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What is “FAST” for Payments to Singapore?

When making international payments to Singapore in Singapore Dollars (SGD), one commonly used payment route is FAST (Fast and Secure Transfers). FAST is managed by the Association of Banks in Singapore (ABS) and provides an efficient and secure way to transfer funds within Singapore.

What is PESONet for Payments to the Philippines?

PESONet, or the Philippine Electronic Fund Transfer System and Operations Network, is a domestic interbank payment system designed to facilitate electronic fund transfers within the Philippines.

What is SKN For Payments To Indonesia?

When making payments to Indonesia in Indonesian Rupiah (IDR), SKN (Sistem Kliring Nasional) is a payment route facilitated by Bank Indonesia, enabling efficient and secure transactions to and within the country.

Bank of England Keeps Rates at 5.25%

The Bank of England's Monetary Policy Committee (MPC) aims to keep inflation at 2% and support economic growth and jobs. At the latest meeting on June 19, 2024, the MPC decided to keep the Bank Rate at 5.25%. Most members agreed, but two preferred a slight reduction to 5%.

UK Inflation Update June 2024

Released in June, the May 2024, the UK's annual inflation rate fell to 2%, aligning perfectly with the Bank of England's target. This is the lowest inflation rate since July 2021 and a decrease from 2.3% in April.

What is an ABA Routing Number?

When you're making a payment to a bank in the USA, you'll likely encounter the term "ABA number." An ABA number, also known as a routing number, is a nine-digit code that identifies banks in the United States.

What is a Direct Entry Payment?

Direct Entry is a payment system used in Australia for processing domestic payments. It allows businesses and individuals to transfer funds directly to Australian bank accounts in AUD.

What is an EFT Payment?

EFT (Electronic Funds Transfer) is a system used to transfer money between bank accounts electronically within Canada. It is commonly used for domestic transactions, including direct deposits, bill payments, and other routine transfers.

What is an ACH Payment?

ACH (Automated Clearing House) payments are processed through a centralised network in the United States, managed by NACHA (National Automated Clearing House Association). These payments are typically used for direct deposits, bill payments, and other recurring transactions.

What is a Limit Order?

A limit order is a type of order to buy or sell a security at a specified price or better. It allows businesses and individuals to control the price at which their order is executed, providing a mechanism to ensure they don't pay more or sell for less than they desire.

What Does Hedging Mean?

Hedging is a financial strategy used to manage and mitigate risk in investment and business operations. By taking an offsetting position in a related asset or financial instrument, an investor or company can protect against potential losses from adverse price movements.

What is an SME?

Small and Medium-sized Enterprises (SMEs) are businesses whose personnel numbers fall below certain limits. The classification of SMEs varies by country, but they generally share common characteristics, such as being independently owned and operated, and having a more localised or niche market presence.

What is Profit Margin and How is it Calculated?

Profit margin is a key financial metric that indicates the degree to which a company or business activity makes money. It represents the percentage of revenue that exceeds the costs of production. Essentially, it measures how much out of every pound of sales a company actually keeps in earnings.

What is Currency Costing?

Currency costing, also known as foreign currency costing or exchange rate costing, is an essential aspect of international business and finance. It involves accounting for the cost implications of changes in exchange rates when conducting business across different currencies.

Managing Exchange Rate Risk: A Detailed Guide

Discover how SMEs can navigate market volatility with strategies as effective as those used by mega-cap corporations. At Rutland FX, we specialise in optimising currency strategies for SMEs, providing tailored solutions to manage currency risk.

US Federal Reserve Holds Interest Rates at 5.25% to 5.50%

The Federal Reserve announced today that it will maintain the target range for the federal funds rate at 5.25 to 5.50 percent, citing solid economic expansion and persistent inflation as key factors in its decision.

What is an Electronic Money Institution (EMI)?

An Electronic Money Institution (EMI) is a type of financial institution that is authorised to issue electronic money (e-money). E-money represents a digital alternative to cash, allowing for the electronic storage and transfer of value.

What is Two-Factor Authentication (2FA)?

Two-Factor Authentication, often abbreviated as 2FA, is a security process that requires users to provide two different types of identification before gaining access to an account or system.

US Consumer Price Index Rises 3.3% In May 2024

The U.S. Bureau of Labor Statistics reported today that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, following a 0.3 percent increase in April.

What is Freight Forwarding?

Freight forwarding involves coordinating and shipping goods from one place to another via a single or multiple carriers. These carriers can include air, sea, rail, or road freight.

