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| help index | foreign transactions | paying money in from abroad Please select one of the following categories for a list of questions: Q. Can I pay a foreign cheque into my smile account? A. Yes but it must be payable to you and you need to sign the back of the cheque and send it to us with a paying in slip. Our address is: smile foreign - team 567 Please don't send foreign cheques to the usual address for sterling cheques (Northampton) or pay them in at the Post Office, as they can't be processed there. If your cheques are less than the equivalent of £2000 then it takes 5 working days to get them into your account. We charge £4 for paying cheques up to the value of £100 into your account and £8 for cheques between £100 - £2000. We can negotiate any single cheque upto the value of £2000. Cheques in the same currency and drawn on the same country can be negotiated up to a total value of £5000 and are charged at 0.25% of the sterling amount. We can only negotiate up to £5000 worth of cheques in any 28 day period. We pay the money into your account, then wait for the other bank to send us the money. If the cheque is returned unpaid, we'll take the money back and charge you £10.00 for the cheque being returned. This is what we call ‘with recourse'. There may also be a loss on the exchange rate as the currency has to be bought back. If your cheque is for more than £2000 then we'll need to send this for collection. This takes 6 - 8 weeks to get into your account and we charge 0.25% of the value of the cheque, maximum £60. The minimum charge is £15 for U.S. dollar cheques and £16 for cheques in any other currency. It takes longer in this case because we have to send your cheque back to the foreign bank and wait for them to transfer the money electronically. The issuing bank may also charge for cashing the cheque and remitting the funds. Any cheques not drawn in the currency of that country must also go for collection, regardless of the amount. This also applies on foreign cheques payable to persons under the age of 18. We reserve the right to send any cheque for collection, as we can only negotiate a cheque if your account is being operated fully within the terms and conditions. Q. What do I need to know if an overseas bank will be sending money to my smile account? A. When money is being sent electronically from another country to credit your smile account, the sending bank will need the following information:
The rate of exchange will be based on our 'buy' rate the day the money is received. This will be based on current market rates and will be comparable to those used by other banks and building societies within the UK. We charge £6.00 for money received from overseas, if the remitter has said that you should pay our charges. However, we will not make a charge if the value received is less than £100. Q. What is an IBAN? A. IBANs (International Bank Account Numbers) were introduced to standardise the identification of bank accounts. Your IBAN will include your sort code and account number. Q. How do I know what my IBAN is? A. IBANs are displayed on all online statements and recent items. | |||||||||||||||||||||||||||||||
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