CHAPS payments

SWIFT payments

All about SWIFT payments

You can make a SWIFT payment to transfer money overseas in the local currency (or sterling if required). Find out how to make your payment and what the fees and charges are.

What is a SWIFT payment?

What is a SWIFT payment?

SWIFT stands for Society for Worldwide InterBank Financial Telecommunications. It's an automated payment system we use to transfer funds between different countries.

What is it used for? Typically it's used to pay someone overseas. There is a charge for this service.

Make a payment online

How to make a SWIFT payment online

If you're registered for our Internet Banking service you can make a SWIFT payment online from your current account, using your card reader. If you don't have a card reader, simply follow the on-screen instructions to complete your transaction.

Making your payment

  1. Log in to the Internet Bank
  2. Find 'Other payments'
  3. In the section 'Make a payment using SWIFT' choose your account
  4. Select Go
  5. Follow the on-screen instructions

SWIFT currency exchange rates

When you Log in to the Internet Bank and select Make a payment using SWIFT, look out for the link to view the exchange rates.

The SWIFT form will ask for the following details:

  • The payment destination, which is the country you're sending the money to.
  • The beneficiary, which is the person you're sending the money to.

Important

1.     Make sure you have all the correct details of the person receiving the money.
2.     Check the country you're sending the payment to will accept the currency. 
3.     Check if the bank receiving the money needs any additional information about the payee or payment before you send the money.
4.     If you have a card reader with your account, make sure you have it to hand as you will need it to complete your transaction.

    Additional information

     

    Beneficiary IBAN

    IBAN stands for International Bank Account Number and it's issued in a standard internationally recognised format. It must be used to make payments to countries in the EU (European Union), EEU (European Economic Area) and Switzerland. Other countries including some which are outside of Europe (such as Brazil, Saudi Arabia and the United Arab Emirates) have also adopted its use for payment processing . An IBAN consists of a:


    • Country code - to identify the country the money is going to.
    • Check number - this is a 2 digit number calculated by the bank issuing the IBAN and is used to validate the IBAN.
    • Bank code - to identify the bank.
    • Sort code and account number - to identify the customer the money is going to:

    Examples of IBANs are DE89370400440532013000 (Germany) or ES0700120345030000067890 (Spain). There should not be any spaces in between any of the letters or numbers in an IBAN.

    Your IBAN number, BIC code and SWIFT intermediary bank identifier appears at the top of your paper/online statement, directly above the list of detailed transactions.

    BIC

    This stands for Bank Identifier Code and lets us know what bank, country and branch the payment is going to. The BIC is a universal method of identifying financial institutions in order to send overseas SWIFT payments. It is issued by SWIFT and should be used on all international payments. The BIC consists of eight or eleven characters comprised of the following:

    • Bank code - 4 alphabetic characters.
    • Country code - 2 letters.
    • Location code - 2 alphanumeric characters, except zero.
    • Branch code - 3 alphanumeric character.

    Examples of BICs are SABNESMM or BSABESB1085. There should not be any spaces in between any of the letters or numbers in a BIC.

    SWIFT payments will not be processed without a valid BIC and account number being provided. The beneficiaries bank will be able to provide all the information needed so that your payment beneficiary receives the money your are sending from your account.

    Additional requirements

    An increasing number of countries now require additional information on their payments which needs to be provided by the sender of the payment in order for the payment to be successfully credited to the beneficiary account. These are regulatory requirements within the beneficiary countries and failure to comply risks the payment being delayed or rejected. Find out the specific information needed for SWIFT payments to certain countries.

    Make a payment in branch

    Make a swift payment in branch

    You can make a SWIFT payment in branch. You will need to bring identification with you in the form of:

    • your Rafidain Bank account card or Passbook, and 
    • if your request is over £2000, a valid passport or photo card driving licence (with the paper counterpart).

    The SWIFT form will ask for the following details:

    • The payment destination, which is the country you're sending the money to.
    • The beneficiary, which is the person you're sending the money to.

    Important

    1.     Make sure you have all the correct details of the person receiving the money.
    2.     Check the country you're sending the payment to will accept the currency. 
    3.     Check if the bank receiving the money needs any additional information about the payee or payment before you send the money.
    4.     If you have a card reader with your account, make sure you have it to hand as you will need it to complete your transaction.