What is M2 Money Supply?

M2 money supply is a broad measure of the money supply in an economy, including M1 money supply, savings deposits, money market securities, mutual funds, and other time deposits.

What is Balance of Payments?

The balance of payments (BoP) is a comprehensive financial statement that summarises a country's economic transactions with the rest of the world over a specific period, usually a year.

What is Exogenous Analysis?

Exogenous analysis is the study of external factors that influence a country's economic performance. These factors include international trade, foreign investment, global economic conditions, geopolitical events, and cross-border policy changes.

What is Endogenous Analysis?

Endogenous analysis focuses on internal factors within an economy, contrasting with exogenous analysis, which examines external influences. These internal factors include domestic policies, economic structures, institutional frameworks, and market dynamics.

What Is Purchasing Power Parity?

Purchasing Power Parity (PPP) theory serves as a fundamental concept in macroeconomics and foreign exchange analysis, providing insights into currency valuation and global economic dynamics.

What is the S&P Global UK Manufacturing PMI?

The S&P Global UK Manufacturing Purchasing Managers' Index (PMI®) is a economic indicator providing insight into the health of the UK's manufacturing sector.

7 Biggest Mistakes When Moving to Spain

Discover the 7 biggest mistakes to avoid when moving to Spain. Learn about essential visas and permits, the importance of visiting potential areas, securing employment, understanding cultural differences, learning Spanish, the benefits of renting before buying, and connecting with expat communities.

What is a UETR Number?

A UETR number, or Unique End-to-End Transaction Reference, is a unique identifier assigned to each international payment processed through the SWIFT gpi (Global Payments Innovation) network. It is a 36-character string that serves as a digital fingerprint for a transaction.

Remittance Advice Meaning?

A remittance advice is a document sent by a payer to a payee, detailing the payment made for goods, services, or any other transactions. It serves as a notification to the recipient that their invoice or bill has been paid.

US Nonfarm Payroll Update May 2024

Total nonfarm payroll employment increased by 272,000 in May, and the unemployment rate changed little at 4.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in several industries, led by Health care; government; leisure and hospitality; and professional, scientific, and technical services.

What is Consumer Duty? Explaining the FCA’s Initiative

The FCA has initiated a transformation within the financial services sector with the introduction of the Consumer Duty. This set of rules, slated for full integration into firms' operations by 2024, marks a pivotal step towards bolstering consumer protection and customer welfare.

What is Exchange Rate Volatility?

Understanding and assessing volatility is crucial for effective risk management. This article explores three methods to evaluate exchange rate volatility, average true range (ATR), returns distribution and implied volatility (IV).

What is Authy?

In today's digital landscape, relying solely on passwords is no longer sufficient to shield your accounts from cyber attacks. Two-factor authentication offers an additional layer of security by demanding two forms of identification, significantly heightening the difficulty for unauthorised users attempting to access your account. Rutland FX uses Authy to provide our customers with 2FA.

Payment Services Regulations 2017 (PSRs) in Context of PSD2

The Payment Services Regulations 2017 (PSRs) are closely tied to the Second Payment Services Directive (PSD2), an EU Directive that sets requirements for firms providing payment services. PSD2, which came into force on January 13, 2018, aims to promote innovation, improve consumer protection, enhance payment security, and reduce the costs of payment services.

What Does Fintech Mean?

Fintech stands for Financial Technology, Fintech is reshaping finance through digital payments, online lending, and personalised financial management tools. Discover how technology is democratising financial services, driving innovation, and empowering individuals and businesses globally.

What is a Local Payment Route?

Local payment routes are specialised financial transaction systems designed to facilitate efficient and speedy transfers within specific geographic regions. For example, in the UK, "Faster Payments" is considered a local payment route.

Can I Recall a SWIFT Payment?

Learn How to Recall a SWIFT Payment: Process, Steps, and Considerations. Understand the intricacies of recalling a SWIFT payment, from identification to processing, including key factors such as time sensitivity, fees, and legal compliance

Is a BIC and SWIFT Code the Same?

The BIC (Bank Identifier Code) and a SWIFT code are the same thing. They are both used to identify specific banks or financial institutions globally.

What is a Pegged Exchange Rate?

A currency peg involves a country's monetary authority fixing its currency's exchange rate to that of another currency. The pegged currency will rise and fall in tandem with the currency to which it is pegged.

What is Initial and Maintenance Margin?

