Create an Inter-Account Transfer

  • Video Tutorial 

    How to create Inter Account Transfers in Commercial Banking Online

    Duration: 02:29

  •  


    There are two available methods to transfer funds between your own accounts.  The Create Transfers option can be used to quickly transfer funds between same currency accounts and enables you to create up to 10 transfers in one go. Alternatively if you require to transfer funds between different currency accounts or to create single transfers, the Inter Account Transfer option can be used from within the Create Payments screen.

    Create Transfers option

    The Create Transfer link allows you to quickly transfer funds between same currency accounts if you need to transfer funds between different currencies please use the Create Payments option from within Manage Payments.

     

    1. Click on the Create Transfers link at the bottom of the Payment Management screen.

      Create Transfers
        
    2. In the next screen you have the option to select either the debit or the credit account as the Source Account, if you select;

      •    Debit Account –then you must select the account you wish the transfer to debit from - an optional reference can be provided in the Debit Account Reference field
      •    Credit Account –then you must select the account you wish the transfer to credit to
       

      Debit Account Reference  

      The currency will auto populate in the Transfer Amount Currency field.
      Selecting the Remove button will clear the content in the fields to the left hand side of the button.

      To add another transfer click on Add Entry and complete as above, you can create up to 10 inter account transfers in one go using this screen / method.
      Once the relevant fields have been completed click on the Submit Entries button and the payment will then be ready to be approved.
        


    Inter Account Transfer option 

    1. From the Manage payments section page, select Create payment to display the Create payment screen.

       

      If you want to create a payment based on an existing payment, select Create from existing > Individual payment and enter the name of the Inter-Account Transfer  you want to use in the box on the right or click Search icon to search for and select the payment you want.

      If you want to create a payment based on an existing template, select Create from existing > Template and enter the name of the Inter-Account Transfer template you want to use in the box on the right or click Search icon to search for and select the template you want.

      If you want to create a freeform payment select Inter-Account Transfer from the drop down list in Payment type.

    2.  Continue to enter the payment’s details.
    3.  In the Debit account information section:
       
      IAT debit

      • Account number – Enter the sort code and account number of the account you want to make the payment from or click Search icon to search for and select the account.
      • Debit account reference (optional) – Enter a reference to identify this payment in your statement.
      • Account name – The name of the registered account.  This field will be pre-populated once you select the account number.
      • Friendly name – The name of the account used to identify it in Commercial Banking Online. This field will be pre-populated when the account number is selected
       
    4. In the Credit Account Information section:

      IAT credit

      • Account number – Enter the sort code and account number of the account you want to credit or click Search icon to search for and select the account.
      • Friendly name – The name of the account used to identify it in Commercial Banking Online. This field will be pre-populated when the account number is selected.
      • Bank ID – This will automatically update when you enter the Account number.
      Exclamation markFor your security, please check the beneficiary account details for each payment, even for inter-account transfers.
    5. In the Payment details section

      The layout of the Payment details section will depend on whether the Debit and Credit accounts are in the same currency:

      If Debit and Credit accounts are the same currency:

      IAT payment

      • Credit amount – enter the amount you want to transfer from the debit account to the credit account.
      • Currency code – the currency of the account, this will automatically populate with currency of your accounts.
      • Value date – the date the money will arrive in the credit account. Click Calendar icon(1) to select the date you want the transaction to take place.
      • Transaction date – the date the payment will be made, this will automatically populate when you select a value date.

      If Debit and Credit accounts are different currencies
      :

      IAT Payment different

      • If Debit and Credit accounts are different currencies:

        Please note Credit is the current available option.


        • Credit amount – enter the amount you want to transfer in the currency of the credit account. This will be indicated in the Currency code box.
        • Value date – the date the money will arrive in the credit account. Click Calendar icon to select the date you want the transaction to take place.
        • Transaction date – the date the payment will be made, this will automatically populate when you select a value date

       
    6. Foreign Exchange Rates

      Any Inter Account Transfer that requires a conversion between currencies must have a rate of exchange applied before it can be submitted to the bank. You must be attached to a Role that has Get Rate enabled to carry out this action.  Any cross currency Inter Account Transfers over £1 million must use an FX Contract ID with a booked rate.  If you have a relationship with our Dealing desk please contact them directly, if you do not and you need to make a cross currency payment over £1 million please contact your Relationship Manager who will obtain an FX Contract ID on your behalf.

      FX Contract ID field – If you have a pre-booked FX deal, the FX reference number is provided here along with the rate in the associated field. This must be correctly formatted with either B, used with spot deal, e.g. 2 day value, or F, future expiry date, followed by 11 digits.  For any cross currency Inter Account Transfers payments over £1 million you must use an FX Contract ID and booked rate.  Please contact your Relationship Manager for assistance in obtaining the FX Contract ID.   If you use this field you do not need to follow the Get rate process, instead once the payment has been approved it will be submitted to the bank.  Any payments created without an FX Contract ID will need to use the Get Rate process.

      Future dated payments

      If you have future dated a payment that requires a rate of exchange, the rate of exchange can only be obtained on the value date selected for the payment. The future dated payment will be displayed in the Payment Management screen and on the value date it will also be displayed within the Needs Rate Payments view within Payment Management. An email alert can be set up to advise of future dated payments that are ready to have rates applied, click here for guidance on Payment Alerts. On the value date an alert will be displayed in your Notifications bar which if selected will take you to the Needs Rate Payments screen or go directly to the Payment Management screen and select Needs Rate Payments option from the View dropdown box.
    7.   Beneficiary reference – (Optional) Enter the reference that will appear in the statement of the credit account.

      IAT ref

      Exclamation mark For your security, we recommend that you check the beneficiary details are correct before submitting the payment.
       
    8. When you’re ready, submit the payment for approval. Once the payment has been submitted the following ID’s will be generated:


      Client Payment ID – this is an internal payment ID for your own reference

      Bank Payment ID – this ID will be required by the Helpdesk to assist with any queries relating to the payment


      If you’re not ready to submit the payment yet, save the payment as a draft for now.

      If you want to remove all the details you have entered and start the payment again click Reset or click Cancel to return to the Payment management screen.

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.

Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 020 7626 1500.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

We subscribe to the Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.uk.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.