Regular payments

Do you need to send regular payments abroad;

• for an overseas mortgage?
• to receive your UK pension or salary?
• to maintain a property abroad?
• to receive your rental income on an overseas property?

Buying property abroad or emigrating often involves a large one-off currency transfer followed by several smaller transfers to maintain a property or receive your pension for example. As the amounts are generally smaller, little attention is paid to the rates that your currency is exchanged at. This can unfortunately be costly over a period of time.

Foreign Currency Exchange operates a Regular Payment Facility to assist you in making regular overseas transfers. Whatever the reason for the payment, rental income, pension income, mortgage payments or simply account top-ups our facility aims to remove the aggravation and worry of making monthly transfers and exchange your funds at a competetive exchange rate. You can save time and money on exchange rates and transfer costs, and the facility is free to set up.
(There is a minimum transfer of £500 per month)

How does it work?

Step 1 – Register

In order to take advantage of our Regular Payment Facility you must be a registered client. Existing clients need not register. Registration is quick and easy and can be completed by visiting the open an account page. Simply inform your broker that you would like to make use of the regular payments facility, and they will explain the process to you in detail.

Step 2 – Set up a standing order

You will need to set up a standing order from your account to Foreign Currency Exchange for the regular amount you would like to transfer. This can be done either online or by visiting your bank. The details required to do this will be supplied once we have opened your account. When this is set up you must specify how much Sterling you wish to send abroad each month. This will then be automatically sent to us and we will exchange this immediately upon receipt at the prevailing rate and send on to the account of your choice.

You should choose either the 1st or the 15th day of the month for your funds to leave your UK bank account.

Standing orders will take 3 working days to reach us, so if you need to send funds between the 4th day of the month and the 18th you should choose the option of '1st day' of the month. If you require FCE to send funds between the 19th day of the month and the 3rd , you should choose the 15th day option.

Step 3 – Send us your onward payment details

After signing and agreeing to the conditions of the Regular Payment Facility you should return the document with your onward payment details using the freepost envelope provided in order for FCE to process your payments. FCE will send your currency immediately once your payment has been received. The length of time it takes the receiving bank to acknowledge and credit receipt of payments can vary according to bank and currency. Please allow at least 3 working for your funds to show in your foreign account.