Live foreign exchange rates
How live foreign exchange rates work
What is a live foreign exchange rate?
A live foreign exchange rate is a specific rate for cross currency payments at the time of the request.
Where the rate offered is guaranteed, we’ll apply the foreign exchange rate to your payment once you’re happy with it and have authorised your payment – but please note that for some future-dated payments we’ll provide an indicative rate. The actual foreign exchange rate will be determined at the time we process the payment – If you ask we can tell you what this is.
If the rate is offered as a live rate, it will be held for a limited period of time. If the rate expires, you’ll need to request a new one.
If you authorise your payment and have entered a PINsentry code, we’ll secure the rate and the currency amount you’ve requested. When you transfer money between your own accounts, we will not ask you for a PINsentry code.
How Foreign exchange rates work
Our live rates service is available in Online Banking, provided the foreign exchange market is trading (it’s closed on the weekends).
When we can’t provide you with a live rate service, we’ll give you an exchange rate and tell you if it’s guaranteed or just an indication of the rate you’ll get. If the rate is shown as guaranteed this is the actual foreign exchange rate, which will be applied to your payment. If a rate is shown as indicative it means that the actual foreign exchange rate will be determined at the time we process the payment, and the rate could be less or more than the indicative rate.
If something goes wrong or you decide you change your mind
We’ll make your payment using the information you’ve given us for the recipient.
If something happens to your payment, for example, the payment is returned, the amount you receive back into your account may change. You could receive less or more than what you originally agreed to. This depends on currency conversions and the currency market movements. This will happen if you cancel or change the payment, the payment fails, or is returned by the recipient’s bank.
What happens when you use our live rates service?
- Before you make your payment, you’ll be offered a guaranteed rate
- If you accept this, we’ll secure the foreign exchange rate for you and you’re obliged to take it
- We’ll use the secured rate and debit your account
What happens if you cancel a payment?
- You can only cancel a payment with us if the payment hasn’t yet left your account
- We’ll sell the exchanged currency in order to reverse the original amount secured, this means that the reference rate could change
- If this happens there could be a shortfall, and money will be debited from your account
- This will appear on your account as a debit with the reference and deal number as shown ‘CUS FX DEAL (1234567)’
What happens if your payment is returned?
- If the person you’re trying to pay has closed their account or you’ve entered the wrong details, the payment will be returned back to you
- This means that the amount may be less or more than the original amount debited from your account
- The change in amount is dependent on currency market movements
How to stop a payment with a live foreign exchange rate
If you do change your mind and wish to cancel a payment you can do so in Online Banking.
From the main menu, select ‘Move money’ then ‘Manage and track’. We cannot cancel payments if the status is showing as ‘Payment completed’, however you can use this service to ask us to ‘Recall’ the payment from the beneficiary’s bank.
If you want to amend or cancel a payment with a secured live rate, or discuss the impact of a potential loss or gain, you can call our International Payment helpdesk on 0191 541 21611.