      Additional information

       

      Beneficiary IBAN

      IBAN stands for International Bank Account Number and it's issued in a standard internationally recognised format. It must be used to make payments to countries in the EU (European Union), EEU (European Economic Area) and Switzerland. Other countries including some which are outside of Europe (such as Brazil, Saudi Arabia and the United Arab Emirates) have also adopted its use for payment processing . An IBAN consists of a:


      • Country code - to identify the country the money is going to.
      • Check number - this is a 2 digit number calculated by the bank issuing the IBAN and is used to validate the IBAN.
      • Bank code - to identify the bank.
      • Sort code and account number - to identify the customer the money is going to:

      Examples of IBANs are DE89370400440532013000 (Germany) or ES0700120345030000067890 (Spain). There should not be any spaces in between any of the letters or numbers in an IBAN.

      Your IBAN number, BIC code and SWIFT intermediary bank identifier appears at the top of your paper/online statement, directly above the list of detailed transactions.

      BIC

      This stands for Bank Identifier Code and lets us know what bank, country and branch the payment is going to. The BIC is a universal method of identifying financial institutions in order to send overseas SWIFT payments. It is issued by SWIFT and should be used on all international payments. The BIC consists of eight or eleven characters comprised of the following:

      • Bank code - 4 alphabetic characters.
      • Country code - 2 letters.
      • Location code - 2 alphanumeric characters, except zero.
      • Branch code - 3 alphanumeric character.

      Examples of BICs are SABNESMM or BSABESB1085. There should not be any spaces in between any of the letters or numbers in a BIC.

      SWIFT payments will not be processed without a valid BIC and account number being provided. The beneficiaries bank will be able to provide all the information needed so that your payment beneficiary receives the money your are sending from your account.

      Additional requirements

      An increasing number of countries now require additional information on their payments which needs to be provided by the sender of the payment in order for the payment to be successfully credited to the beneficiary account. These are regulatory requirements within the beneficiary countries and failure to comply risks the payment being delayed or rejected. Find out the specific information needed for SWIFT payments to certain countries.

      Receive a SWIFT payment

      How to receive a SWIFT payment

      You are not charged by Rafidain Bank to receive a SWIFT payment into your account, although the originating sender may decide to request any processing charges incurred before we receive the payment are shared or paid in full by you.

      Into your Current Account you will need:

      • Your account name
      • Your account number
      • Account BIC – NAIAGB21
      • The SWIFT Intermediary Bank number: MIDLGB22
      • Account IBAN (this can be found at the top or your statement)

      Into your Savings account you will need:

      • Your account name
      • Your account number
      • Account BIC – NAIAGB21
      • The SWIFT Intermediary Bank number: MIDLGB22
      • Account IBAN: GB97NAIA07009333333334
      • Additional Information: Account Roll number

      SWIFT limits

      SWIFT Limit

      Providing there are sufficient cleared funds available to cover your transaction and fees, there is no minimum or maximum transfer limit.

      Fees and charges

      Fees & charges

      The fee for sending a CHAPS or SWIFT payment from a current account is £20.

      The fee for sending a CHAPS or SWIFT payment from a savings account is £20.

      Processing times

      Processing times

      SWIFT requests received into Rafidain Bank before 1pm (GMT) will normally be actioned the same day. Any requests received after 1pm will normally be processed the next working day.

      If your request to make a SWIFT payment is within the EEA, it usually takes one working day to reach the destination bank. Requests outside the EEA may take longer and payments to India can take up to 3 months. Please follow this link for a list of EEA countries.

      SWIFT conditions of transfer

      SWIFT conditions of transfer

      1. Your name, address and account number will appear on this transfer and on any related messages through the payment chain.

      2. The administration fee is non-refundable.

      3. Provided there is no negligence on the part of Rafidain Bank and/or its agents, then Rafidain Bank and its agents shall not be liable for any claims or losses arising as a result of money:-

      i. not received by the receiving bank or the beneficiary; or
      ii. rejected by the receiving bank or beneficiary; or 
      iii. for any reason, delayed whilst in transmission to the receiving bank or the beneficiary; or 
      iv. being recalled by you.

