Rutland FX, offers same day payments for most of our currencies. It’s important to understand the specific cut-off times for both FX conversions and outbound payments. This page details the cut-off times and provides examples to illustrate how they impact same day payments.
Understanding Cut-off Times
Cut-off times are deadlines by which specific actions must be completed to ensure that transactions are processed on the same day. At Rutland FX, there are two main types of cut-off times:
- Conversion Cut-off Time: The latest point in the business day by which an FX conversion request must be received and settled to credit your multi-currency account.
- Payment Cut-off Time: The latest point in the business day by which an outbound payment must be initiated from your multi-currency account to ensure it is dispatched to the recipient the same day.
Conversion Cut-off Times
Conversion cut-off times refer to the deadlines for completing a Spot FX conversion. Meeting these times ensures that the converted funds are credited to your multi-currency account on the same day.
Example: GBP to EUR Conversion
- The conversion cut-off time for converting GBP into EUR is 2 PM UK Local time, if you request the conversion and settle the transaction before this time, the funds will be credited to your Euro multi-currency account with Rutland FX the same day.
- If you request the conversion and settle the transaction after this time, the funds will be credited to your Euro multi-currency account with Rutland FX the following day.
Payment Cut-off Times
Payment cut-off times refer to the deadlines for initiating outbound payments to a recipient. Meeting these times ensures that the payment is dispatched to the recipient the same day.
Example: USD Outbound Payment
- The payment cut-off time for USD is 4 PM, if you already have USD available in your Rutland FX account and initiate the payment before this time, it will be dispatched the same day and usually creditited to the recipient the same day.
- If you instruct the outbound payment to your recipient after the payment cut-off time the payment may still be dispatched however the funds may not credit to the recipient until the following day.
Clarity on “Same Day Payments”
By “same day payments,” we refer to payments instructed where any necessary conversion has already been settled and/or funds are available in your Rutland FX account to dispatch a payment before the payment cut-off time for that currency. Same-day payments dispatched via SWIFT typically arrive with your recipient within a few hours, subject to the correspondent banks involved.
- SWIFT Payments: Payments sent via SWIFT before the cut-off time are dispatched the same day and are expected to be received by your recipient on the same day, typically within a few hours.
- Local Payments (e.g., SEPA): Payments made via local routes, such as SEPA, may not arrive on the same day.
- Priority Payments: To ensure your payments are sent via SWIFT, select “Priority Payment” when creating the payment. This will ensure SWIFT is used where possible as there is no additional cost.