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Multi-Currency Accounts

Rutland FX can provide you with free access to AUD multi-currency accounts in you or your company’s name that support SWIFT transfers.
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Rated 4.5 out of 5 on Trustpilot

Rutland FX is rated Excellent on Trustpilot and has been trading for over seven years, powered by a Visa solution, “Currency Cloud”.
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Competitive Exchange Rates

Rutland FX will offer the most competitive exchange rate possible based on the amount you are converting.
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To send money to Australia from the UK with Rutland FX, you will need to register for an account. If you already have an account, you can log in and get a quote. If you are happy with the quote, you can then book the conversion directly on the platform or by contacting your account executive, who can assist you with making the transfer. Once the conversion is booked and settled, you can then instruct a payment to Australia via SWIFT or Direct Entry.

To send money to Australia from the UK, you will need the following information based on the method of transfer:

For a priority SWIFT transfer, you will need:

  • Recipient Name and Address: Whether sending to an individual or a business, include the full name and address of the recipient. This helps verify the recipient and ensures the funds reach the correct entity.
  • BIC/SWIFT Code: The Bank Identifier Code (BIC), also known as the SWIFT code, is an 8 or 11-character code that uniquely identifies the recipient’s bank. This code ensures that the money is sent to the correct bank.
  • Account Number: The specific bank account number of the recipient. This ensures the funds are deposited into the correct account.

For a direct entry transfer, you will need:

  • Recipient Name and Address: Whether sending to an individual or a business, include the full name and address of the recipient. This helps verify the recipient and ensures the funds reach the correct entity.
  • BSB Code: The Bank State Branch (BSB) code is a six-digit number used to identify the recipient’s bank and branch in Australia. This code ensures that the money is directed to the correct bank branch.
  • Account Number: The specific bank account number of the recipient. This number, in conjunction with the BSB code, ensures the funds are deposited into the correct account.

The fastest way to send money to Australia is via SWIFT. Rutland FX provides same-day AUD transfers to Australia via SWIFT at no additional cost. To guarantee a same-day transfer, book and settle your conversion before the 13:00 UK cut-off time. Although recipients usually receive the funds within a few hours, in some cases, it may take 1 to 2 business days depending on the receiving bank and corresponding banks.

The Bank State Branch (BSB) code is a crucial piece of information when sending money to Australia via Direct Entry. The BSB code is a six-digit number that helps identify the recipient’s bank and branch in Australia. This ensures that the money is directed to the correct bank branch. The BSB code is structured as follows:

  • The first two digits represent the bank.
  • The third digit represents the state where the branch is located.
  • The last three digits represent the specific branch.

For example, a BSB code of 123-456 identifies a specific branch of a bank in a particular state, ensuring that the funds are routed accurately within Australia.

Rutland FX offers Direct Entry as a local payment route. It’s an alternative to SWIFT for cases where the recipient does not support SWIFT payments or when the payment is dispatched as a non-priority payment. Direct Entry is a payment system used in Australia for processing domestic payments. Managed and operated by the Australian Payments Network (AusPayNet), it allows businesses and individuals to transfer funds directly to Australian bank accounts in AUD. This method is especially beneficial for those making regular payments to Australia, such as for business transactions, personal remittances, or paying for services.

The SWIFT network is the primary and default method Rutland FX uses for facilitating international payments because it offers speed, traceability, and recallability. With SWIFT, we can track payments along their journey and monitor their delivery status, and there are no limits on the amount you can transfer. However, in some instances, you may opt to send money to Australia from the UK via a local payment route. The current supported route for local payments is called Direct Entry. It’s important to note that the cut-off time for SWIFT is later than the cut-off time for Direct Entry. This means you have more flexibility and a longer window to initiate SWIFT payments compared to Direct Entry payments.

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When you convert one currency into another for immediate transfer, it’s termed a spot trade. Simply put, ‘spot’ means settling the transaction immediately or ‘on the spot’. This involves buying and selling currencies simultaneously. Normally, funds become available within three business days from when you initiate the transfer unless you specify ‘tod’ for today in the case of same-day transfers, or ‘tom’ for tomorrow.

Rutland FX does not charge any payment, conversion or account fees instead we apply small mark-up to the exchange rate based on the amount of currency you need, this means the more currency you plan to convert the more competitive our exchange rates will be.

Intermediary (correspondent 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.

Rutland FX can instruct SWIFT payments using one of three different methods: “OUR”, “SHA”, and “BEN”.

– “OUR” means Rutland FX will take on these charges, ensuring the correct and full amount arrives at the beneficiary without any deductions.

– “SHA” means the intermediary fees will be shared equally between Rutland FX and the beneficiary.

– “BEN” means the beneficiary will pay for the fees in full. You should note that it is not good practice to use “BEN” unless you have a prior agreement with a supplier.

All of our SWIFT payments are instructed by default to “SHA”, meaning that in the event an intermediary fee is charged on one of your payments, Rutland FX will cover half the cost of the fee at no expense to you.

Rutland FX is a UK-based financial technology company (FinTech) that has assisted businesses and individuals in reducing the cost of cross-border payments and managing currency risk for over 7 years. The Rutland FX trading platform is powered by “Currency Cloud,” a subsidiary of Visa. The Currency Cloud Limited is regulated and authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), under the firm reference number 900199. This authorisation level is equivalent to that of PayPal. You can verify this information by searching the firm reference number on the FCA website and checking the “Firm Status”. For comprehensive information about Rutland FX’s regulatory and security details, you can visit this page.

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 held in one or more segregated client accounts with tier-1 banks, such as Barclays Bank PLC. This ensures that in the unlikely event of Currency Cloud or Rutland’s insolvency, administrators would reimburse your funds from the segregated safeguarded funds.

To open an account with Rutland FX, you will need to register online here. After submitting your application, our onboarding team will review it. If no further information is needed, your account will be enabled the same day. Multi-currency accounts will then be immediately available. At this stage, your account manager will also contact you to address any final questions and guide you through making your transfer if required.

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