We have added our more commonly asked questions about our Corporate Payments below, however if they do not cover a topic you wish to query then please do not hesitate to contact us. Or if you prefer you can simply request a callback from one of our advisors at a time suitable for you.

FAQ Topics

  • FEXCO Payment Service
  • Corporate Payments
  • Foreign Exchange

Request a Callback From Our Corporate Payments Advisors

You can speak with a dedicated foreign currency dealer who specialises in working with private individuals. We will be happy to discuss our service with you and explain how we can assist with your specific requirements.

Request a Callback

Questions and answers

FEXCO Payment Service

  • How long does a payment take?

    FEXCO offers same day payments as well as standard international bank transfers which will take a day or more – the time frame will depend on the destination and the product you use, so it’s best to contact our team and find out how quickly we can get your payments delivered.

  • How many payments can I do with FEXCO?

    FEXCO does not specify a minimum or maximum number of payments.

    If you need to make large batch payments, we accept bulk file uploads and we can provide an integrated service that works directly from your accounts package.

  • What about payment records?

    We provide detailed payment statements to our customers online.

  • How much does the FEXCO service cost?

    It costs nothing to set up an account with us and there is no obligation to trade. If you are making a foreign exchange payment, the exchange rate and the foreign currency amount are stated clearly in advance before you make a payment with us.

    We offer bank-beating foreign exchange rates with no hidden fees or charges.

  • How do I sign up to do Transfers with FEXCO?

    Just register your details with us and a member of our team will telephone you to set up your account straight away. We will let you know if we need any onboarding documentation from you (like ID or proof of address) and we have a pain-free onboarding process. The account costs nothing to set up and there is no obligation to trade with us.

    You can transfer money with us over the phone or online at a time that suits you.

    An online account allows you to trade with us remotely using our paydirect system – alternatively if you do a lot of payments or if you have more complex payment needs, we can implement a tailored payment solution for your business. We are also happy to talk you through our products, the countries and currencies that we pay into, and our daily exchange rates.

    We accept payment for transactions by bank-to-bank transfer and by direct debit. We are happy to go through these options with you to find the solution that best fits your needs.

    Register your details

  • Is my money safe with FEXCO?

    Yes. As a regulated financial institution we use robust client asset procedures to keep your funds protected. We also use major partner banks to distribute our international payments safely and securely. Our online system uses secure encryption and system users have authorisation restrictions that keep your information and funds protected.

    FEXCO has over 25 years of experience in processing payments. We are a trusted partner for private clients, businesses and government institutions.

  • What is Two Factor Authentication?

    Fexco Corporate Payments is now using two-factor authentication in order to combat online fraud and to guarantee our clients the highest level of online security.

    More Information

Corporate Payments

  • I need to use a specific correspondent bank to make a transfer. How does this work?

    Correspondent banks are typically required where a payment is being sent to a country in a currency other than the domestic currency (e.g. sending a US Dollar payment to China). Generally, the correspondent bank will be located in the country of the currency you are paying: if you are paying USD to China, the beneficiary bank will be in China, and the correspondent bank will be in the USA.

    For more information on how to use correspondent bank details, please contact us on (Ireland) 1800 246 800 / (UK) 0845 702 3378 or email our customer services team at fcpsupport@fexco.com.

  • What should I do if I have more than one account number for a single payment?

    It is possible that the beneficiary has given you two sets of details for their bank account: e.g. the BIC and IBAN as well as their sort code and account number. Either set of details will work for the transfer in the FEXCO system.

    Alternatively the beneficiary may have given you the details for their bank account as well as details of the correspondent bank account through which the money will be transferred – this is common where the payment is being delivered in a currency other than the domestic currency of the beneficiary. More information about correspondent banks is set out below.

    If you are a FEXCO customer and you are not sure how to format payments in our system, call us (Ireland) 1800 246 800 / (UK) 0845 702 3378 or email our customer services team at fcpsupport@fexco.com. If you want to send us a copy of the account details we will be happy to assist in formatting the payments for you.

  • What happens if I have supplied incorrect beneficiary bank account details?

    If you realise that you have provided incorrect or incomplete data after submitting a payment to FEXCO, please ring our helpline (Ireland) 1800 246 800 / (UK) 0845 702 3378 and we will work to locate the payment and address the problem for you.

    It is not possible to reverse a completed bank transfer without the consent of the beneficiary so it is important to check that the beneficiary is genuine, particularly if you are buying goods or services from someone you do not know.