Learn about initial margin, maintenance margin, and margin calls for UK businesses and individuals hedging currency exposure. Understand how forward contracts work, margin requirements, and risk management strategies to protect your positions.

US ISM Manufacturing PMI May 2024

Economic activity in the U.S. manufacturing sector faced contraction for the second consecutive month in May, marking the 18th time in the last 19 months, according to the latest Manufacturing ISM® Report On Business®.

How Long Does an International Bank Transfer Take?

When sending money across borders, one of the most common questions is, "How long does an international bank transfer take?" The answer isn't always straightforward, as it depends on several factors, including the destination of the funds and the payment route used.

Moving to Australia from the UK – Everything You Need to Know

Thinking about moving to Australia from the UK? You're not alone. Australia is a popular destination for Brits due to its high standard of living, career opportunities, and vibrant communities. This guide covers everything you need to know, from visa options to settling into your new home.

Trade Credit – Advantages and Disadvantages

Trade credit is a credit agreement between businesses where the supplier allows the buyer to purchase goods or services, deferring payment typically between 30 to 90 days. Terms can vary depending on the industry and the relationship between the buyer and seller.

Excise Duty UK Explained

Excise duty is a charge levied in addition to any customs duty that may be applicable to certain goods within the European Union. These goods can be of UK origin, received within the UK from intra-EU movements, or imported from outside both the UK and the EU.

UK VAT – Everything You Need to Know

VAT is an indirect tax imposed on the value added to goods and services at each stage of their production or distribution. It operates as a consumption tax, with consumers ultimately bearing the tax burden.

LCL (Less Than Container Load) Meaning

LCL, or Less than Container Load, refers to a shipping method where multiple smaller shipments from different suppliers are consolidated into a single container for transportation. Unlike Full Container Load (FCL) shipments, where a single consignment fills an entire container.

DPU Incoterms (Delivered at Place Unloaded) Explained

Delivered at Place Unloaded, is an incoterm that places responsibility on the seller for delivering the goods to the named destination, unloaded from the transport vehicle. Under DPU terms, the seller assumes responsibility for all costs associated with transportation and unloading of the goods.

DDU Incoterms (Delivery Duty Unpaid) Explained

Delivery Duty Unpaid, is an incoterm that places primary responsibility on the seller for delivering the goods to the named destination in the buyer's country. Under DDU terms, the seller assumes responsibility for all costs associated with transportation, excluding import duties and taxes.

EXW Incoterms (Ex Works) Explained

Ex Works, is an incoterm that places primary responsibility on the buyer for collecting the goods from the seller's premises. Under EXW terms, the seller's obligation is fulfilled when the goods are made available at the agreed-upon location, typically the seller's factory or warehouse.

CFR Incoterms (Cost and Freight) Explained

CFR, or Cost and Freight, is an incoterm that places primary responsibility on the seller for delivering the goods to the named port of destination. Under CFR terms, the seller assumes responsibility for all costs associated with transportation to the port of destination, including freight charges.

FOB Incoterms (Free On Board) Explained

Free On Board, is an incoterm that places primary responsibility on the seller for delivering the goods to the named port of shipment. Under FOB terms, the seller assumes responsibility for all costs associated with transportation and loading of the goods onto the vessel at the designated port.

CIP Incoterms (Carriage and Insurance Paid To) Explained

Carriage and Insurance Paid To, is an incoterm that places responsibility on the seller for delivering the goods to the agreed-upon destination. Under CIP terms, the seller assumes responsibility for all costs associated with transportation and insurance to the named destination.

CPT Incoterms (Carriage Paid To) Explained

CPT, or Carriage Paid To, is an incoterm that places responsibility on the seller for delivering the goods to the agreed-upon destination, typically in the buyer's country. Under CPT terms, the seller assumes responsibility for all costs associated with transportation to the named destination.

DAP Incoterms (Delivered At Place) Explained

DAP, or Delivery at Place, is an incoterm that specifies that the seller is responsible for delivering the goods to a named place, typically the buyer's premises or an agreed-upon destination, ready for unloading.

FCA Incoterms (Free Carrier) Explained

FCA, or Free Carrier, is an incoterm specifying that the seller fulfills their obligation by delivering the goods, cleared for export, to a named place. This named place can be the seller's premises, a carrier appointed by the buyer, or another agreed-upon location.

