Payment & Settlement Cut Off Times

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 corresponding banks involved. It is important to note that “same day payments” specifically refer to payments made via the SWIFT payment route and not local routes such as SEPA, as local routes can take longer.

  • 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.
Currency
Currency code
Cut-off time
US Dollars USD 15:30
Euro EUR 13:30
Japanese Yen JPY 13:00
Australian Dollar AUD 13:00
Canadian Dollar CAD 14:00
Chinese Yuan CNY 08:00
Hong Kong Dollar HKD 13:00
Hungarian Forint HUF 08:00
Israeli Shekel ILS 13:00
Indian Rupee INR 15:30
Kenyan Shilling KES 13:00
Malaysian Ringgit MYR 15:30
Mexican Peso MXN 08:15
New Zealand Dollar NZD 13:00
Omani Rial OMR 13:00
Philippine Peso PHP 15:30
Polish Zloty PLN 08:30
Qatari Riyal QAR 13:00
Romanian Leu RON 08:00
Saudi Riyal SAR 13:00
Singapore Dollar SGD 13:00
South African Rand ZAR 09:30
Swedish Krona SEK 09:45
Thai Baht THB 08:00
Turkish Lira TRY 08:30
Ugandan Shilling UGX 08:30
United Arab Emirates Dirham AED 13:00
Currency
Currency Code
Swift Cut-off Time
Local Cut-off Time
Australian Dollar AUD 2:00 PM 1:30 PM
Bahrain Dinar BHD 2:00 PM
Canadian Dollar CAD 4:45 PM 4:00 PM
Chinese Yuan CNH 9:00 AM
Czech Koruna CZK 9:00 AM 9:00 AM</
Danish Krone DKK 10:30 AM 8:50 AM
Euro EUR 2:30 PM 6 PM (SEPA instant), 2 PM (SEPA credit transfer)
Hong Kong Dollar HKD 2:00 PM 2:00 PM
Hungarian Forint HUF 9:00 AM 9:00 AM
Indian Rupee INR 4:30 PM
Indonesian Rupiah IDR 4:30 PM
Israeli Shekel ILS 2:00 PM
Japanese Yen JPY 2:00 PM
Kenyan Shilling KES 2:00 PM
Kuwait Dinar KWD 2:00 PM
Malaysian Ringgit MYR 4:30 PM
Mexican Peso MXN 9:00 AM
New Zealand Dollar NZD 2:00 PM
Norwegian Krone NOK 10:30 AM 10:30 AM
Omani Rial OMR 2:00 PM
Philippine Peso PHP 4:30 PM
Polish Zloty PLN 9:30 AM 9:30 AM
Qatar Rial QAR 2:00 PM
Romanian Leu RON 9:00 AM 9:00 AM
Saudi Riyal SAR 2:00 PM
Singapore Dollar SGD 2:00 PM 24-hour weekday availability
South African Rand ZAR 10:30 AM
Swedish Krona SEK 10:30 AM 10:30 AM
Swiss Franc CHF 10:30 AM
Thai Baht THB 9:00 AM
Turkish Lira TRY 9:30 AM 9:30 AM
Ugandan Shilling UGX 9:00 AM
UK Sterling GBP 5:00 PM 24-hour weekday availability
United Arab Emirates Dirham AED 2:00 PM
US Dollar USD 4:30 PM 8:45 PM

Key Points to Remember

  • Conversion Cut-off Times: Ensure FX conversions are requested and settled before the cut-off time for it to credit your multi-currency account on the same day.
  • Payment Cut-off Times: Ensure outbound payments are initiated before the payment cut-off time to dispatch the payment to the recipient the same day.
  • Same Day Payments: Refers to the dispatch of the payment itself. Payments dispatched on the same day via SWIFT in the majority of cases arrive with the recipient on the same day, barring local routing delays.
  • Avilable Currencies: The currencies listed under conversion cut-off times support same-day settlement. We offer other currencies too, but they may only have next-day or spot (three-day) settlement. For a full list of the currencies we support regardless of settlement you can check our currency capabilities.

What if I Don’t Settle a Spot Trade in Time For The Cut-off?

If a spot trade is not settled by the cut-off time on the settlement date, back office will automatically swap your trade to the next available settlement date, providing you with extra time to settle. If the funds you send to settle your trade arrive after the cutoff time, any instructed payments linked to the spot FX conversion won’t be dispatched until the next trading day. If a trade is not settled within three business days of the original settlement date, it may incur swap costs or be closed on the platform.

Still not sure?

If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.