International Payments
Fast, secure international transfers
We make international payments simple and secure, help your organisation send money to partners and suppliers worldwide.
What are international payments?
International payments, also known as overseas transfers or foreign payments, are transactions between bank accounts when the payer and payee are based in different countries. These payments are crucial for organisations that have international suppliers, employees, customers or partners, and often involve the transfer of money from one currency to another.
Organisations that send or receive international payments must carefully adhere to the global regulations, banking practice and exchange rates of both the originating country and the receiving country. At Unity, we can guide you through this process to make it as easy as possible for you to send and receive funds safely and securely.
How are international payments different from domestic payments?
International and domestic payments are both used to move funds from one bank account to another. The way they work and the challenges involved, however, are quite different. The main distinctions are summarised below:
| Feature | Domestic Payments | International Payments |
|
Processing speed |
Typically faster due to fewer steps and simpler procedures. Choose from Bacs (3 working days), Bulk Faster Payments (same day or next working day) or CHAPS (same day or next working day) payment services. |
Often slower as payments pass through multiple systems, checks and cross-border networks. It can take up to 5 business days for us to process an international |
|
Cost |
Generally lower costs, with fewer intermediaries and minimal processing fees. |
Higher costs due to conversion fees, wire charges and intermediary/receiving bank fees. |
|
Maximum transaction limit |
Dependent on credit limit. |
Dependent on credit limit. |
|
Currency exchange |
Use a single currency. No exchange rate risk. |
Often require currency conversion, introducing exchange rate risk during the transaction. This is the risk that the exchange rate might change between the moment you start the payment and the moment it’s completed. |
|
Regulatory compliance |
Follows UK banking and financial regulations. |
Must comply with regulations in both the sending and receiving countries, making processes more complex. |
|
Intermediaries |
Usually involves the banks of only the sender and receiver. |
May involve several banks and payment networks, each adding checks, processes and potential fees. |
|
Risk Factors |
Lower risk with fewer external influences. |
Greater risks including geopolitical issues, sanctions, fraud exposure and potential regulatory changes. |
How do international payments work?
International payments let you send money from your UK bank account to a bank account outside the UK. The sender defines who they want to send money to and how much they want to send, the payment is then sent through international banking networks, converted into a different currency if needed, and credited into the recipient’s bank account.
Define:
You specify who you want to send money to.
Send:
We'll send your payment to the recipients bank through secure international banking networks.
Exchange:
If needed, the money is converted into the chosen currency.
Receive:
The recipient's bank credits the funds to their account, usually within 1-5 working days.
What information do I need to send or receive international payments?
To send or receive a direct payment from your account to an overseas account or in a foreign currency, you will need the following information:
| Element | Description | When sending international payments, ask the beneficiary for the following: | When receiving international payments, inform the payer of the following: |
|
BIC/SWIFT code |
A Bank Identifier Code (BIC) or a Society for Worldwide Interbank Financial Telecommunication (SWIFT) code, is an 8-11 character alphanumeric code assigned to a specific bank and branch for international money transfers. They are used to identify banks and other financial institutions worldwide so money can be transferred safely and accurately. |
Their specific BIC/SWIFT code. |
Unity’s BIC/SWIFT code: NWBKGB2L Unity uses NatWest to receive transfers from outside the UK and this code will help route payments correctly. Please note, this is a NatWest BIC/SWIFT code only; Unity does not have its own code for payments. |
|
IBAN |
An International Bank Account Number (IBAN) is a standardised bank account number used to identify bank accounts for international payments. It tells banks which country the account is in, which bank holds the account and which account to credit. |
Their specific IBAN. |
Unity’s IBAN: GB93NWBK60023571418024 Please note, Unity Trust Bank customers do not have IBANs for individual accounts. |
|
Account details |
These details ensure funds can be allocated from one bank account to another. |
The name on their account, their sort code and account number. |
Your name, account number and sort code. Your account number and sort code MUST be provided as the reference or in the payment details on the transfer request. Your account name should always be quoted as the beneficiary. |
We may need to include your name, address and other information within the payment instruction, to comply with the local laws of the country you’re sending the payment to.
