Disclaimer: Understanding “No Fees”

At Rutland FX, when we say “no fees,” we mean that we do not charge you any additional fees for the transactions you make with us. Instead, we generate our revenue from a markup on the exchange rate, which is derived from the price we receive from our providers. This means all of our costs are included in the exchange rate we offer you.

However, it’s important to note that depending on the payment route, there may be correspondent bank fees that are beyond our control. These fees are charged by intermediary banks that facilitate the transfer of funds between different financial institutions. While such correspondent bank charges are not frequent, they can occasionally occur. You can read more about correspondent bank charges here.

By default, Rutland FX sends SWIFT payments via the “SHA” (shared) method. This means if any correspondent bank fee is deducted from your payment, Rutland FX will cover half of this cost for you. If it is imperative that your recipient receives the full amount, we may, on some occasions, be able to send the funds using the “OUR” method. In this case, Rutland FX will take on the full cost of the correspondent bank fees.

To discuss this option and any specific requirements, please speak to your account executive. For further clarification or to speak to us, contact [email protected] or request a callback.

What Does Rutland FX Charge?

Rutland FX does not charge any fees for FX trades. Our revenue is generated from a mark-up on the exchange rates we offer. The margin applied to your account from the mid-market rate is based on several variables such as but not limited to:

• Annual Volume: The total volume of trades conducted over a year.
• Average Trade Size: The typical size of each individual trade.
• Number of Payments: The frequency of outbound payments and the ratio between outbound payments to conversions.
• Currencies: Some exotic currencies, such as IDR or UGX, may have a larger mark-up due to reduced liquidity.
• Account Management: Persistent late settlement of trades will increase the risk profile of your account. As a result, this may incur a higher spread.
• Major Events: If you trade around major events such as non-farm payrolls or other significant economic events, such as interest rate decisions, the spread may be wider to accommodate for enhanced exchange rate volatility.
• Payment Methods: Whether you use local routes or SWIFT gpi primarily can affect the exchange rates offered.

Due to these variables and others, it is difficult to provide a definitive answer. However, the best way to get a precise understanding of the cost is to request a callback and discuss your requirements with our sales team. The exchange rate you receive will always be clearly and transparently provided to you before you commit to a trade.

FAQ: Correspondent Bank Fees

What are correspondent bank fees?

Correspondent bank fees are charges imposed by intermediary banks that facilitate the transfer of funds between different financial institutions. These fees are not controlled by Rutland FX and can vary depending on the payment route.

How much are correspondent bank fees typically?

The amount of correspondent bank fees can vary, but they are generallyareound $10 per transaction. However, the exact fee depends on the specific banks involved and the complexity of the payment route.

When do correspondent bank fees tend to occur?

Correspondent bank fees are more likely to occur when there are multiple intermediary banks involved in a payment route. Each correspondent bank may impose its own fee for processing the transaction meaning local payment routes usually dont have correspondent bank fees.

Can correspondent bank fees occur for other reasons?

Yes, fees can also occur if a payment fails due to incorrect beneficiary bank details or other issues. For example, if the beneficiary’s bank account number or SWIFT code is entered incorrectly, the payment might be rejected and incur additional fees.

How can I avoid or minimise correspondent bank fees?

To minimise the likelihood of correspondent bank fees, ensure that all beneficiary bank details are entered correctly and accurately. Additionally, choosing local payment routes with can help reduce the potential for these fees.