Ulster Bank Money Transfer
Ulster Bank is a wholly owned subsidiary of Ulster Bank Limited. It belongs to The Royal Bank of Scotland Group plc. And fully regulated bank by the by the Central Bank of Ireland. Ulster bank offers a wide range of services to small business, corporate market product, personal banking and financial planning services.
Foreign exchange services
Businesses importing or exporting can be affected the volatile exchange rates and can negatively affect their finances. Ulster Banking services offer foreign exchange services to small businesses and organizations. The bank offers online hedging solutions that will enable you to set a fixed exchange rate helping you eliminate uncertainties in the costs of any further foreign exchange. The bank also provides cheap and very effective solutions for businesses. Firstly, clients can make standard outward foreign exchange payments without being charged any transaction fees. Secondly, the offer is free in all the payment methods; bank line and electronic transactions anytime. These foreign exchange solutions are suitable for business involved in trading internationally, sending and receiving money internationally or companies with foreign exchange accounts or with assets abroad. With Ulster foreign exchange solutions you will have a greater certainty over your incomes and costs and any.
How it works
To use Ulster Bank’s Forward Foreign Exchange services, your business has to sign legally binding contracts that allow you to fix an exchange rate. The exchange rate is determined after consultation with professional who provide you with guidance to help reduce risks.
There are no charges for entering a forward Forex exchange contracts. The exchange can be determined by a lot of factors but not limited to, liquidity of the currency, Forex volatility, and the interest rates for each currency and the size of the transactions. However, you are required to have a fixed FX limit, in the contract. These contracts are specifically for fixed maturity timelines. The Forward FX date Option allows the clients to choose the maturity in between two specified dates
Ulster Bank gives you professionals who help you in managing your contracts and accounts. They will help you identify the foreign exchange risks of your business. You will then get fully need tailored solutions that will help your business have fully managed FX transactions. However, you cannot make any adjustments on the contracts when favorable exchange rates become available on the market.
Ulster hedging FX forward solutions help your business stay protected against adverse movements that will bring negative impact on your finances. You will enjoy standard rates no matter what happens.
Clients enjoy free professional consultancy and help in planning and making advance budgets enabling you know exactly the costs before making any transactions.
The disadvantages for using FX forward solutions include are usually the charges and the uncertainties that your business gets exposed to whenever the contract get terminated or canceled or undergoes modifications. For example, when an ongoing transaction gets delayed or canceled, you will have to pay for extension of the contract or pay the contract cancellation fee. Additionally, you are bound to your contact terms; no benefits from positive exchange rates for your business.
Generally, Ulster hedging solutions will help your business have control over the foreign exchange volatility, make financial forecasts with certainty and make plans with confidence.
Ulster Bank can do money transfers to any bank in the world, you can do a money transfer using Ulster Bank if you are an existing customer where you can secure a better exchange rate with reduced charges if you have a Ulster international bank account. One of the main benefits of an international account is that accounts can be in euros,sterling and US dollars and with credit and debit cards in different currencies, making exchanging currency between your bank accounts instantly plus at the best possible rate. The Ulster Bank table below displays the currencies and exchange rates for Ulster daily updated. You can also use Ulster Exchange Rates converter to get the latest conversion rates to or from Sterling.
All money transfer orders that are executed automatically with the use of advanced payment systems. You only need to know the details of the receiver's bank account (IBAN - International Bank Account Number) and receiver's bank (BIC - Bank Identification Code).
The currency converter and exchange rate board contain indication rates only and are updated daily by Ulster Bank. These rates exclude any other associated charges which may apply. Please ask your Ulster Bank branch for details of Ulster Bank exchange rates before you make the transaction.
11-16 Donegall Square East,BT1 5UB
Tel: 028 9027 6000