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Regular International Payments
Setting up regular international payments with UKForex is easy and can save you time and money. Take advantage of our great exchange rates and flexible set up options to accommodate your specific needs.
Examples of regular currency transfers for individuals:
- Overseas mortgage payments
- Transfer company pension abroad
- Foreign salary transfers
- Rental income repatriation
- Overseas school fees
- Investment property repayments
- Debt repayments
- Savings repatriation
Examples of regular payment plans for businesses:
- Paying or receiving overseas wages
- Paying or receiving royalties
- Paying or receiving fees for services
With OFX regular overseas payments, you don't have to worry about your transactions every month. Simply set up a transfer plan that suits your needs and leave the rest to us!
Features and benefits include:
- No establishment fees
- No transfer fee - each year, you could save substantial amounts on monthly transfer fees alone
- Low minimum amount of GBP500 equivalent per payment
- Minimum of four payments
- Full transparency of rates and payments
- Cost effective
- Time efficient
- Provides certainty for your budget
Fixed Regular Payments: If you require a specific amount for each payment (e.g. mortgage repayments), benefit from our fixed regular payment plans that remove the exchange rate risk.
Example: You are working overseas in the USA and need to pay off your mortgage in the UK each month. The amount you have to pay to your mortgage provider is fixed and you would also like to fix the amount that you pay each month in USD.
Non Fixed Payments: If you have a fixed amount to send overseas each month, you can benefit from our non fixed payments where the exchange rate is not locked in upfront.
Example: You are temporarily living in Australia and want to send AUD2,000 of savings back home to the UK every month.
Tip: You have the flexibility to switch from a non-fixed payment plan to a fixed payment plan depending on your needs.
Contact us today to discuss your regular money transfer needs.
Frequently Asked Questions
- Which currencies do you offer for regular payment plans?
We will accept all major currencies. For the other currencies please speak to one of our accredited dealers. We currently accept direct debit instructions for AUD, GBP, CAD and USD (for USD accounts based in Canada only). For beneficiary payments, we will pay funds in most currencies - however this is subject to any third party fees* that may be applied to these receipts. The Client is liable to pay these fees and must be considered when entering into a regular payment agreement.
*Third party fees include but are not limited to fees, costs, duties and taxes charged by beneficiary (receiving) banks. In some cases, the intermediary banks we use to process payments may deduct transaction fees that we have not anticipated and, in some jurisdictions, the receiving bank could charge a receiving bank fee - however we will try to send money through a low value network to avoid such fee deductions. We will try and notify you of these additional fees, but as they are outside our control, we cannot always do so in advance.
You may find in some cases, that the total amount you expect to receive in your Beneficiary Account is slightly less because such fees have been deducted. You should bear this in mind if you are paying the precise amount of an invoice, for example. If you have any questions regarding the likelihood of third party transaction fees being levied by intermediary banks for your transaction, you should ask one of our dealers when you enter into a regular payment plan/book a transaction. We will be more than happy to indicate from our experience the type of third party transaction fees that may be charged in the jurisdiction where your nominated Beneficiary Account is held and with regard to the currency being exchanged.
- Do I need to pay a deposit?
No deposit is necessary for non-fixed payment plans. For fixed payment plans, a deposit is necessary to cover any market risk exposure we may face. The deposit is the equivalent of one instalment. You will need to transfer it together with your first instalment. Please note that the deposit is not a fee and we will use it to pay off the last instalment of your regular payment plan.
- How much does it cost to set up a regular payment with OFX?
There are no transaction costs or fees involved. You simply pay your regular instalments and the deposit as agreed in the payment plan and we will convert and transfer at the agreed rate.
- How much is the deposit?
The deposit is in the amount of one instalment. You need to transfer it together with your first instalment. Please note that the deposit is not a fee and we will use it to pay off the last instalment of your regular payment plan.
- How do I set up a regular payment plan with OFX?
- Call us today and one of our dealers will offer you a quote and a payment plan according to your individual needs
- Once you accept the quote, you pay the first installment and a deposit in the amount of one installment
- We will then transfer the agreed amount to your beneficiary account
- You can set up Direct Debit or make regular electronic funds transfers to us in order to ensure regular payments
- As soon as we have received your payments, we will in turn pay out to your beneficiary account as agreed in the payment plan
- Can I cancel a regular payment plan anytime? What are the conditions?
If a contract is cancelled or terminated, the Company will sell the balance of the purchased currency (if any) and buy back the balance of the original currency. The deposit will be returned minus any losses that may have resulted as a result of variations on the exchange rate.
- How many payments can we enter into?
Regular payment plans can be set up for a maximum of 12 months and they can recur fortnightly, monthly or quarterly. Shortly before your plan is due to finish, one of our accredited dealers will contact you to discuss renewing or changing the plan depending on your requirements.
Contact us today for more information.
