Send Money Abroad

It’s easy to send money abroad with Rutland FX. Businesses and individuals can sign up for an account for free, as long as you meet the criteria listed on our application guidelines page. Once you’re all set up, you can make currency conversions and global money transfers directly on the platform. Our goal is to simplify finding the best international money transfer options for you. If you prefer, you can also contact your account executive for assistance.

The bank details required for an international remittance will depend on:

• Where you are sending the money
• What currency you are sending
• Whether it’s via the SWIFT network or one of our local payment routes

Usually, you’ll need the recipient’s full name or company name, address, IBAN number, and BIC/SWIFT code. However, that’s not always the case. For example, when making an international currency exchange from GBP to USD to the USA, you may require an account number or ABA number.

The platform will always show you what information is needed. However, if you’re still not sure, you can contact support or your account executive for assistance.

The fastest way to send money internationally is via SWIFT GPI. This method is highly efficient, with 40% of payments arriving in less than 5 minutes and the majority of payments arriving within 24 hours. With SWIFT GPI, it’s possible to make an instant international money transfer in some cases. SWIFT GPI also makes it easy to track the progress of your payments through the SWIFT network, providing transparency for your international bank transfer. You can track your payment directly on the platform.

To make a payment via SWIFT GPI with Rutland FX, simply select “Priority Payment.” If available for your transaction, SWIFT GPI will be enabled automatically so you can make a quick international money transfer.

Rutland FX offers free UK-based multi-currency accounts in your name or your business’s name, designed to make managing your international finances easier. Whether you’re a business dealing with multiple currencies or an individual with overseas interests, our multi-currency accounts provide a convenient solution, allowing you to receive funds and hold balances in multiple currencies until you need to send them out, simplifying cash management and reconciliation.

FAQs: Sending Money Abroad

What is an IBAN?

An IBAN (International Bank Account Number) is a unique identifier used in international transactions to identify a specific bank account. It ensures that money is directed to the correct account during cross-border transfers. The IBAN is structured as follows:

• The first two letters represent the country code.
• The next two digits are check digits.
• The remaining characters represent the bank account number.

For example, an IBAN for a UK account might look like this: GB29 NWBK 6016 1331 9268 19.

What is a SWIFT Code?

A SWIFT code, also known as a BIC (Bank Identifier Code), is a standard format for Business Identifier Codes approved by the International Organization for Standardization (ISO). It is used to identify banks and financial institutions globally. A SWIFT code consists of 8 or 11 characters:

• The first four letters represent the bank.
• The next two letters represent the country.
• The next two characters represent the location.
• The last three characters (optional) represent the branch.

For example, a SWIFT code for Barclays Bank in London might look like this: BARCGB22.

Is SWIFT and BIC the Same Thing?

Yes, SWIFT and BIC are the same thing. SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes are also known as BIC (Bank Identifier Codes). They are used to identify banks and financial institutions globally for international transactions.

What is the Difference Between SWIFT and Local Payment Routes?

The SWIFT network is the primary and default method for facilitating international payments because it offers speed, traceability, and recallability. With SWIFT, you can track payments along their journey, monitor their delivery status, and there are no limits on the amount you can transfer.

Local payment routes, on the other hand, are used for domestic transactions within a specific country. These may be slower and are not traceable or recallable like SWIFT payments. Additionally, local payment routes often have lower fees compared to international SWIFT transfers.

Can I Receive Funds from Abroad?

Yes, we can provide you with a multi-currency account that supports SWIFT transfers. This is particularly useful if you are selling property or assets abroad and need to repatriate funds at a better exchange rate. However, we can only onboard you as a customer if you are a citizen or have a residence in, or if your business is registered in, one of the supported countries.

Are There Any Limits on the Amount of Money I Can Transfer Abroad?

There are currently no transfer limits on SWIFT payments with our service. This means you can settle large invoices or move substantial amounts of money with ease using our platform. However, some local payment routes have limits, so please check on the platform or with your account executive.

How Do I Track the Status of My Transfer Abroad?

If your transfer is sent as a priority payment and is SWIFT gpi enabled, you will be able to track the transfer directly on the platform. Alternatively, you can contact your account executive for assistance. You will be able to see the full journey of the transfer along the SWIFT network, detailing how long it took to arrive and any deductions taken by correspondent banks, if any.

How Do I Cancel or Amend a Transfer Abroad After It Has Been Initiated?

You should always double-check bank details and ensure you want to dispatch a payment before sending funds internationally to avoid delays. However, on some occasions, you may want to cancel a payment. If a payment has been instructed on your account but has not yet been dispatched, you can cancel it on the platform or by contacting support.

If the payment has already been dispatched and the funds have gone to a trusted recipient, the fastest way to get the funds back would be to ask the recipient to send it back to your account. If not, we can action a recall on the funds; however, this is not guaranteed and may require consent from the recipient if the funds have credited their account.

How Can I Contact Support?

We offer live support via telephone and email. Email support is available 24 hours a day, ensuring you can get assistance at any time. Telephone support is available during UK business hours, from 8:30 AM to 5:30 PM.

How Are My Funds Protected?

As an Electronic Money Institution (EMI), Currency Cloud is obligated to maintain adequate capital reserves and ensure the proper safeguarding of customer funds. All funds received in relation to electronic money will be safeguarded in tier-one credit institutions such as Barclays Bank PLC. This ensures that in the unlikely event of our insolvency, administrators would reimburse your funds from the safeguarded funds.