Recurring Business Payments

If your business makes recurring international payments, it's important that the payments are easy, time efficient and made at the best exchange rates possible. Setting up recurring payments with UKForex is easy and will safe you time & money. Simply set up a transfer plan that suits your company's needs and leave the rest to us.

Ways of sending recurring business payments

1. Fixed Payments: if your business makes payments on a regular basis (i.e. bi-weekly, monthly, quarterly) and the amount is fixed, then you can lock in an exchange rate and transfer the same amount each time.

 You can save time and money and eliminate risk by using our fixed regular payments option.

2. Non Fixed Payments: this option is best suited for periodic money transfers that are not fixed. You can benefit from favorable exchange rate fluctuations using the non-fixed payment option.

Examples of regular international payments for Businesses:

  • Regular monthly imports
  • Transfer company pension abroad
  • Paying or receiving overseas wages
  • Payment or receipt of royalties

Features and benefits:

  • No set up or transfer fees
  • Low minimum amounts of GBP500 per payment
  • Minimum of four payments
  • Full transparency of exchange rates and payments
  • Provides certainty for your budget

Frequently Asked Questions for Recurring Payments

  • Which currencies do you offer for recurring payment plans?

We accept all major currencies. For your specific currency, please speak to one of our accredited dealers. 

  • Do I need to pay a deposit and how much is it?

No deposit is necessary for non-fixed payment plans. For fixed payment plans, a deposit is necessary to cover any market risk exposure we may face. The deposit is the equivalent of one installment. You will need to transfer it together with your first installment. Please note that the deposit is not a fee and we will use it to pay off the last instalment of your regular payment plan.

  • How much does it cost to set up a recurring payment with UKForex?

There are no transaction costs or fees involved. You simply pay your regular installment and the deposit as agreed in the payment plan and we will convert and transfer at the agreed rate.

  • How do I set up a recurring payment plan with UKForex?
  1. Call us today and one of our dealers will offer you a quote and a payment plan according to your individual needs
  2. Once you accept the quote, you pay the first installment and a deposit in the amount of one installment
  3. We will then transfer the agreed amount to your recipient account
  4. You can set up Direct Debit or make regular electronic funds transfers to us in order to ensure regular payments
  5. As soon as we have received your payments, we will in turn pay out to your recipient account as agreed in the payment plan
  • Can I cancel a recurring payment plan anytime? What are the conditions?

If a contract is cancelled or terminated, the Company will sell the balance of the purchased currency (if any) and buy back the balance of the original currency. The deposit will be returned minus any losses that may have resulted as a result of variations on the exchange rate.

  • How many payments can we enter into?

Recurring payment plans can be set up for a maximum of 12 months and they can recur bi-weekly, monthly or quarterly. Shortly before your plan is due to finish, one of our accredited dealers will contact you to discuss renewing or changing the plan depending on your requirements.

 

 

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IMPORTANT: Use of this website is subject to the Website Terms. Use of the Services of the UKForex Limited is subject to the Client Agreement. Nothing on this website constitutes or should be construed as financial advice. This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites.

UKForex is registered in England and Wales (company no. 04631395) with registered office at 1st Floor 85 Gracechurch Street, London EC3V 0AA.

DISCLAIMER: UKForex makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this web site. Read full disclaimer.

UKForex provides international money transfer services to individual clients and business customers. Use our free currency calculator, exchange rate charts, economic calendar, in-depth currency news and updates and benefit from competitive exchange rates and outstanding customer service.

UKForex is authorised by the Financial Conduct Authority (FRN: 521566) for the provision of payment services. 

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