12258, 1 Princess Street, London EC2R 8BP||NatWest Bank PLC, City of London Office, PO Box 12258, 1 Princess Street, London EC2R 8BP||If the payer’s bank doesn’t allow for the address to be a PO Box, simply exclude the PO Box number from the full address|
1Euros will be converted into GBP by Cashplus with a more competitive exchange margin.
2Currency will be converted into GBP using the exchange margin set by the originating bank before being received by Cashplus.
For the person making the payment, it’ll usually look something like this:
Which account should I use for my international payment?
If you’re going to be receiving Euros to your account, then please use the Euro Bank Account details in column A in the table above. The money will then be received by Cashplus in Euros and be converted to GBP by us.
For all other currencies from approved countries, please use the GBP Bank Account details in column B.
How long does it take for an international payment to arrive in my account?
The time it takes for an international payment to arrive in your account will vary depending on which country and bank it’s coming from. So, it’s best to ask the person making the payment, to check timings with their bank for you. We’ll apply the payment to your account the same day we receive it (if received before 3.30pm), provided all the details required are correct.
What are the fees?
- We charge a flat fee of £15 per inbound international payment, no matter what the amount of the payment is
- Some paying banks will also add a fee, and the payer will usually be able to choose if the fee is deducted from the total amount paid or added as a separate fee
- Always confirm the payer is aware how their bank will deduct fees (if applicable) to ensure you receive the required amount
- Payments received in Euro will be converted to GBP by us once they’ve been received
What’s the difference between receiving an international payment and a payment from the UK?
When you receive a payment via UK bank transfer – you just need to provide the UK payer with your unique Cashplus Sort Code and Account Number and the payment is sent directly into your personal Cashplus Account.
When you receive a payment from abroad – to ensure your payment reaches your account, banks use an IBAN, as well as a SWIFT/BIC code to help identify who the payment belongs to. NatWest provide our banking services and this is why the SWIFT/BIC code begins with ‘NWBK’ which stands for NatWest Bank. Read more about IBANs here.
Once the payment has been received – we then transfer the funds into your Cashplus Account using your UK Sort Code and Account Number that the payer will provide in the Description/Reference Details field. Without this, we have no way of identifying a payment as being yours, so please make sure you remind the payer to include these details, otherwise the money will be returned. Please note: We may hold the payment for four weeks before returning the money to the Payer. The total time it takes for the funds to be returned to the payer will depend on the originating bank and the country it’s from.
What countries can I receive international payments from?
You can accept international payments from the following countries:
|Cyprus (not North Cyprus)||Iceland||New Zealand||Sweden|
What if I’m due to receive an international payment and it’s not in my account?
This should only be the case if the payer hasn’t included your Business Account Sort Code and Account Number in the reference details field when making the payment to you or the payment was sent from a country not in the accepted countries list above. In these cases, make sure you receive the Remittance Advice from the payer before calling us as we’ll need these details to help find your missing payment.
The payment is being made in a different currency. When is this converted into GBP (sterling)?
Inbound Payments sent in EURO – The payment is converted into GBP once the funds are received into our NatWest Euro bank account. They’ll be converted using an exchange margin of 2.85% and added to your GBP Cashplus Account.
Inbound Payments sent in any foreign currency and GBP – The payment is converted into GBP before it reaches Cashplus. Once we receive the payment, it’s already in GBP. If you’d like to query the paying bank’s current exchange margin, please ask the sender to confirm.