DDP Incoterms (Delivered Duty Paid) Explained

Delivered Duty Paid, is an incoterm that makes the seller obligated to deliver the goods to the buyer's designated location, cleared for import, and assumes all risks and costs associated with transportation, including import duties, taxes, and clearance fees.

CIF Incoterms (Cost, Insurance and Freight) Explained

Cost, Insurance, and Freight is an incoterm that places responsibility on the seller for delivering the goods to the agreed-upon port of destination in the buyer's country. The seller is responsible for all costs, including transportation, insurance, and freight, up to the point of destination.

Sourcing From China: Tips for Importers

Are concerns about sourcing products from China holding you back? While importing entails inherent risks, This guide is your passport to sourcing success, providing expert strategies to navigate the complexities like a seasoned pro.

Importing a Car From Japan To The UK

Are you considering importing a car from Japan to the UK? Japan is renowned for its high-quality vehicles and unique models that often aren't available in the UK market. However, the process of importing a car from Japan can seem daunting to many. But fear not, as we've compiled a detailed guide based on accurate information from government sources to walk you through the entire process.

How Could the July 2024 UK Election Impact the Pound?

Discover how the upcoming UK general election on July 4th could impact the British pound (GBP) and the economy. With Parliament dissolved from May 30th, this election holds significant implications for both political and economic landscapes.

UK Import Duty – Everything You Need to Know

Import duty is a tax collected on goods brought into the United Kingdom, impacting the cost and profitability of imported products. This guide aims to demystify import duty, explaining what it is, why it exists and who needs to pay it.

What is a Bill of Lading?

A Bill of Lading is a legal document issued by a carrier to a shipper, detailing the type, quantity, and destination of the goods being carried. The most common type of Bill of Lading (B/L) used in international trade is the “Ocean Bill of Lading.” This document is crucial for shipments transported by sea and is widely used due to the prominence of maritime shipping in global trade.

What is a Pro Forma Invoice?

A pro forma invoice is a preliminary bill of sale sent to buyers before goods are shipped or services are delivered. This document outlines the details of the transaction, including a description of the goods, quantities, prices, weight, and transport charges. Importantly, it serves as a quotation or a commitment to provide goods at the specified prices and terms but is not a demand for payment.

Bali Digital Nomad Visa – Everything You Need to Know

Digital nomads looking to stay in Indonesia have two main visa options: the B211A or the E33G Remote Worker Visa (KITAS). In this guide, we cover everything you need to know if you're considering a move to Indonesia.

What is Onfido?

Onfido is a technology company specialising in remote identity verification using advanced AI and machine learning, Onfido verifies the authenticity of government-issued IDs and matches them with biometric data from selfies or videos, ensuring the person presenting the ID is its rightful owner.

UK Inflation Update May 2024

Both the Consumer Prices Index including owner occupiers’ housing costs (CPIH) and the Consumer Prices Index (CPI) witnessed a slowdown in their annual rates. CPIH rose by 3.0% in the 12 months to April 2024, down from 3.8% in March, while CPI rose by 2.3%, down from 3.2% in the same period.

Moving to Dubai from the UK – Everything You Need to Know

Thinking of relocating to Dubai from the UK? Whether you're just considering the move or have already secured that dream opportunity, this guide will provide you with everything you need to know to get started. From practical tips to essential information, we've got you covered.

US Inflation Update May 2024

In April, the Consumer Price Index for All Urban Consumers (CPI-U) in the United States rose by 0.3 percent on a seasonally adjusted basis, following a 0.4 percent increase in March. Over the last 12 months, the overall index rose by 3.4 percent before seasonal adjustment.

What is “FAST”?

The "FAST" payment system implemented by the Central Bank of the Republic of Turkey (CBRT) streamlines electronic fund transfers in Turkish lira (TRY), allowing for near-instantaneous transactions between participating banks and financial institutions. This system enhances the efficiency and speed of domestic payments within Turkey.

What is Dataclearingen (DCL)?

Dataclearingen (DCL) serves as an infrastructure primarily utilised for credit transfers, money orders, and cheques in Sweden's financial ecosystem. Established in 1975, Bankgirot has taken on the responsibility of operating and managing DCL on behalf of its owner, the Swedish Bankers’ Association.

What is Transfond “SENT”?

SENT (Short for "Sistemul Electronic de Plati Tranzactionale") is a robust electronic payment system designed for the swift and efficient clearing of small-value interbank payments among participating institutions in the Romanian Leu (RON), as well as other currencies such as the Euro.

What is Elixir?

