Create an International Payment

  • Overview
  • How to create a payment
  • Currency cut off times
  • Foreign Exchange rates
  • Charging options
  • Additional information

Overview

  • International Payments

    There are various International payment types in Commercial Banking Online;

    International Payment – allows you to send currency payments using both IBAN and SWIFT or account details.

    Euro Payment – allows you to send payments to other European beneficiaries inside the Single Euro Payments Area (SEPA). These can be sent as Urgent and Non Urgent

    International Draft – Allows you to request a Bankers draft.

    Here are all the available payment types within Commercial Banking Online

  • Cross-Currency Payments

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  • Before you start


    To ensure your payment instruction is processed smoothly you must provide;

    • Full account details of the beneficiary you are sending the payment to.
    • A beneficiary Bank Code.
    • Additional information - check if the country requires additional information e.g purpose of payment that must be added to your payment. This will be entered in the Instructions section.
    • A beneficiary IBAN and BIC for payments to a selection of countries.
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    • Set up Alerts to remind you that a payment requires an action. We recommend setting up alerts for payments needing a rate.
    • Columns within the Payment List view can be repositioned by simply clicking on them then dragging into the required position which can then be saved to create a default view. Here is guidance on how to change the Payment List view.
    • Quickly get to the Create Payments page by adding a link to the Quick Actions tool, find out how.
     

How to create a payment

Currency cut off times

  • Currency cut off times


    Ensure you know the currency cut off times for your payment as it must be fully approved and a rate obtained before the cut off.

    If your payment misses the cut off times it will need to be submitted again to be actioned the next business day.  

    The cut off time for your payment is also displayed in the Payment Management screen in the Cut off Time column. If you can't see this column you may need to select the option from the Manage Columns section.

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    Note – imported International Payments have an earlier cut off time than if created within the channel.

Foreign Exchange rates

  • Foreign Exchange rates

    If you are sending a payment that requires a conversion an exchange rate must be applied after the payment is fully approved and before it is sent to the Bank for processing.

    See guidance below on how to book an exchange rate or watch the video in the Overview tab.

    The option to get a rate is available from 7am Monday to Friday.

    How to get an exchange rate within Commercial Banking Online

    Once a payment has been fully approved a pop up screen is displayed that provides the option to Get Rate, once selected it will take you to the Needs Rate Today View within the Payment Management screen.


    payment options

    Alternatively you can access the Payment Management screen directly and select the Needs Rate Today option from the View dropdown option.


    Needs rate today
    1. Select the payment that requires a rate and click on the Get Rate button.
    2. Get rate
    3. The exchange rate will be displayed in the Exchange Rate field and the Get Rate Response column will count down from 30 seconds.
    4. Exchange rate
    5. To accept the rate you must select the Trade button before the 30 second countdown completes, once Trade is selected the payment will be submitted to the bank.
    6. Trade
    7. If you do not want to accept the provided rate take no action and the rate will expire. The payment status will move to Quote Expired and the above steps must be taken again.

    The rate of exchange for Future dated payment can only be obtained on the Transaction date. You will see the Transaction date within the Payment Details screen underneath the Value date. The Transaction date is dependent on the number of Lead days for a currency (here are the associated Lead days for each country).

    Pre booked rates

    1. If you have a pre-booked FX exchange rate, the FX reference number is provided in the FX Contract ID field in the payment details screen along with the rate in the associated field.
    2. The reference number must be provided with either B, used with spot deal e.g. 2 day value, or F, future expiry date, followed by 11 digits.

    Note - If you use a pre booked rate you do not need to follow the Get Rate process and once the payment has been approved it will be submitted to the bank.

    Payments over £1 million

    All cross currency International payments over £1 million must use an FX Contract ID and 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.

Charging options

  • Charging options

    The available options are dependent on the factors below

    SHA Only: If the payment is to an EEA country from an EEA country, regardless of the currency, the only valid charging option is SHA e.g. sending any currency from the UK to France.

    OUR or SHA: If the payment is partially in the EEA i.e. either you or the beneficiary are outside of the EEA, regardless of the currency, you can only choose OUR or SHA e.g. sending AUD from the UK to Australia, or USD from the USA to France.

    OUR, BEN or SHA: If the payment is made from outside the EEA to another country also outside the EEA then OUR, BEN or SHA can be selected e.g. sending USD from the USA to Australia.

    Charging options explained

    SHA: Shared between parties. The Lloyds Bank charge will be invoiced as per your agreed tariff, but won’t be on the debit advice.

    OUR: Sender pays charges. The Lloyds Bank charge will be invoiced as per your agreed tariff, but won’t be on the debit advice. If there are Agency charges taken by the beneficiary bank, these will either be taken at payment execution, as a separate debit (and will show in the debt advice) or may be taken later in the event of a claim.

    BEN: Beneficiary pays charges. The charge is taken as part of the payment execution and reduces the principle sum sent to the beneficiary by the Lloyds Bank charge. The charge taken will be displayed on the debit advice.

Additional information

  • Additional Information Options

    Intermediary Bank – Intermediary bank information is used to route funds between the executing bank and the beneficiary bank when no direct relationship is established. Details of up to two intermediary banks can be provided.

    Instructions

    Reason for payment – To be used when making payments for specific countries. This field will only appear when the country you are making a payment to requires additional information.

    Beneficiary reference – A reference can be provided here that will appear on the beneficiary’s statement.

    FX Instruction - If you are sending a currency overseas that is not the native currency of the country receiving it and you do not wish for it to be converted in to the native currency, please specify Do Not Convert in the FX Instruction field within the FX Instructions section which will be displayed when this scenario applies.

     

    Originator

    This contains your account information which will automatically be added when you choose your account in the Debit account information section. The address fields will populate with the registered details for the account number being debited.

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