| Bank to bank
electronic links |
Where payment
instructions are sent by electronic messaging systems between banks e.g. SWIFT. |
| BIC address |
This is a code
which is used by banks throughout the world to identify a bank and its individual branches
based abroad. It is mainly used for making international payments and works like UK branch
sort codes. |
| Cirrus |
Cirrus is a debit card facility which allows you to
withdraw money in local currency in a number of different countries throughout the world |
| Currency equivalent |
When money is
being transferred overseas a currency conversion normally has to be carried out. This has
to be done either by the bank making the transfer or by the bank receiving the money. If
the original amount is in sterling, the currency equivalent is the amount in foreign
currency once the conversion has taken place. |
| Drafts |
These are
paper-based payments which are normally ordered from the Bank in advance and sent overseas
by post. |
| Euro |
The euro is now the only legal tender in
those countries participating in EMU: Austria; Belgium; Finland;
France; Germany; Greece; Republic of Ireland; Italy; Luxembourg; the
Netherlands; Portugal; Spain. Customers travelling to these
countries should now order euro notes and/or Travellers Cheques.
The old national currencies have now been officially withdrawn.
However it will usually be possible to send notes and travellers
cheques in the old currencies (sometimes called 'legacy currencies')
for collection from your branch. This process could take several
days and additional charges may be incurred.
For an extended period, charity collection boxes are available in
all branches for the donation of any notes or coins, with proceeds
going to Save the Children. |
| Foreign currency |
This is the
money in general use in a country outside the UK. Examples include United States dollar,
Japanese Yen, Swiss franc and euro. At the Royal Bank, it is possible to exchange pounds
sterling for these foreign currencies. The amount you get in return for each pound
sterling can change daily and is determined by foreign exchange markets. |
| Local currency of the country on which it is drawn |
It is always
best to have a draft or cheque made out in the local currency of the drawing (i.e. paying)
bank's country e.g. US dollars payable in the US. If you are purchasing a draft from the
Royal Bank we will select the drawing bank for you and this will be printed on the draft
itself; if you are receiving a draft from abroad, ask the remitter to ensure that it is
made out in sterling and is drawn on a UK bank if possible. |
| Maestro |
Maestro is an international debit card
facility which allows you to withdraw money in local currency throughout the world at
ATM's as well as Pay for goods and services at overseas retailers, wherever the Maestro
logo is displayed. |
| Remitter's bank |
This is the bank which the person
sending you the money has asked to make the international payment. |
| SWIFT |
Swift stands for Society
for Worldwide Interbank Financial Telecommunication. It provides a financial message
communications service among banks in over 120 countries. These banks use it, among other
things, to make international payments. |
| Value Date |
This is the date when funds
are made available to the bank which is being used to make payment to the beneficiary.
Depending on local practice, the beneficiary will not necessarily receive the funds on
this date, but in such cases should do so within a few days. |