      Subject to the above, Rafidain Bank will make every effort to trace the funds and notify you of the outcome.

      1. For payments outside of the EEA, where it is not possible to recover any charges from the receiving bank’s account holder, Rafidain Bank may debit your account with any such charges.

      2. For payments outside of the EEA, the receiving bank or agent may pass on extra charges (without notifying Rafidain Bank) for processing the transfer request. This means that either the beneficiary will receive a lesser sum or a charge will be debited from your account.

      3. Rafidain Bank does not give advice on the currency used. 

      4. The exchange rates used by us to send currency payments are set by our agent bank and may be higher or lower than the indicative rate provided. This will depend on the time the transfer is requested, the value of the payment and the market conditions at the time the currency is reserved. 

      5. In the event of funds being returned or recalled, the exchange rate prevailing on the day that we receive the funds back from our agent bank will be used to convert your funds to sterling. This may be a higher or lower rate than the one used applied when the transfer was sent. If the amount of the return or recall is less that the amount originally sent we will not be able to credit your accounts with the difference.

      6. SWIFT payments can usually take between 3-5 working days to reach the destination bank. Payments to India can take up to 3 months and occasionally longer to reach the beneficiary account.

      7. Please be aware that no funds can be transferred from your account until your request has been received within the SWIFT and Foreign Payments Incoming Team at Rafidain Bank.

      SWIFT FAQs

      We will not be able to process your request.  Banks across Europe do not have to accept payments which aren't complete. This means they can reject requests which do not include the IBAN.

      An IBAN or International Bank Account Number is the customers' bank account number in a standard, internationally recognised, format. Used with a Bank Identifier Code (BIC), it helps international payments to be processed automatically, making them more secure and faster. It also helps prevent payments being rejected, delayed or sent incorrectly - which could involve additional charges being applied.

      Payments in to your account

      Your IBAN, BIC and SWIFT intermediary bank identifier appear at the top of your paper/online statement, directly above the list of detailed transactions. 

      Payments out of your account

      IBAN details can be provided by the person receiving the money (beneficiary) and BIC details can be provided by the beneficiary bank or the beneficiary.

      SEPA CT is a type of credit transfer, and stands for Single Euro Payments Area Credit Transfer. It is used for making Euro denominated credit transfers within the Eurozone. 

      Why is this being introduced?

      The reason for introducing this type of credit transfer is part of a drive to create a single market within the Eurozone. This drive will regulate the way credit transfers using the Euro currency are made.

      How is a SEPA Credit Transfer different from SWIFT?

      The difference between a SEPA Credit Transfer and a SWIFT credit transfer is that a SEPA Credit Transfer usually incurs a lower charge, but may not arrive in the receiver’s account as quickly.

      When will SEPA Credit Transfers be available to use?

      In countries which use the Euro currency, regulations around the use of SEPA Credit Transfers will come into effect in February 2014. In the UK, the regulation will not come into effect until October 2016.

      Do Rafidain Bank offer the service?

      We don't offer SEPA Credit Transfers as an alternative to the SWIFT service at the moment. Our Irish branch, Rafidain Bank (UK) Ireland, are now sending and receiving SEPA Credit Transfers, as they are in a country which uses the Euro currency. We'll keep you updated on our website about the use of SEPA Credit Transfers at Rafidain Bank, which we aim to introduce by the date that the regulations are introduced in October 2016.

      Investigating payments

      If you require us to investigate a payment processed by us, please be aware that agent banks may levy charges for their parts in this service. These charges are not within Rafidain Bank’s control and will usually be passed on to you.

      Use of your information

      To complete the payment and comply with applicable legal obligations and prevent crime, the details of your CHAPS & SWIFT payments (including personal information relating to individuals named on the form) may be provided to overseas authorities.

      Rafidain Bank must process all CHAPS and SWIFT payment instructions in a manner which ensures they comply with all legal and regulatory requirements for inbound and outbound payments. In order to meet these responsibilities, Rafidain Bank may need to contact internal or external parties for additional information and clarification with regard to CHAPS and SWIFT payment instructions and therefore payments are not guaranteed to be released or received on the same day.