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Currency Inter-account Transfers (IAT’s)

How do I make Currency IAT payments?

Inter-Account Transfers (IAT’s) or Account Transfers are internal payments between your own accounts.

  • Step 1. Go to the ‘Payments’ tab and select ‘Make a Currency Transfer’ from the Inter-Account Transfers (IATs) section.
  • Step 2. Enter the Transfer details (including the currency you wish to make the payment in).
  • Step 3. Enter the Credit Account details.
  • Step 4. Enter the Foreign Exchange Details. This section will only show if you are registered to use pre-booked foreign exchange deals. If you are interested in this service then please speak with your Relationship Director. If you are registered for this service and wish to use a pre-booked deal to fund your payment, you can select ‘Add Foreign Exchange Deals’ to navigate to the Commercial Foreign Exchange Deals page.
  • Step 5. Check all payment details are correct and then press the ‘Make Payment’ button at the bottom of the payment instruction. If all payment details are correct and pass validation, you will be taken to the Confirm then Summary screens from which the payment will be Dispatched, or pending final authorisation before it is processed (if required).

If you do not wish to proceed with the payment from the Enter Inter-Account Transfer or Confirm screen you can select ‘Cancel‘ or ‘Save Payment‘ to save it as incomplete.

What are the FX rates for Currency IAT payments?

For Currency IAT payments, the FX rate applied is the prevailing rate at the time of actual processing.

Please note the FX rate shown during making the payment and when authorisation is pending is only indicative, based on the prevailing rate at that time.   Once the payment has been authorised and despatched, the actual FX rate is shown in the payment details.  You may also use a pre-booked rate via our foreign exchange deal service.

Why does a currency IAT payment remain “in progress”?

For Currency IAT payments, the FX rate applied is the prevailing rate at the time of actual processing.

In certain situations, the transaction might require review by the bank (e.g.; if the currency used is exotic or the payment value is particularly large) before the payment can begin processing. In this case, the payment will remain “in progress” until this review is complete.

Can I book an FX rate for my IAT?

Yes, an FX rate can be booked via Santander Flame or by calling our FX dealing desk on 0800 015 4116 option 1/option 1. Please note, you must be registered to use this service. If you are interested in using this service then please speak with your Relationship Director.

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