You will receive our HSBC bank account details on the top section of page 2 of your monthly statement.
Once you've got the details, head over to your bank and follow the instructions to initiate a transfer. Remember that if your funds are outside of the U.K., you'll need to initiate 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 you initiate your payment, be sure that your loan reference number is included as the payment reference. To find your reference number, check your monthly statement. The reference number starts with PDG or PF (for a payment to multiple loans at once). If you don't include this reference number, your funds may not be allocated to your loan!
International Wire Charges
Banks will provide you with three different options for paying any fees related to the international wire transfer. These are:
- OUR - The sender (you) pay all charges
- SHA - Charges are shared between the sender and receiver (the receiver will receive a lower amount)
- BEN - The receiver pays all fees and so they will receive a lower amount
If you select either SHA or BEN, we will get fewer funds than you originally sent. In order for us to receive your intended payment amount, be sure to select OUR.
When international wire transfers are made, they are often sent through intermediary banks before they reach our bank in the UK.
If you are not paying in GBP via international transfer what often happens is that the intermediary bank thinks that because the funds are going to the UK that they should be in GBP and so they convert them.
The funds then land in our EUR or USD account as GBP and must then be converted back to the correct currency.
This double conversion can result in a significant decrease in the overall payment amount.
In order to avoid conversion fees, be sure to request that the intermediary bank does not convert funds when you are initiating your payment.
NB: You can simply indicate this on the payment reference by writing: “Do Not Convert” – this will ensure we will receive the correct amount that you've sent.
Steps you can take to avoid being charged currency conversion fees:
- When initiating the payment at your local bank, instruct them not to convert your funds
- Once you have made your payment, request a SWIFT confirmation of your payment which will highlight the amount and currency that will be sent to us.
- If this matches your request, we should receive your payment as requested.
- If not, you will need to contact your bank to correct this.
How long does it take for the payment to reach you?
Once the payment has been initiated, it will take between 5-12 days for the payment to arrive in our account. This is due to the delays associated with making international payments.
Who do I contact if I experience challenges with making payments through the bank?
If you experience any difficulties with making the payment, contact your local bank for help.
If your payment has been initiated but not yet allocated to your loan after 7 days and the local bank can't help, you are more than welcome to reach out to us at email@example.com and we'll do our best to help.
In order for us to help you to locate your payment, we'll start by asking if there were fees applied to your payment and if a conversion took place.