Elixir, a component of the Polish payments infrastructure managed by the Polish clearing house KIR, plays a central role in processing standard transactions such as social insurance and tax payments in Poland.

What is NICS?

The Norwegian Interbank Clearing System (NICS) is a component of Norway's financial infrastructure, handling the processing and clearing of payment transactions in Norwegian Krone (NOK).

What is GIRO Zrt?

GIRO Zrt., a central player in Hungary's financial infrastructure, operates the Interbank Clearing System (ICS), which processes domestic HUF transactions efficiently and cost-effectively.

What is SEPA?

SEPA, known as the Single Euro Payments Area, marks a significant shift in euro transactions. It allows customers to make cashless payments – like credit transfers and direct debits – effortlessly across the EU and some non-EU countries

What is Straksclearing?

Straksclearing Instant is a key component of Denmark’s payments infrastructure, specifically designed for immediate account-to-account transfers.

What is CERTIS?

CERTIS (Czech Express Real Time Interbank Gross Settlement system) is the primary interbank payment system in the Czech Republic, exclusively handling transactions in Czech koruna.

What is Safeguarding?

When selecting a provider for your cross-broder payment needs, it's crucial to understand how your money is safeguarded. Safeguarding, as mandated by the Payment Services Regulations 2017 (PSRs 2017) and the Electronic Money Regulations 2011 (EMRs) involves segregating customers' funds.

What is an IFSC Code?

An Indian Financial System Code (IFSC) is an 11-character alpha-numeric code use for international and domestic payments to India. It functions to differentiate between various bank branches participating in online financial transactions.

Bank of England Update May 2024

The Bank of England (BoE) released its monetary policy summary and minutes of the Monetary Policy Committee meeting (MPC) at 12:00 pm BST on May 9th, 2024, followed by a press conference discussing the latest economic trends and monetary policy. Here are some key takeaways:

How to Convert AED to GBP

Check the current AED to GBP rate and find out the best way to convert AED to GBP fast with no transfer fees and competitive exchange rates.

What is an MT103 SWIFT Message?

When a payment is submitted and dispatched via the Swift network, an MT103 Swift message is generated. This message holds key payment data that financial institutions can recognise, facilitating seamless tracking and verification of payment delivery.

US Federal Reserve Update May 2024

The United States Federal Reserve issued its FOMC (Federal Open Market Committee) statement at 2:00 PM EDT on the 1st of May 2024, followed by a press conference to discuss the latest economic data trends and monetary policy. Here are some key takeaways:

Why is There a Semiconductor Shortage?

Impacted by the semiconductor shortage in your supply chain? a look into what is behind the shortage and how long it is expected to last.

What is Currency Cloud?

Currency Cloud is a UK-based financial technology firm launched in 2012. Currency Cloud is Authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution.

What is a SWIFT code?

SWIFT payments or the most common way to make transfer across borders and are more transparent with SWIFT gpi, you can read more about it here.

What is a CNAPS code?

The CNAPS is a 12-digit number and can be considered the China equivalent of a sort code in the United Kingdom. You can read more about it here.

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.

What is Faster Payments?

Faster Payments is an electronic payment method that can be made online, over the phone or in a branch to remit GBP virtually instantly.

What is the Difference Between CNY and CNH?

CNY and CNH are codes for the currency in China known as Renminbi denominated in Yuan (¥).

What are Intermediary Fees?

Intermediary (corresponding bank) fees are charges deducted from international payments, typically ranging from £5 to £25. These fees are incurred during the transfer process when a payment passes through one or more intermediary banks before reaching the beneficiary.

How Secure is Rutland FX?

Rutland FX is a powered by a Visa solution; Currency Cloud. Currency Cloud is regulated and authorised by the Financial Conduct Authority as an Electronic Money Institution (EMI) under the firm reference number 900199.

What is an FX Forward Contract?

An FX Forward Contract is a financial instrument, it allows you to buy a notional amount of currency at a specific exchange rate for settlement at some point in the Future.

What Is SWIFT GPI?

SWIFT, an acronym for the Society for Worldwide Interbank Financial Telecommunication, is an international, member-owned cooperative established in the 1970s to pioneer a global financial messaging service. Out of this initiative emerged FIN (Financial Information Network), a communication system facilitating standardised message exchanges following specific MT formats set by SWIFT.

What is Spot FX?

Spot FX or sometimes called a spot transaction, refers to the simultaneous buying and selling of one currency against another, usually for settlement within two business days.