Receiving international payments
There are a number of ways we can help you receive payments from overseas – some will incur costs and others are free of charge. Just contact your customer, explain how you’d like them to pay and we will do the rest.
Options for receiving money from abroad include:
Electronic payments
Receive funds in sterling or foreign currency, direct to your account, through the SWIFT payment system. Simply give the overseas party your Co-operative Bank account details in BIC (Bank Identifier Code) and IBAN (International Bank Account Number) format. These are found on your Co-operative Bank statement of account.
Cheques
Foreign currency cheques or overseas Banker’s Drafts will be processed on a ‘negotiation with recourse’ or ‘collection basis’. These cheques will always be cleared as quickly as possible.
Negotiation with recourse
Suitable where a cheque is drawn in the local currency of the country in which it is issued (i.e. in US dollars payable in a bank in the USA).
Collection
If a cheque is drawn in a currency other than the one in which it is issued (i.e. sterling on a bank in Germany), we will send it for collection to the bank on which it is drawn. Your account will be credited when we receive the money or have an assurance that it will be paid.
View our list of international banking tariffs
For more information, contact your Relationship Manager or nearest Corporate Banking Centre. Alternatively, call the Foreign Services Team on 08457 55 88 88.
