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Multi-Currency Accounts

Rutland FX can provide you with free access to EUR multi-currency accounts in you or your company’s name that support SWIFT or SEPA payments.
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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 Spain 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 Spain via SWIFT or SEPA.

For a SWIFT transfer, which supports multiple currencies and offers features like tracking, tracing, and recalling payments, you will need the following information:

  • Recipient’s Name: The full name of the person or business receiving the funds.
  • IBAN Number: The International Bank Account Number (IBAN) is a unique identifier for the recipient’s bank account. It ensures that the funds are directed to the correct account.
  • BIC/SWIFT Code: The Bank Identifier Code (BIC) or SWIFT code is an 8 or 11-character code that uniquely identifies the recipient’s bank. This code helps in routing the payment to the correct bank.

For a SEPA transfer, which is limited to Euro transfers within Europe, you will need the following information:

  • Recipient’s Name: The full name of the person or entity receiving the funds.
  • IBAN Number: The International Bank Account Number (IBAN) is necessary for SEPA transfers as well. It ensures that the funds are directed to the correct account.

The fastest way to send money to Spain is via SWIFT. Rutland FX provides same-day EUR transfers to Spain via SWIFT at no additional cost. To guarantee a same-day transfer, book and settle your conversion before the 13:30 UK time cut-off. 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 correspondent banks.

An IBAN (International Bank Account Number) is a standardised code used internationally to identify individual bank accounts and facilitate cross-border payments. Typically, an IBAN can be up to 34 characters in length and consists of a series of alphanumeric characters. Each part of the IBAN serves a distinct purpose, ensuring that international transactions are processed accurately and efficiently.

SEPA, or the Single Euro Payments Area, is a European Union initiative aimed at simplifying and harmonizing euro-denominated payments across its member countries. It enables consumers, businesses, and public entities to make cross-border electronic payments as easily and efficiently as domestic ones. By standardizing the format and rules for credit transfers, direct debits, and card payments, SEPA enhances the efficiency, speed, and security of transactions within participating countries. This integration supports economic stability and growth by facilitating smoother financial operations and reducing the costs associated with cross-border payments. Rutland FX offers SEPA as a local payment route for Euro.

For international payments to Spain, SWIFT is generally faster than SEPA. At Rutland FX, we prioritise using SWIFT for payments, while SEPA serves as our “regular” payment option. Notably, Rutland FX does not charge any additional fees for choosing SWIFT over SEPA. Therefore, we recommend using SWIFT in most cases, unless the recipient’s account is not connected to the SWIFT network.

SEPA payments are limited to Euro transfers within Europe, including Spain. In contrast, SWIFT supports multiple currencies. For instance, if you need to send USD to a USD account in Spain, SWIFT is the appropriate choice. This flexibility makes SWIFT a preferred option for various international transactions. Additionally, with SWIFT, we can track, trace, and recall 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 (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.

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.