Incoming Payments

Offering clients the ability to send you payments in their local currency can help your company gain a competitive edge in foreign markets by simplifying the payment process and making it more convenient for foreign partners to conduct business with you.

Our incoming payment solutions can help to streamline your accounts receivables process, by allowing you to quickly and efficiently manage payments, and provide reports and updates on payment status.

We offer two methods for receiving and converting foreign funds into GBP: incoming Electronic Funds Transfers (EFTs), and Cheque Conversion services.

Incoming Electronic Funds Transfers

We will accept EFTs into our worldwide network of correspondent bank accounts. Whether remitted from within your organisation, or from a third party, the procedure is simple and flexible. This service is available through your dealer, or online through Western Union Business Solutions' GlobalPay platform.

With our Incoming EFT service, you retain control over the rate at which to convert the funds. The rate may be locked in before the funds arrive, or once receipt of the funds is confirmed.

  • If you lock-in a rate before the funds are received: once receipt of the funds is confirmed, the order is processed, and your GBP payment is issued the next business day.
  • If a rate is not locked-in at the time of the order: One of our dealers will contact you when the funds are received, and will provide you with the current rate of exchange. You can choose to accept this rate, or wait for a more favourable one (up to 90 days). If you choose to wait, we will monitor the market for you with MarketLink, our currency information service. Once the rate is locked-in, your GBP payment is issued by cheque or domestic wire transfer.

Know of a pending or upcoming invoice that will require the same foreign currency as a payment that you just received? Skip converting the funds back to GBP, and keep them in a Foreign Currency Holding Balance for up to 90 days.

Incoming Foreign Currency Drafts

Our Incoming Foreign Currency Draft service allows you to efficiently convert foreign currency cheques into GBP. We also accept GBP cheques issued by select foreign banks, and GBP cheques without a sort code (usually from UK branches of foreign banks). Payment is conditional upon final clearance by the issuing bank.

Find out more about how our incoming payment solutions can help your business with receiving and converting foreign funds into GBP.

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