First Direct Bank Business Payments

Business Account Overseas Money Transfer Options – First Direct

First Direct overseas business payments may have associated charges and fees which you can avoid when making corporate money transfers. If your business has overseas payments to manage, a regular foreign payroll to make, or overseas earnings to repatriate, First Direct business clients should consider using a currency transfer specialist to help save money and automate these processes.

Transfer exchange rates are calculated and updated hourly (Monday to Friday) from 8 am to 4 pm UK – GMT

First Direct Business Account – General Fees

The First Direct Bank Business Account offers several general fees for its customers. These include a monthly account fee of £10, which covers the cost of maintaining the account. There is also a fee of £10 for each transaction made through the account, including transfers and payments. Additional charges may apply for other services, such as overdrafts and foreign currency transactions. Overall, the fees associated with the First Direct Bank Business Account are in line with industry standards and provide their business customers easy access to their finances.

First Direct Business Account – International Charges

It is important to note that there are international charges associated with a First Direct business account. These charges can be incurred when making transactions outside of the UK, such as international money transfers or foreign currency transactions. It is important to review the account terms and conditions carefully to understand these charges and how they may impact your business finances.

Business owners may want to explore alternative options if they frequently conduct international business and want to minimise these charges, whilst attaining the very best foreign exchange rates when making or receiving payments in other currencies.

First Direct Bank – International Business Exchange Rates

As businesses expand globally, it becomes essential to have access to competitive foreign exchange rates to manage foreign currency business transactions efficiently. First Direct Bank provides businesses with access to real-time exchange rates for over 90 currencies, ensuring that they can make informed decisions and execute transactions quickly.

Additionally, the bank offers a range of solutions to help businesses minimise their foreign exchange risks and in turn, optimise their cash flow. With a focus on providing transparent and competitive rates, First Direct Bank is a good choice for businesses looking to manage their international transactions effectively. That being said, it’s worth exploring alternatives which could save you time and money on your overseas business payments.

First Direct Bank and SEPA (Single Euro Payments Area)

SEPA (Single Euro Payments Area) rules are written around the euro currency, general EU banking laws and do not take into account the actual currency conversion or money transfer exchange rates, which is what happens when money is transferred into or out of the euro zone. European banks including First Direct Bank can still charge anything they like for that service, irrespective of SEPA.

The aim of SEPA is to make payments in euro and across Europe as fast, safe and efficient as UK payments are today. On the downside, all banks (First Direct Bank included) will still charge their own foreign exchange margin rate to the transaction.

Example: First Direct Bank SEPA Business Transfer

A First Direct Bank SEPA business currency transfer (First Direct Bank to an external bank brand) from UK pounds to the euro has a commission fee capped at £2.00 on the actual transaction, however the transfer amount sent has a 5.0 percent exchange rate margin applied, which is deducted on the total amount received. This is far from the best business money transfer deal on the market. Moreover, SEPA payments can take longer to complete than transactions via a currency transfer specialist.

For businesses who transfer regular amounts overseas to make payments in the euro or other popular European currencies, using a currency broker is a money saving decision if your monthly transfers exceed £250. For smaller amounts you’ll have to continue using First Direct Bank service.

For further information regarding First Direct Bank overseas business exchange rates, business account international payment fees, charges and SEPA, you could ask a currency transfer specialist which options you have available for your business payment requirements, or contact your local branch’s First Direct Bank Business Manager directly.