International banking and investments worksheet

Making a priority payment from the UK - stages

1. Instruct your bank to make the payment. If transferring funds to a bank account, quote the beneficiary’s IBAN (International Bank Account Number)

2. Decide if you want to send the payment in sterling or in another tradable currency.

3. If the payment is in a foreign currency, the bank carries out the currency exchange at the prevailing rate.

4. The payment is sent by SWIFT.

5. The transfer usually takes three or four working days.

6. The payment is credited to the beneficiary’s account or can be collected by the beneficiary upon production of a suitable means of identification.