Local wire transfers in GBP (UK)
Local wire transfer in British pound sterling (GBP/£) is a transfer of funds between banks within Great Britain and Northern Ireland, in the national currency. This method is valued for its reliability, convenience and speed, as it provides a direct transfer from one bank account to another within the country.
Supported currencies
GBP
Please note that if the currency of your balance in Smartcat is not GBP, the funds will be converted to GBP at the Smartcat exchange rate on the day of payment. Learn more about the platform rate in the article "Conversion of Balance Currency to Payment Currency".
Commission
£1
You can view a list of companies that are reimbursing your commission in the My Payouts section (click Learn more on your payout method).
Minimum and maximum payout amounts
From £3 to £250,000
Smartcat allows setting the minimum amount, starting from which the payment will be sent to you. You can learn more in the article "Minimum payout amount."
Required details
Field | Individual | Company | Description |
Beneficiary type | ✓ | ✓ | Individual or company beneficiary |
Beneficiary first name | ✓ | ✕ | Beneficiary name |
Beneficiary last name | ✓ | ✕ | Beneficiary last name |
Birth date | ✓ | ✕ | Beneficiary first date |
Beneficiary company name | ✕ | ✓ | Beneficiary company legal name |
Recipient country | ✓ | ✓ | Country of fiscal residence |
Recipient city of residence | ✓ | ✓ | City of current fiscal residence |
Recipient address | ✓ | ✓ | Address of current residence |
Beneficiary postal code | ✓ | ✓ | Beneficiary fiscal residence post code |
Account number | ✓ | ✓ | Beneficiary bank account number |
Sort code | ✓ | ✓ | Six-digit beneficiary bank code (no spaces or other symbols) |
SWIFT | ✓ | ✓ | 8-11 digit code identifying the country, city, bank and bank branch |
IBAN | ✓ | ✓ | The beneficiary international bank account number, up to 34 characters long (including numbers and letters) |
Advantages
Cheaper than international transfer. There is no intermediary bank, and the commission is lower than for an international wire transfer.
Speed. Payouts are processed up to three business days on the Smartcat side and up to one or two business days on the bank side.
Funds are received immediately in the local currency. You do not spend money on additional conversions and can immediately use the money in your country.
Frequently Asked Questions
I chose this method, but the payment was rejected. Why?
Act as follows:
Make sure you provide payment details for local ACH bank transfer (not international SWIFT transfer).
Make sure that the post code, city, street and house number are specified in the corresponding detail fields.
Make sure that you do not enter a PO box or email address instead of your residential address. Check if your account number, routing number, and account type are correct.
Verify the accuracy of the banking details provided (sort code, SWIFT, IBAN, etc.).
Make sure that the name of the account holder is entered in the details section exactly as it is in the bank details, including all spaces and symbols.
I cannot find the payment. What does the payment look like on the bank statement?
The purpose of the payment indicates the payment ID in the format PO-XXXXXX-XXXXX, which you can find in the Payout History section.
SMARTCAT PLATFORM INC. or THE CURRENCY CLOUD LIMITED appears as the sender, depending on the beneficiary bank.
For which countries is this method available?
The method is available exclusively for receiving funds to a bank account in Great Britain and Northern Ireland.
I received a payment. What details should be used for billing?
When receiving funds by local bank transfer in GBP, you need to enter the following Smartcat details in your invoice:
Full name: Smartcat Europe B.V.
Legal address: Strawinskylaan 613, 1077 XX Amsterdam, the Netherlands
VAT no.: NL859832880B01