Cross Currency Overdraft

SantanderCB Overdrafts

The Cross Currency Overdraft brings flexibility and transparency to companies that trade internationally.

If your business operates in multiple currencies, then you will know the importance of keeping up to date with the value of your foreign currency accounts and understand your overall cash position.

This facility enables customers to borrow in sterling, euros and/or US dollars within agreed limits as and when required. Customers can view and access funds across their participating accounts, within their Cross Currency Overdraft structure, via online banking.

Santander’s Cross Currency Overdraft converts each participating current account balance – whether cash-positive or in overdraft – into a notional sterling balance. These balances are then added together to give an aggregate net balance figure, referencing the agreed sterling overdraft limit within the payment process. 

Cross Currency Overdraft does not stop or prevent customers undertaking spot or forward rate exchange contracts, but provides greater flexibility in managing currency hedging activity.

Key features:

  • Can include current or instant access deposit accounts in Sterling or a range of currencies including Euros and US Dollars

  • Borrowing is available in sterling, euros and US dollars currencies against the overdraft - you can borrow in one currency against the credit balances in 16 available currencies maintained on other group account(s)

  • Interest is charged/earned on the balance positions on individual accounts on a daily basis

  • Supports currency hedging management

  • The overdraft is offered with straightforward rates of interest, fees and servicing channels.

N.B. For the avoidance of doubt Cross Currency Overdraft does not provide interest set-off, however Commercial Notional Pooling does and could provide an alternative solution. Applications are subject to status and overdraft facility terms and conditions. The right to decline any application is reserved.


Where Next?

Suitable for

  • Businesses operating in multiple currencies
  • Companies exposed to currency exchange rate movements

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