You’ll find our HSBC bank account details on the top of page 2 of your monthly statement.
Once you have those details, head over to your bank and follow the instructions to initiate a transfer. If your funds are outside the U.K., you'll need to make an international wire transfer (SWIFT).
Here are a few important reminders about how a bank transfer could impact your payment:
- Your loan reference number
- International Wire Charges
- Currency Conversion
- Steps you can take to avoid being charged currency conversion fees:
- How long does it take for the payment to reach you?
- Who do I contact if I experience challenges with making payments through the bank?
Your loan reference number
When making a payment, your loan reference number is included as the payment reference. You can find your reference number on your monthly statement – it will start with PDG (for a single loan) or PF (for a payment to multiple loans at once).
Important: If you don’t include your reference number, we may not be able to allocate the funds to your loan account, which could result in delays or missed payments.
International Wire Charges
When making an international wire transfer, your bank will offer three options for handling transfer fees:
- OUR - The sender (you) pay all the charges
- SHA - Charges are shared between the sender (you) and receiver (Prodigy Finance - we receive less than the full amount)
- BEN - The receiver (Prodigy Finance) pays all charges and so we’ll receive a significantly lower amount.
To ensure we receive the full payment amount, please select OUR when initiating the transfer. If you choose SHA or BEN, we’ll receive less than intended, which could result in underpayment on your loan.
Currency Conversion
When making an international wire transfer, funds often pass through intermediary banks before reaching our UK account. If you’re not paying in GBP, here’s what can go wrong:
- The intermediary bank may automatically convert your funds to GBP, assuming that’s the required currency for the UK.
- If your payment is meant for our EUR or USD account, this results in a double conversion — first to GBP, then back to EUR or USD — which can significantly reduce the amount we actually receive.
How to avoid conversion fees:
To prevent this, ask your bank to ensure no currency conversion takes place during the transfer. On the payment reference or transfer instructions, simply include: “Do Not Convert”
This helps ensure the funds arrive in the correct currency and the full amount reaches your account.
How to avoid currency conversion fees?
- When initiating the payment at your local bank, instruct them not to convert your funds.
- Once the payment has been made, request a SWIFT confirmation from your bank. This will show the amount and currency being sent to Prodigy Finance.
- If the details match your request, we should receive the payment as intended.
- If not, you’ll need to contact your bank to rectify the issue.
How long does it take for the payment to reach you?
Once your payment has been initiated, it can take 5 to 8 days to arrive in our account. This delay is due to the processing time typically associated with international transfers.
Who should you contact if you experience issues making payments via bank transfer?
If you’re having trouble making a payment, your first step should be to contact your local bank for assistance.
If the payment has already been initiated but hasn’t been allocated to your loan after 7 business days, and your bank is unable to assist, feel free to reach out to us at payments@prodigyfinance.com — we’ll do our best to help.
To help us locate your payment, we’ll begin by asking whether any fees were applied to the transfer and whether a currency conversion took place.