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Things you should know when making a large transfer

When you are setting up a large transfer, there’s some extra information that it’s good to bear in mind. 

Depending on where you are sending your money from and where you are sending it to, you may get a guaranteed rate. You can read more about this here. Getting a guaranteed rate means that we will lock the exchange rate that exists at the time you finish setting up the transfer. As long as we receive your money within the timeframe that the rate is locked for, that is the rate that we will convert your transfer at. 

If you do not have a guaranteed rate, or if we receive your money after the time the rate has been locked until, then we will convert your transfer at the mid market rate at the time of conversion, after we receive your money. So we recommend that you always send the money right after setting up the transfer to be sure we get it within the rate lock period.

We may need to ask you to provide ID and address verification documents in order to complete your transfer, if you haven’t provided this already. You can read about ID verification in this article and you will find information about address verification by clicking here.

If you are sending money on behalf of a business, you should ensure that you have a business profile set up. Inputting all of the relevant information in advance will help us onboard your business as quickly as possible.

There’s also some other questions that we may need to ask. When you are sending an amount over 80,000 GBP, you will be asked to choose the ‘Source of Wealth’ from a dropdown menu when you set up the transfer. In some cases, we may need to ask for supporting documents for the Source of Wealth. Examples of this would be a bank statement that shows the proceeds of a property sale, payslips from your employer, a copy of the latest audited accounts for a company’s profit or any document that clearly shows the origin of the money that is being transferred.

When you are making transfers from the US, we will ask for more information from you if you are transferring over 10,000 USD within any 30 day period. We’ll ask you to let us know the Source of Wealth and we’ll also ask for the Payment Reason while you are setting up the transfer. These can be chosen from several different options on dropdown menus.

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