International Payments FAQs

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International payments FAQs

  • What is an International Payment?

    International Payment means transferring funds (Including SEPA Credit Transfer payments), in any currency, from or to an account to another account outside of the UK, or transferring funds from or to another account inside the UK in any currency other than Sterling.

     

  • What are the International Payment products available from First Trust Bank?

    First Trust Bank provides three type of Outgoing International Payments. These are:

     

    1. SEPA Credit Transfer

    SEPA Credit Transfer payment is a single non-urgent Euro payment that is executed in accordance with the SEPA Scheme Rules. The Receiver’s bank must be SEPA reachable.

     

    2. Paylink

    Paylink should be used for all other international payments. Paylink payments can be sent in all major currencies to most destinations worldwide as either standard or urgent.

     

    3. Account Transfer FX

    Account Transfer FX allows you to transfer funds between your own Currency Accounts and to or from your own First Trust Bank Accounts located or administered in Northern Ireland.

  • What information do I need to make an International Payment?

    • Your account details:
      • NSC
      • Account Number

     

    • Receiver details:
      • Know the Receiver’s full name and address;

     

    • Acceptable Unique Identifiers for all payments are:
      • IBAN of the Receiver and BIC of the Receiver’s Bank (mandatory for intra EEA payments); or
      • Bank Account Number of the Receiver and Bank Code of the Receiver’s Bank or
      • Bank Account Number of the Receiver and BIC of the Receiver’s Bank; or
      • Bank Account Number of the Receiver, Receiver’s Bank and Receiver’s Bank full name and address or
      • IBAN of the Receiver is mandatory for Euro SEPA payments

     

    • Amount & currency
      • An exchange rate may be applied to the payment. The payment will be sent at the exchange rate of the day the payment leaves your account. Click here to review todays rates.
      • If the payment is over £20,000 a special rate will be provided

     

    • Purpose
      • Details of the purpose of the payment must be provided on all International Payments
  • What are the cut-off times for outgoing International Payments in First Trust Bank?

    Cut off time for outgoing International Payments initiated using Paylink or SEPA Credit Transfer paper application form are


    a) If we receive the payment application form before 4:30pm, we will process your payment the following Banking Day.


    b) We will attempt to process a payment application form on the same Banking Day, if payment value is equal or greater than £ 20,000 and received by 11:30 am at our branch.


    The cut-off times for outgoing International payments executed using electronic channels (for example our iBB service) are available on the relevant channels.

  • What is an International Bank Account Number (IBAN)?

    The 'International Bank Account Number' or 'IBAN' is a standard for quoting account numbers across *EEA and certain Non-EEA countries. The use of an IBAN and the beneficiary bank BIC code (Bank Identifier Code) enables your International Payment to be made automatically and ensures the correct identification of your receiver's bank account.

     

    *EEA Country = EU Member States and Norway Iceland and Liechtenstein.

  • What is a Bank Identifier Code (BIC)?

    The Bank Identifier Code (BIC), is a unique identification code for a specific financial institution. BIC codes consist of either 8 or 11 alphanumeric characteristics.

    First Trust Bank’s BIC is FTBKGB2B

    Based on payment instructions together with the receiver's International Bank Account Number (IBAN), the BIC facilitates streamlined processing of International payments.


    BIC codes consist of either 8 or 11 alphanumeric characters and can be verified using the following website: www.swift.com/biconline

  • IBAN Mandatory countries for international payments

    The receiver account number must be in IBAN format for international payments to EEA countries and certain Non-EEA countries. Please click here, for list of IBAN mandatory countries.


    We recommend that the IBAN is used in conjunction with the BIC of the receiver's bank to ensure correct identification of the receiver's bank branch and their account number within that branch. For further detailed information on country specific formatting requirements, please click here.


    Please contact the receiver in these countries to obtain their correct IBAN account information and BIC details before initiating any payments.


    Note: Failure to provide IBAN account information for payments to these countries may result in your payment being delayed, cancelled or returned by the receiver's bank.

  • What is the cost for completing an International Payment?

  • How long does it take for an International Payment to be received?

