Business Account Overseas Money Transfer Options – TSB Bank
TSB Bank 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, TSB Bank business clients should consider using a currency transfer specialist to help save money and automate these processes.
| TSB BANK | MIN. TRANSFER | SPEED | *GUIDE RATES | INFORMATION |
|---|---|---|---|---|
| GBP £ - to EUR | NO MINIMUM | 5/7 DAYS | €1.142 | MORE DETAILS |
| GBP/EUR (BROKER RATES) | FROM £100 | 1 DAY | €1.193 | MORE DETAILS |
| EUR € - to GBP | NO MINIMUM | 5/7 DAYS | £0.791 | MORE DETAILS |
| EUR/GBP (BROKER RATES) | FROM £100 | 1 DAY | £0.826 | MORE DETAILS |
| GBP £ - to CHF | NO MINIMUM | 5/7 DAYS | Fr 1.06 | MORE DETAILS |
| GBP £ - to CZK | NO MINIMUM | 5/7 DAYS | Kc 28.971 | MORE DETAILS |
| GBP £ - to DKK | NO MINIMUM | 5/7 DAYS | kr 8.516 | MORE DETAILS |
| GBP £ - to HUF | NO MINIMUM | 5/7 DAYS | Ft 469.37 | MORE DETAILS |
| GBP £ - to NOK | NO MINIMUM | 5/7 DAYS | kr 13.261 | MORE DETAILS |
| GBP £ - to PLN | NO MINIMUM | 5/7 DAYS | zl 4.96 | MORE DETAILS |
| GBP £ - to SEK | NO MINIMUM | 5/7 DAYS | kr 13.25 | MORE DETAILS |
Transfer exchange rates are calculated and updated hourly (Monday to Friday) from 8 am to 4 pm UK – GMT
TSB Business Account – General Fees
With a TSB Bank Business Account there is a monthly account fee of £5. Additionally, there are charges for certain transactions, such as £0.35 per cash deposit and a £0.50 charge for each cheque deposited. However, there are also some benefits to this account, such as free electronic payments within the UK and a free business debit card.
TSB Business Account – International Charges
The TSB Business Account is a popular choice for many UK businesses, offering a range of features and benefits to help you manage your finances. However, it’s important to note that there are international charges associated with this account, which can add up if you frequently conduct business overseas.
These charges include fees for foreign currency transactions, as well as charges for using your debit card abroad. To avoid these fees, it’s worth considering alternative options such as a specialist international business currency transfer specialist.
TSB Bank – International Business Exchange Rates
TSB Bank offers quite competitive and transparent rates for corporate currency exchange, allowing businesses to accurately calculate the cost of transactions and manage their finances more effectively. TSB Bank’s exchange rates are regularly updated to reflect market changes and are available for a wide range of currencies.
The bank also offers online tools and resources to help businesses stay up to date with exchange rates and manage their international transactions more easily. Overall, TSB Bank’s exchange rates and international business services make it an attractive option for businesses looking to expand globally.
Business owners may want to also 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.
TSB 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 TSB 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 (TSB Bank included) will still charge their own foreign exchange margin rate to the transaction.
Example: TSB Bank SEPA Business Transfer
A TSB Bank SEPA business currency transfer (TSB 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 TSB Bank service.
For further information regarding TSB 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 TSB Bank Business Manager directly.
