Receiving international payments


Electronic and paper-based solutions for receiving payments


When your business needs to receive currency and sterling funds from abroad and within the UK, our electronic payments solution is a fast and secure option.

For your trading partners who prefer paper-based payments we can clear drafts and cheques from overseas and currency cheques, drawn in the UK, on behalf of your business.

Drafts and cheques from abroad can be handled either by negotiation or collection. However, we do not recommend this form of payment because of the concern over security.


Key benefits of electronic payments

  • Fast, secure service - payment instructions are sent electronically from the sender's bank to us and the funds are automatically credited to your account – eliminating the need for paperwork.
  • Cost-effective - payments up to and including £100 or currency equivalent are charged at £1. Payments of over £100 or currency equivalent are charged at £7 each. Our fees are debited from the principal amount before we credit your account. We will send you a credit advice showing a breakdown of our charges.
  • Simple process - by giving your customers details of your RBS account they can arrange for your account to be credited directly from their bank.
  • Funds available quickly - funds will be credited to your account as soon as possible. This will be either on the value date or, if this is not possible, on the next best possible value date.
  • Automatic currency conversion - most payments will be automatically converted to the currency of your account. If you do not wish us to convert the payment, please contact us prior to the payment being sent.

What you need to receive funds electronically

  • Our SWIFT address: RBOSGB2L
  • your account name and International Bank Account Number (IBAN). This is included on your account statement.

A draft or cheque can only be paid by negotiation if it is in the local currency of the country on which it is drawn - for example, US dollars payable in the US. Even so, we might still have to send it for collection.

Once agreement to negotiate with recourse has been made, foreign currency cheques will be credited to your account within 4-5 working days of us receiving the cheque. We will normally pay you the value of the draft or cheque, less our charges. We will use a cheque-buying rate to convert currency if necessary.

Payment by negotiation charge:

0.25% per pay-in (Min £7 - Max £45)

If the payment is not honoured by the paying bank, we will debit the value of the draft or cheque plus a handling fee. If a foreign exchange conversion is required, we will calculate the amount to debit your account using the prevailing sale rate at the time of the debit.

Some drafts and cheques are more likely to be sent for collection. For example, payments that originate in high risk countries or those that aren't in senders' local currencies may well be collected.

We won't credit your account until we have received the funds or are sure that the item will be paid. How long this takes will depend on the country the payment is coming from and the bank clearing the payment.

Wherever possible, ask for sterling drafts drawn on a UK bank. These can be paid directly into your RBS sterling account.

Payments by collection charge

Cheques sent abroad:
0.25% per item (Min £20 - Max £70) plus Agent's charges

Cheques sent to other banks in the UK:
£12.00 flat per item plus Agent's charges


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