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New Faster Payments

From 1st January 2012 it will be possible to remit up to £100,000 within the Sterling area (Isle of Man, United Kingdom, Channel Islands and Gibraltar) by the “Faster Payments” scheme.

This is a free service where the payment will be received on the same day provided that the receiving bank is a participant in the scheme. Payments of over £100,000 will need to be remitted by CHAPS (a same-day payment) and our fee for this service continues to be £30.

International payments will continue to be made via the SWIFT system and may take several days to reach their destination due to delays resulting from differences in time zones and the number of correspondent banks involved in the payment. Our charge for these payments continues to be £45. All payments will be remitted to a bank account in the account holder’s name only – we are unable to make payments to third parties.

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