  • I sent a transfer but the beneficiary has not received the funds yet. Why?

    There are a few possible reasons for this problem:

    1. The money could still be en route

      International bank transfers work on a daily cycle, so if you send a bank transfer late in the afternoon it probably won’t hit the banking system until the following day. Bank transfers are typically credited to the beneficiary’s bank account near the end of the following working day (so a beneficiary may not see funds in their account until the following morning). This means that money might leave the sender’s account on a Monday afternoon and disappear for a couple of days, appearing in the beneficiary’s account on Wednesday morning.

      Bank transfers to Asia and Australia may take 3 days because of the time difference – and they may take longer if the transfer is going to a country with a less developed payment system.

      With FEXCO, transfers for Europe and the US can be processed same day. Contact our team if you need to make an urgent international payment, and we will find a quick reliable solution that works for the destination you are sending to.

    2. There could be a problem with the beneficiary’s account details

      Payments can be delayed in the banking system if the beneficiary details provided are incorrect or incomplete – we use validation tools to help our clients avoid this, and our customer services team uses real-time query management to track the status of payments for customers with minimal fuss.

    3. The beneficiary might not recognise the payment

      It is possible that the beneficiary’s account has been credited, but they didn’t recognise the payment. This can happen if the beneficiary’s bank has deducted a ‘receiving charge’ from the payment, so the amount credited to the account is less than the amount that their bank actually received. The beneficiary may also have trouble identifying the payment if information regarding the sender does not appear on the beneficiary’s statement – this is a particularly common problem with online bank statements.

  • How long does an electronic funds transfer take?

    This depends on the payment method and the destination. A standard SEPA bank transfer within Europe takes just one day, and transfers within the same country can even arrive on the same day (for example a Faster Pay bank transfer in the UK is completed within minutes). However other international transfers can take longer, with some transfers taking anything from 3 to 7 days – this is especially so in Asia, Africa, and some countries in the Far East. Let us know if you need to make an urgent international payment and we will be happy to advise on the time frames and routes for delivery through the international banking system.

    Bear in mind that incorrect data can cause delays. Some receiving banks will spot the problem and raise a query or return the funds very promptly, while other banks can take several days to advise that there has been an issue with a payment. If you are using FEXCO to make your payments, we will use real-time query management to check the status of a payment for you and find out if something has gone wrong.

  • What are Faster Payments?

    Faster Payments (or FPS) are a type of domestic bank transfer used in the UK. Most UK banks are members of the FPS network, allowing customers to transfer money within the UK quickly and cheaply. The maximum amount that can be sent using FPS is £100,000 but some participating banks impose lower transaction limits for their clients.

  • What is a SEPA payment?

    SEPA is the Single European Payments Area which comprises of the 28 EU member states together with Iceland, Liechtenstein, Monaco, Norway and Switzerland. The SEPA rules provide a consistent approach for making funds transfers across Europe, so that transfers within the SEPA zone are as easy and reliable as domestic transfers.

    A SEPA payment involves debiting a Euro account and crediting another Euro account in the SEPA zone using BIC and IBAN identifiers. SEPA payments are made using a uniform set of standards, rules and conditions. Banks typically charge a similar price for domestic transfer and SEPA payments (and they tend to charge considerably more for other types of cross-border payments including foreign exchange payments).

  • What Bank Identification details do various countries use?

    SWIFT/BIC and IBAN codes are now widely used in Europe, but many countries continue to use their own standard identifiers (such as routing numbers in the US). A summary of the identifiers used for banks and accounts worldwide is set out below.

    EU / EEA (EUR)

    • Option 1:
      BIC / SWIFT (11 digits) and IBAN

    United Kingdom (GBP)

    • Option 1:
      BIC / SWIFT (11 digits) and IBAN
    • Option 2:
      Sort Code (6 digits) and Account Number

    United States (USD)

    • Option 1:
      BIC / SWIFT (11 digits) and Account Number
    • Option 2:
      Routing / ABA number (9 digits) and Account Number

    Australia (AUD)

    • Option 1:
      BIC / SWIFT (11 digits) and Account Number
    • Option 2:
      BSB Number (6 digits) and Account Number

    New Zealand (NZD)

    • Option 1:
      BIC / SWIFT (11 digits) and Account Number
    • Option 2:
      National Clearing Code (6 digits) and Account Number

    Canada (CAD)

    • Option 1:
      BIC / SWIFT (11 digits) and Clearing Code and Account Number

    Worldwide (Other Currencies)

    • Option 1:
      BIC / SWIFT (11 digits) and IBAN
    • Option 2:
      BIC / SWIFT (11 digits) and Account Number

    If you’re not sure what payment information you need to make your transfer, contact our customer service team who will be happy to advise you at no cost.