How long do international payments take?
Our international payments service provides reliable, compliant and efficient options for transferring funds globally, helping you manage overseas transactions with confidence. Once processed, international payments should be received:
- For payments in Euro or Sterling and within the European Economic Area (EEA), the payment will reach the other bank no later than the next working day after we have processed your payment instruction.
- For payments in any EEA currency other than Euro or Sterling, the payment will reach the other bank no later than the 4th working day after we have processed your payment instructions.
- For payments outside of the EEA and in any non-EEA currency, the transfer times will depend upon the destination country of the payment, but it will take no more than 10 working days.
Ready to make an international payment?
Follow our simple process below.
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1
Step 1: Download and complete the Transfer of Funds Overseas form
To initiate an international payment, download, print and complete all sections of our Transfer of Funds Overseas form. Please sign in accordance with your bank mandate and ensure you include your beneficiary’s details to avoid delays to the process of sending your funds.
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2
Step 2: Submit your completed form
Scan the signed Transfer of Funds Overseas form and send it to us securely through one of the following methods:
- Email: us@unity.co.uk. Ensure the email originates from your Key Contact or a verified email address and has “INTERNATIONAL PAYMENT” in the subject line.
- Post: Unity Trust Bank, PO Box 7193, Planetary Road, Willenhall, WV1 9DG
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3
Step 3: Confirm your request when we call you
We will call you to validate the details of your payment request. The processing of your payment may be subject to delay if we we’re unable to get in touch so please look out for our call once you’ve submitted your request.
Receiving international payments
Our customers can accept international payments either by cheque or electronic transfer.
Receiving payment by cheque
You can pay cheques into your account at one of our Partner Bank branches or by sending them to our freepost address:
- FREEPOST, UNITY TRUST BANK 1984, with a completed paying-in slip that includes Unity Trust Bank’s sort code (60-83-01).
Please note, if cheques are sent to any other Unity Trust Bank address, then this will delay funds being available.
When we process a foreign currency cheque for you, you’ll be responsible for paying the associated charges from us and any international bank or agent we use to collect the payment. We’ll take these from the account you told us to pay the cheque into. Please refer to our General Terms & Conditions for further information.
Receiving payment by transfer
To receive payment in a foreign currency or from abroad, by transfer directly into your account, you should inform the payer of the following:
- BIC/SWIFT code: NWBKGB2L
- IBAN: GB93NWBK60023571418024
- Your account details: name, number, sort code
These details ensure funds can be allocated from Unity’s account with NatWest to your Unity Trust Bank account.
Your account number and sort code MUST be provided as the reference or in the payment details on the transfer request. Your account name should always be quoted as the beneficiary.
Important information about Unity Trust Bank’s international payment services
- Refer to the Foreign Service Charges within our Standard Service Tariff for details of associated costs.
- All international payments and transactions are undertaken for us by third parties, including Convera to process transfers and clear international cheques, and NatWest to receive the payments. The type of international service will determine which third party we use.
- The fee shown on your statement includes third party service charges, in addition to our charge for processing your request. This fee will be debited to your account as a separate item.
- Please note that we can only advise international exchange rates after processing your original paperwork.
- Your account with Unity will be debited with the sterling equivalent of your international transfer, together with any associated fees, on the day we process your request.
- From time-to-time there may be additional charges made by foreign banks, relating to international payments, over which we have no control. These may be passed on to you when advised to us. We will notify you of the charges before we debit your account.
Other Unity payment services
Domestic Payment Services
Corporate Purchasing Cards
Accepting Card Payments
It’s simple, secure and stress-free to switch to us
If you’re ready to switch your Business Current Account to Unity Trust Bank, we’ll make sure it happens like clockwork. It’s guaranteed to take 7 working days, it’s free, and it’s all taken care of by the Current Account Switch Service.