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.