Receive payouts by local wire transfer in GBP (UK)

Overview

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. You value this method for its reliability, convenience, and speed, as it provides a direct transfer from one bank account to another within the country.

Supported currencies

GBP

📌 If the currency of your balance in Smartcat is not GBP, the funds are 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

2.5 USD + 0.5% of the withdrawal amount. The fee is converted into the payout currency at the time of the transaction.

You can view a list of companies that reimburse your commission in the My Payouts section (click Learn more on your payout method).

Minimum and maximum payout amounts

From £8 to £250,000

Smartcat lets you set the minimum amount, starting from which the payment is sent to you. You can learn more in the article "Minimum payout amount".

Required details

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 use the money in your country right away

FAQs

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, enter the following Smartcat details in your invoice:

Full name: Smartcat Europe B.V.

Legal address: Strawinskylaan 903, 1077 XX Amsterdam, the Netherlands

VAT no.: NL859832880B01