    Where we accept a payment instruction, we will ensure that the recipient’s financial services provider is paid within the following timeframes (assuming we have received a completed instruction before the relevant cut-off time on a Banking Day):

     

    Type of payment How long before it will reach the recipient’s financial services provider
    Payments in Euro to any EEA country. Minimum of same Banking Day and at the latest by the end of the next Banking Day after we receive the payment instruction.  This time limit may be extended by a further Banking Day where you initiate a payment by using a paper form.
    Payments in any other EEA currency within the EEA. Minimum of same Banking Day and at the latest by the end of the fourth Banking Day after we receive the payment instruction.
    All other payments. This varies depending on the currency or the country you are sending the payment to (or both). We will take reasonable steps to ensure that your instructions are carried out in a timely manner. Any timeframe that we give you will be indicative only and we do not guarantee that it will be met in every case. 

     

    *EEA Country = EU Member States and Norway Iceland and Liechtenstein.

     

  • Who pays the Charges for International payment?

    Charges for International Payments are shared so you pay the First Trust Bank Charge and the receiver pays charges of all other banks.

  • What exchange rate is applied to an International Payment?

    An exchange rate is applied to an International Payment, when the currency of the payment is different to the currency of the debit or credit account. For Standard Rates applicable to Incoming International Payments click here, or for Outgoing International Payments click here. These variable exchange rates are subject to change at any time.

  • Where can I send SEPA Credit Transfer payments to?

    SEPA Credit transfer payments can be sent to any SEPA zone country. A full listing of applicable SEPA zone countries is provided in the following table

     

    Austria Belgium Bulgaria

    Croatia

    Cyprus

    Czech Republic

    Denmark

    Estonia

    Finland

    France

    Germany

    Greece

    Hungary

    Iceland

    Republic of Ireland

    Italy

    Latvia

    Liechtenstein

    Lithuania

    Luxembourg

    Malta

    Netherlands

    Norway

    Poland

    Portugal

    Romania

    Slovak Republic

    Slovenia

    Spain

    Sweden

    Switzerland

    UK

     

     

    There are a number of additional SEPA zone territories where Paylink Euro may be sent. They include Åland Islands, Andorra, Azores, Canary Islands, French Guiana, Gibraltar, Guadeloupe, Guernsey, Isle of Man, Jersey, Madeira, Martinique, Mayotte, Monaco, Reunion, Saint Barthelemy, Saint Martin, Saint Pierre and Miquelon, San Marino and Vatican City. These tend to change periodically.

     

  • What are the cut-off times for Incoming International Payments?

    The below cut-off times, applies to Incoming International payment received on a Banking Day

     

    Currency Code        

     Currency Name

    Cut-Off Time

    AED

    United Arab Emirates Dirham

    13:30

    AUD

    Australian Dollars

    14:30

    CAD

    Canadian Dollars

    14:00

    CHF

    Swiss Franc

    15:00

    CZK

    Czech Koruna

    15:00

    DKK

    Danish Krone

    15:00

    EUR

    Euro via SEPA Scheme

    15:45

    EUR

    Euro

    15:30

    GBP

    GB Pound Sterling

    15:45

    HKD

    Hong Kong Dollars

    12:30

    HUF

    Hungarian Forints

    15:00

    ILS

     Israeli New Shekel

    13:30

    INR

    Indian Rupee

    13:30

    JPY

    Japanese Yen

    14:30

    KWD

    Kuwaiti Dinar

    13.30

    MXN

    Mexican Peso

    15:30

    NOK

    Norwegian Krone

    15:00

    NZD

    New Zealand Dollars

    14:30

    PHP

    Philippines Peso

    11:30

    PLN

    Polish Zlotys

    15:00

    QAR

    Qatari Rial

    13:30

    SAR

    Saudi Riyals

    13:30

    SGD

    Singapore Dollars

    12:30

    SEK

    Swedish Krona

    15:00

    THB

    Thai Bahts

    15:30

    TRY

    Turkish Lira

    14:00

    USD

    US Dollars

    15:30

    ZAR

    South African Rands

    14:30

     

     

  • Glossary of terrms

    • IBAN is a series of alphanumeric characters that uniquely identifies an account held at any bank throughout the world.

     

    • NSC stands for national sorting code.  This is a six digit code used to identify a particular bank and branch.

     

     

    • The SEPA (Single Euro Payments Area) is a European wide initiative to standardise the way we make and process electronic payments in Euro. The goal is to make payments throughout Europe as fast, safe and efficient as our national payment system executes today.

     

    • SWIFT means the Society for Worldwide Interbank Financial Telecommunication.

     

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