Business Account Overseas Money Transfer Options – Santander Bank
Santander 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, Santander business clients should consider using a currency transfer specialist to help save money and automate these processes.
| SANTANDER BANK | MIN. TRANSFER | SPEED | *GUIDE RATES | INFORMATION |
|---|---|---|---|---|
| GBP £ - to EUR | NO MINIMUM | 5/7 DAYS | €1.148 | MORE DETAILS |
| GBP/EUR (BROKER RATES) | FROM £100 | 1 DAY | €1.196 | MORE DETAILS |
| EUR € - to GBP | NO MINIMUM | 5/7 DAYS | £0.791 | MORE DETAILS |
| EUR/GBP (BROKER RATES) | FROM £100 | 1 DAY | £0.824 | MORE DETAILS |
| GBP £ - to CHF | NO MINIMUM | 5/7 DAYS | Fr 1.07 | MORE DETAILS |
| GBP £ - to CZK | NO MINIMUM | 5/7 DAYS | Kc 28.823 | MORE DETAILS |
| GBP £ - to DKK | NO MINIMUM | 5/7 DAYS | kr 8.566 | MORE DETAILS |
| GBP £ - to HUF | NO MINIMUM | 5/7 DAYS | Ft 475.119 | MORE DETAILS |
| GBP £ - to NOK | NO MINIMUM | 5/7 DAYS | kr 13.558 | MORE DETAILS |
| GBP £ - to PLN | NO MINIMUM | 5/7 DAYS | zl 4.89 | MORE DETAILS |
| GBP £ - to SEK | NO MINIMUM | 5/7 DAYS | kr 13.215 | MORE DETAILS |
Transfer exchange rates are calculated and updated hourly (Monday to Friday) from 8 am to 4 pm UK – GMT
Santander Business Account – General Fees
The Santander Business Account comes with a range of fees that customers should be aware of. Some of these fees include an account maintenance fee of £7.50 per month, which covers the cost of managing and maintaining the account. There is also a transaction fee for each deposit or withdrawal made, which varies depending on the type of transaction and the amount being transferred.
Other fees may apply, such as charges for using certain banking services or requesting additional statements or chequebooks. Customers should carefully review the terms and conditions of their Santander Business Account to understand all the applicable fees and charges.
Santander Business Account – International Charges
It’s important for business owners to take note of the international charges associated with their business account with Santander Bank. Santander charges an international transfer fee of £25 for electronic transfers and £40 for paper transfers. Additionally, there may be additional fees charged by the recipient bank.
Santander Bank – International Business Exchange Rates
Attaining the very best exchange rates for corporate transactions are essential for businesses that operate in different countries and need to convert currencies regularly. Santander Bank provides advice and support to its customers on how to manage currency risk and make informed decisions about foreign exchange transactions.
Business owners may want to explore alternative options if they frequently conduct international business and want to minimise any charges, whilst attaining the very best foreign exchange rates when making or receiving payments in other currencies.
Santander 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 Santander 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 (Santander Bank included) will still charge their own foreign exchange margin rate to the transaction.
Example: Santander Bank SEPA Business Transfer
A Santander Bank SEPA business currency transfer (Santander 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 4.7 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 Santander Bank service.
For further information regarding Santander 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 Santander Bank Business Manager directly.