  • What is an IBAN?

    An IBAN is an International Bank Account Number, essentially a long-form version of the ordinary bank account number. EU banks are legally required to provide their customers with an IBAN for each bank account (BIC and IBAN information typically appears on the top of every bank statement). The IBAN allows banks to accurately identify the correct account when doing international funds transfers.

    The IBAN is widely used internationally, and an IBAN is now mandatory for payments to certain countries such as Pakistan, Brazil and Saudi Arabia.

    If you’re not sure what payment information you need to make your transfer, contact our customer services team who will be happy to advise you at no cost.

  • What is a SWIFT Code/BIC Code?

    A SWIFT code or BIC code is a unique bank identification code for banks involved in international payments – it consists of a series of letters and numbers, and it is either 8 or 11 digits long. The 8 digit version refers to the head office of the bank, while 11 digit SWIFT codes refer to specific bank branches.

  • Is SWIFT a money transfer service?

    Not really: banks exchange instant payment messages using the SWIFT network, but they settle the underlying transfers in bulk rather than exchanging money instantly; this is why an international bank transfer can take a number of days to get from the sender to the beneficiary.

  • What is a SWIFT Payment?

    SWIFT provides the international network for inter-bank payments, transferring payment messages between the various banks. Most international funds transfers take place through the SWIFT network.

Foreign Exchange

  • When is the right time to make a payment?

    Exchange rates are constantly changing so it can be hard to know the right time to make a payment. Our experienced dealers will inform you about exchange rate movements and set automatic ‘rate watch’ alerts so that you make your payment when the exchange rate hits the right level for you.

    We can also help you calculate the cost of a spot versus a forward payment to ensure that you are getting best deal possible. Our dealing team also sends regular updates to inform customers about developments affecting exchange rates – let us know if you would like to receive these and we will add you to our mailing list.

  • What other foreign exchange products can I use?

    FEXCO offers different types of forward contract that you can use to protect your business from exchange rate risk:

    1. A stop loss order helps protect you against adverse exchange rate movements but leaves the upside open to unlimited gains.
    2. A limit order allows you to book a trade at a pre-determined exchange rate (which is better than the current rate available) if and when that rate is achieved.
    3. One Cancels the Other (OCO): limit orders can be used in conjunction with stop loss orders and vice-versa where one or other level hit will cancel the other side of the order.

    Our dealers are subject-area experts and they can provide information on the various forward contract products to help find the best solution for you.

  • What is a forward contract?

    A forward contract is an agreement to make a payment at a specified date in the future, with the exchange rate fixed at the time you enter into the contract.

    A forward contract eliminates the risk of exchange rate fluctuation, making it easier to forecast your cash flow into the future. Forward contracts are also a useful way of locking in a favourable exchange rate when the future outlook is uncertain.

    If you enter into a forward contract you may be asked to provide a deposit or margin: this requirement will depend on the particular contract. Deposit and margin requirements are always agreed in advance.

    Depending on your needs you may wish to use a forward contract or watch the market for a favourable spot rate – our dealing team are happy to inform you about using spot and forward contracts to find the best solution for your business.

  • What is a spot payment?

    Spot payments are the most common type of foreign exchange payment. A spot payment is used to make foreign exchange payments immediately at the prevailing exchange rate. Spot payments are typically settled within two working days.

  • Why choose a foreign exchange payment?

    If you make an international payment without agreeing the exchange rate in advance, the foreign bank will apply a conversion rate that is likely to be unfavourable to you. This means that if you make frequent foreign payments you could be losing thousands each month through preventable foreign exchange losses. By booking foreign exchange payments you can agree the exchange rate in advance and know that you are getting the best deal.

FEXCO Corporate Payments Details

FEXCO Corporate Payments  Unlimited Company  (t/a FEXCO Corporate Payments) is regulated by the Central Bank of Ireland and is regulated by the Financial Conduct Authority for the conduct of payment business in the UK.

Call us on:

Ireland: 1800 246 800
UK (London): 0870 060 0587
UK (Edinburgh): 0800 840 2887

FEXCO Corporate Payments Social Media Links: