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FOREIGN EXCHANGE
Any payments required in foreign currency, other than euro, are currently made via the Bank of England on behalf of OPG customers. OPG provide a full euro Payments and Receipts service (click here for information on OPG Euro Services).
- Customers initiate a foreign currency payment by sending a completed "Foreign Currency Transfer Request"
Form GS9 [Draft] or GS9 [Swift] which can be obtained from your Account Adviser to the Bank of England. Customers may request a payment draft, which they send to their payee, or request payment to a designated account overseas using SWIFT.
- Customers who need to make foreign currency payments on a regular basis are authorised by OPG to deal directly with the Bank of England.
- Customers who need to make urgent foreign exchange payments may fax details to the Bank provided fax indemnity arrangements have been made in advance.
- Where customers need to make infrequent isolated payments, an arrangement with the Bank of England is not required. The "Foreign Currency Transfer Request" form may be sent direct to OPG for authentication and onward transmission to the Bank.
- Each day the Bank of England give OPG details of all transactions due for settlement that day on behalf of OPG customers. These show the currency denomination, the sterling amount, and the total amount including the Banks commission/conversion charges. These debits appear on Masterline as automatic (RFT) Internal Transfer payments.
- Cheques received by OPG customers drawn on banks abroad may, by prior arrangement, be sent to OPG for negotiation or collection (with or without recourse) through Bank of England, who levy a commission and/or handling charge. Customers should note that this process may take several days or weeks.
- Foreign cheques must not be paid in through OPG's local facility with NatWest; this includes euro cheques, cheques drawn in foreign currency or sterling cheques drawn on Banks with a foreign address.
If you would like more information please contact the Account Adviser team at:
OPG Banking Services
Sutherland House, Russell Way, Crawley, West Sussex, RH10 1UH
Or telephone our Customer Communications Centre on:
0870 197 1404
or email us at:
opgservices@paymaster.co.uk
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