Which payment method to use.
If you are sending Euros abroad then you should do so through either a SEPA or Real Time Euro Payment. For urgent payments please request a Real Time Euro Payment as these will be completed same day albeit for a higher tariff. Should you wish to send funds in any other major currency, a SWIFT. or US Structured Payment can be used. A US Structured Payment is ideal for sending low value dollar amounts to the USA.
Currencies your company can make a foreign payment in.
We deal in the following currencies:
AUD (Australian Dollar), CAD (Canadian Dollar), DKK (Danish Kroner), EUR (Euro), HKD (Hong Kong Dollar), INR (Indian Rupee), JPY (Japanese Yen), NZD (New Zealand Dollar), NOK (Norwegian Krone), PLN (Polish Zloty), SGD (Singapore Dollar), SEK (Swedish Kroner), CHF (Swiss Franc), USD (US Dollar)
If you would like a payment made in another currency other than that stated above, you can send the transfer in Sterling with the instruction for it to be remitted in the local currency. The beneficiary bank will then convert the payment according to its rate of exchange, before crediting the recipient’s account. We may also buy another currency if you need to make an alternative currency payment, however there will be additional charges for this on top of the usual agent’s fees.
How to request a foreign payment.
Foreign payments can be made online using Financial Director.
Alternatively, you can make any foreign payments under £20,000 by calling customer services on 03457 654 654^, or for requests over £20,000 you will need to send a fax with this request to 0161 201 9024. Faxes must either be written on business letterheaded paper or our new form. Please state the debiting sort code and account number, the amount you'd like to transfer and the currency you would like to transfer the funds in. Use the links above to find out which additional information you will need to provide for each payment method. The fax must be signed in accordance with the bank mandate we hold.
If you prefer, you can write to us to request a transfer, our address is as follows:
Foreign Services Team 607
The Co-operative Bank
PO BOX 200
Please be advised we may call you back to confirm the details of the payment.
Payments made with incorrect details.
Please try to ensure that all the details you provide are correct. In the event that details are incorrect, even for a slight error such as a spelling mistake on the account holder’s name, the beneficiary bank may reject the transfer and either contact us to inform us there is a discrepancy or return the transfer to us. We will then contact you to obtain the correct information which we will then pass on to the beneficiary bank or use to re-send the transfer. There are charges associated with amending an overseas payment, which can be found in our Foreign Currency Account Tariff found below. The beneficiary bank may also make a charge.
Cancelling a foreign payment.
Once your transfer has been sent we are unable to stop it. We cannot guarantee that funds can be recalled or payment instructions amended, as the beneficiary bank is not obliged to return the funds. If you would like to proceed with a cancellation or amendment, charges will be applied by us as well as any further charges from the beneficiary bank. If the transfer was sent in a foreign currency, you may be subject to an exchange rate loss if the payment is recalled and paid back into your account.
How our exchange rates are determined.
Our rates of exchange are set at 8:30am each day and will apply to all transfers below £20,000 made before the respective cut-off time for that day. They are based on current market rates and are comparable to those used by other banks and building societies within the UK. For transfers over £20,000, our dealers will negotiate the best possible rate for you at the time the payment is processed.
How to view your exchange rates.
Unfortunately we do not have the facility to display our exchange rates daily on the website. You can find out the exchange rate which will apply to your payment by calling our Foreign Services Team on 03457 558 888^ (lines are open 8am to 4pm, Monday to Friday).
View our Foreign Currency Account Tariff