Making payments

Currency Draft – for non-urgent payments, a currency draft operates like a cheque and is drawn on an overseas bank in the local currency. You collect it from your local Abbey branch or we’ll post it to you. You then forward it to the person or organisation you want to pay. Drafts are usually available within two days.

Telegraphic Transfers – for larger amounts or quicker payments, Telegraphic Transfers allow you to send money directly from your account to other banks in most parts of the world.

Telegraphic Transfers can be made in most major currencies including sterling. The funds will normally reach the beneficiary’s bank between two and five working days after your account has been debited. (For detailed timescales, please contact the Business Banking Centre on 0845 60 70 666)

Receiving payments

Receiving money directly from an overseas bank – give your customer your IBAN number, (shown on your statements). If your customer is located in a country that does not currently use IBAN numbers, you will need to give them your correct account number and sort code and any relevant reference number. Your customer then instructs their bank to make a payment directly. Once we’ve received the money, we credit it to your account by the close of business on the next working day.

Paying in cheques – you can pay foreign cheques into your account if they are payable to you and are less than six months old. We credit foreign cheques to your account in two ways:

Negotiation – cheques less than £2,500 (sterling equivalent), are credited to your account, without confirmation that the cheque has been paid by the bank on which it is drawn. However, if the cheque is returned unpaid we will debit your account at the prevailing exchange rate – so the amount debited may be more than the original credit. This usually takes six days. This service is subject to status.

Collection – we send the cheque to the bank of origin. We wait for the arrival of the funds before crediting your account. This process usually takes between four and eight weeks, depending on the country of origin.