When you are setting up a large transfer, there’s some extra information that’s good to bear in mind.
Depending on where you're sending your money from and where you're sending it to, you may get a guaranteed rate. You can read more about this here. This means that we'll lock the exchange rate at the time you finish setting up the transfer. As long as we receive your money within the timeframe the rate is locked for, that's the rate that we'll convert your transfer at.
If you don't have a guaranteed rate, or if we receive your money after the time the rate was locked until, then we'll 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 your money immediately after setting up your transfer, to be sure we get it within the rate lock period.
We may ask you to provide ID and address verification documents in order to complete your transfer, if you haven’t provided these already. You can read about ID verification in this article and you'll find information about address verification here.
If you're sending money on behalf of a business, you should ensure that you have a business profile set up. Inputting all of the relevant information, and sending the required documents in advance helps us verify your business as quickly as possible.
There’s also some other questions we may ask. When you're sending an amount over £80,000, you'll be asked to specify your source of wealth from a drop-down menu when you set up your 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 shows the origin of the money that's being transferred.
When you're making transfers from the US, we'll ask for more information from you if you're transferring over $10,000 within any 30 day period. We’ll ask you to let us know the source of wealth and we’ll also ask for the transfer purpose while you're setting up the transfer. These can be chosen from several different options on drop-down menus.