Business Current Account

All being well, you’ll never need to dip into it. But if you’ve ever experienced fluctuating cash flow (which many charities do from time to time), a pre-agreed overdraft facility allows you to bridge the gap and meet your financial commitments without incurring charges. 

Unauthorised overdrafts
Borrowing funds without authorisation can become an expensive business. We will always do our best to help you avoid unexpected costs, but the fact is, if you go over your agreed overdraft limit, or if your account becomes overdrawn with no agreement in place, a fee will be charged. If you try to make a payment or if direct debits or standing orders are presented for payment, and you don’t have enough funds in your account, these items may be returned unpaid. Again, you may be charged a fee for each unpaid item. Please read our overdraft terms and conditions carefully so you understand the importance of having the right borrowing arrangements in place. If you have any questions about the suitability of your overdraft, please contact us on 0207 398 5400.

If you already have a charity current account with a UK bank or building society and you want to switch it to Reliance Bank, we’re here to make sure everything happens simply and smoothly. It is guaranteed to take 7 working days and it’s free. It’s all part of the Current Account Switching Service.

To switch your account to us, start by opening a Business Current Account.

Sending Money Outside of the UK

When sending funds to an account outside of the UK it is important that you quote as many of the beneficiary’s (person receiving the funds) details as possible. You will need to quote the following:
•    IBAN – International Bank Account Number 
•    SWIFT Code/BIC 
•    You may sometimes be provided with a routing/fedwire number in place of a SWIFT Code/BIC
•    Beneficiary’s full name
•    Beneficiary’s address – This is particularly important for any payments being made to Canada where this is required to process the payment
•    Bank’s name
•    You may sometimes be required to supply details of an ‘Intermediary Bank’. The intermediary acts as a middleman between Reliance Bank, as the sending bank, and the receiving bank, to where you will be sending the funds.

You would be expected to provide the SWIFT Code/BIC and bank name of the intermediary bank; you will sometimes need to provide an account number too. 

Charges Incurred for International Payments

When making a payment to an account outside of the UK you will be charged dependent on the following: 
•    EURO Payments – A payment being processed to an account in EUROs within the European Economic Area (EEA) will incur no further charge to that of a Faster Payment. Personal customers will incur no charges for Faster Payments/EURO payments whilst Business customers will be charged dependent on agreed rates.
•    European Community Payments – Any payment made to a beneficiary within the European Economic Area (EEA) in a non-EURO currency will be sent on a ‘shared charges’ basis whereby Reliance Bank’s charge of £15 will be passed to you as our customer, and the receiving bank may apply a charge to the beneficiary account. The beneficiary will therefore not necessarily receive the amount sent in full.  
•    International Payments – Beneficiary Charges – Our standard charge for any payment sent outside of the EEA is £15. For such payments, the beneficiary may incur further charges on their account and so they will not necessarily receive the full amount that you have sent. 
•    International Payments – All Charges - If you wish to incur all the charges from both Reliance Bank and from the receiving bank, to ensure that the beneficiary will receive the full amount that you have sent, then please advise us.

You will incur an initial charge of £22.50 and further charges may be passed on to you at a later date. 

Receiving International Payments

If someone is to send funds to your Reliance Bank account from outside of the UK, the following information will need to be supplied by the individual sending the funds:
•    SWIFT Code/BIC - MIDLGB22
•    IBAN - GB70MIDL40053041376543
•    Bank – HSBC
•    Bank Address - 27-32 Poultry, London, EC2P 2BX
•    Beneficiary Account Name - Reliance Bank Ltd
•    Beneficiary Address - Faith House, 23/24 Lovat Lane, London, EC3R 8EB
•    It is vital that the individual sending the funds states ‘For further credit to your account name and account number’. This will ensure that the funds are credited into your account.