What is a guaranteed rate?
When making a cross-currency payment or transfer, if you have not referenced a previously booked rate, we would provide an indicative rate. Alternatively, you may request a guaranteed exchange rate immediately before the payment is submitted for execution.
This may be:
- On the Confirm payment page for clients with no payment verification or authorisation.
- During payment verification for clients with payment verification only selected.
- During final authorisation for clients with payment authorisation selected.
A rate shown as indicative is provided to give an indication of what rate will apply to your payment or transfer, the rate is subject to change.
A rate shown as guaranteed means that is the final rate that will apply when the payment is authorised.
Guaranteed rates are available for all currencies pairs.
You will be able to request a guaranteed exchange rate if the ‘Request Exchange Rate’ button is displayed. The guaranteed exchange rate will be displayed along with the margin applied and is available for up to 90 seconds for you to accept (indicated by a count-down timer).
You may choose to
- Accept the rate at processing date, or
- Accept guaranteed rate
If you select to Accept the rate at processing date and submit the payment, it will be executed using the indicative rate with your agreed margin applied at the time the payment is made.
If you select to Accept guaranteed rate and submit the payment before the timer runs out, the displayed guaranteed exchange rate will be booked for the payment along with your agreed margin.
Once time runs out, the page will refresh and allow you to request a guaranteed rate again, submit on an indicative rate or cancel the payment.
In either case, you will need to sign the payment (using your smart card) when it is submitted.
IMPORTANT: By choosing Accept guaranteed rate you are securing an FX rate for this payment. You may be liable for costs calculated in the manner described later in the process if the payment does not complete as originally instructed.
For more information please refer to the Changes in cross-currency payments and transfers guide
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