Conversions and Payments

Here you can find information about making conversions and payments.

Is there a minimum or maximum transfer amount?

There is currently no minimum or maximum transaction size for business customers. However, for individuals, in some cases, there may be a minimum transfer imposed. Please contact your account manager or email [email protected] to find out more.

Are there any fees for international payments?

Rutland FX does not charge any fees for international payments, currency conversions, or multi-currency accounts.

What mark-up does Rutland FX apply to the inter-bank rate?

The markup applied to your conversions will depend on the size of the conversion, your annual FX volumes and the number of outbound payments you make. you can get a live quote here.

Can I pay for my conversion using a debit or credit card?

Rutland FX does not currently support debit or credit cards as a funding option.

Can I pay for my conversion with Direct Debit?

Rutland FX does not currently support direct debit as a funding option.

How do I cancel a conversion?

If you find it necessary to cancel a conversion due to an error in booking or any other reason, please reach out to your account manager or contact [email protected]. Provide the deal reference number and specify your intention to cancel. If the trade has not yet settled, we can assist you in cancelling it. However, if the trade has already been settled, the only option would be to convert the currency back. Please note that cancelling a conversion may incur costs, including the spread between buying and selling rates, as well as any fluctuations in the exchange rate between booking and cancellation.

How do I cancel a Payment?

To cancel a payment that has not yet been dispatched, navigate to the ‘Payments’ tab under the ‘Search’ menu. Here, you will find all your pending outbound payments. Locate the payment you wish to cancel, select it, and click on ‘Cancel Payment’. If the payment has already been dispatched, it cannot be cancelled. However, you can request a recall of the funds by contacting [email protected].

How do I recall a Payment?

To recall a payment that has already been dispatched, please contact your account manager or email [email protected], quoting the payment reference number of the payment you want to recall. Please note, recalls are only performed on a ‘best endeavours’ basis, as they require the cooperation of corresponding and receiving banks, along with approval from the beneficiary. We are unable to seek an update until seven business days have passed to ensure standard handling time for the message to be processed. It’s important to note that we can only place one recall on a payment, and these recalls cannot be cancelled once initiated

How do I trace my payment?

To request a trace of a payment please contact [email protected] quoteing the payment reference number and the reason for the trace.

How do I track a Swift payment?

To track a payment and its progress within the SWIFT network, you can navigate to the ‘SWIFT Payment Tracking’ tab in the menu. Enter the payment reference number to initiate the trace. Alternatively, you can contact [email protected], and we will track it for you.

Why was my international payment returned?

If you receive a payment failed notification email, it indicates that the international payment was returned to your account. This can happen for various reasons. The payment failed notification email will include a reason field; for example, ‘INVALID BIC CODE’ would suggest that the BIC code was entered incorrectly. In such cases, you should delete the beneficiary and set it up again, paying closer attention to the bank details. Occasionally, the correspondent bank may deduct their processing fees from the funds sent, which will be reflected in the returned amount.

How long will it take for my recipient to receive the funds?

Funds dispatched via the SWIFT network typically arrive within a few hours. However, in some cases, it can take 1-2 business days to reach the beneficiary. For local payment routes like SEPA, it may take a day or two longer.

What is a Intermediary or Correspondent Bank Fee?

Intermediary (corresponding bank) fees are small charges, usually between £5 and £25, deducted from a small number of international payments (SWIFT) before they arrive at the beneficiary. These fees are not taken by Rutland FX, and the majority of payments will not incur an intermediary fee. However, if it does occur, the amount taken depends on the intermediary banks involved in that particular payment route. you can read more here.

Can I withdraw or deposit cash from my accounts?

Currently, you cannot withdraw or deposit cash into your Rutland FX account.

What is a Bank Code for local payments to Sweden

The ‘bank code’ or ‘bank number’ for local payments to Sweden is typically a 7-digit number, although in some cases, it can be 9 or 10 digits depending on the beneficiary’s bank. It’s important to obtain this information directly from the beneficiary.

What is ABA for Local payments to the USA?

ABA stands for “American Bankers Association,” and an ABA number is a routing number used for local USD payments. You can obtain the ABA number from the beneficiary you are trying to pay.

What is a Fedwire payment?

The Federal Reserve Banks in the United States operate a payment system known as Fedwire. This system enables real-time gross settlement of fund transfers in U.S. dollars. Each bank participating in Fedwire is assigned a unique identifier called a Fedwire Routing Number, which is utilised to identify the institution and route payments. Accepts payments originating in the US sent via Fedwire. For Corporate Accounts: Maximum daily payment limit is $5m ($15m per annum). For Personal Accounts: Maximum daily payment limit is $150k ($350k per annum)

What is a ACH payment?

ACH stands for Automated Clearing House and is a local payment route for US Dollars. It involves an account number and an ACH routing number. This routeAccepts payments originating in the US sent via ACH. For Corporate Accounts: Maximum daily payment limit is $1m ($15m per annum). For Personal Accounts: Maximum daily payment limit is $150k ($350k per annum).

What is an IBAN number?

IBAN stands for International Bank Account Number. It is a code which is usually up to 34 characters in length that are used for cross border payments. The different characters that make up the IBAN represent the country code, check digits, bank code, branch code and bank account number. you can read more here.

What is a CNAPS code?

The CNAPS is a 12-digit number used for sending CNY to China and can be considered the China equivalent of a sort code in the United Kingdom.

What is an Account Number?

An account number is a set of digits used to identify your beneficiary or your own bank account.

What is a sort code?

A Sort code is a 6 digit number used for local payments in GBP.

what is a Clabe Number?

A CLABE number is an 18-digit code used to uniquely identify bank accounts in Mexico.

What is a Bank Code and Branch Code for Local payments to Canada?

Local payments to Canada are facilitated through Electronic Funds Transfer (EFT). The Branch code, also known as the ‘Transit (Branch) Number’, and the Bank code, sometimes referred to as a ‘Financial Institution Number’, are crucial in directing payments to the intended bank. When combined, these codes form what is commonly known as a Routing Number. The Routing Number follows the format 0XXXYYYYY, comprising a leading 0, the 3-digit Bank Code (XXX), and the 5-digit Branch Code (YYYYY). For instance, a Routing Number such as 046800096 corresponds to Bank Code 468 and Branch Code 00096.

What is a BSB number?

BSB (Bank-State-Branch) is a six-digit code that identifies bank branches in Australia.

What is an IFSC code?

IFSC, short for Indian Financial System Code, is an alphanumeric code comprising 11 characters. Its primary function is to uniquely identify each branch of every bank operating within India.