The Interbank Rate is the rate that banks and large financial institutions use to trade with each other in amounts of over £5million. We make our money in the same way that all banks and foreign exchange companies do – by taking the difference between the Interbank Rate and the exchange rate we quote you; this is also known as the spread. Because we will typically take a smaller spread than the high street banks, we are able to give you a better exchange rate.
Here is what you need to do:
Go online, and accept the terms and conditions, or do it by completing the paper copy. If you live in the UK (or in certain other countries), it is usually possible to verify your identity electronically. If this is not possible, you will be asked to provide a copy of your passport or driving licence, plus a copy of a bank or credit card statement or utility bill sent to you in the last three months.
Through Harrods Bank International Money Transfer's easy to use online platform, you can fix a rate and book a trade, manage payments and beneficiaries and view live statements whenever it suits you.
Sterling, US dollars or Euros
Once we have received your funds, we will usually make the payment on the same day. It should arrive fully cleared at your bank on the same day, though it might take until the next working day for the beneficiary bank to credit the account.
From the time we receive your payment, please allow between one and four days for your funds to reach the recipient. The precise time will depend on the currency, so while Swedish Kroner could be done in a day, East Caribbean Dollars could take four.
If it is important that your funds arrive by a certain date, we will provide information and advice for the country you are sending funds to.
Rates quoted by us onlineThe rates you see quoted through our online system are linked to the live foreign exchange market, so when the markets are open, the rates will be constantly updating on our site. The rates will continue to fluctuate up until the moment you accept a rate and book your transaction. The foreign exchange markets are closed between 22:00 on Fridays and 20:15 on Sundays - during these times, the rate will not change, having been set at the end of Friday.
- Our award-winning customer service - via a dedicated personal account manager, and we pick up every call in three rings
- Our best in class online platform makes it easy to manage your international payments online, whenever it suits you
- We do not charge any fees for private customers making personal transfers
- Europe - IBAN and SWIFT
- Canada - account number, SWIFT and Transit code
- Australia - account number, SWIFT or BSB code
- New Zealand - account number, 6 digit bank code and SWIFT
- USA - account number, ABA routing number or SWIFT
- UK - account number and sort code or SWIFT and IBAN
- India - account number, SWIFT, IFSC number and reason for transfer
- China - account number and SWIFT
- Mexico - account number, (Clabe no.), and SWIFT
For more information on other countries, please contact us.