What else do I need to know? Do I have to pay the full amount in advance?
No. Full payment is only required once you have agreed your ‘spot transaction’ with your dedicated dealer. If you take out a forward contract Travelex* require a standard 10% of the transaction value in Sterling within two working days of opening the contract. The remainder is payable on or before the completion date.
How long does it take to set up a Saga International Payments account?
When your online application has been received, an address and identity verification will be carried out. This is not a credit check. Subject to passing the verification your transaction can be arranged on the same day. If Travelex* are unable to verify this information online, they will contact you for additional proof of identity and address.
What information do I have to provide?
Your transfer bank account details and details of your transaction are required if your payment is over £100,000. Details of the transaction are required if the amount you are transferring is more than £250,000 to a third party account, or £500,000 to your own account.
What is money laundering?
This refers to the ways in which criminals disguise the proceeds of their activities. It includes placing the gains in a financial product, often using a false identity, before transferring it into other accounts where it becomes difficult to trace. There is a legal and moral duty to prevent accounts being opened in false names. The checks made apply to everyone and will help to protect you and your property.
What happens once I've registered?
Your dealer will call you to discuss your requirements. Once you are ready to carry out your transaction they will confirm your order.
What if the deal falls through?
If your purchase falls through before completion, but after you’ve taken out a forward contract, you can roll over your contract to a later date in case you find another suitable purchase or cancel it altogether. Please note that rollovers and cancellations of a forward contract will be at the prevailing market rate at that time and may incur a loss, which you would be liable for. Your dealer will discuss all the options with you before any action is taken.
How do I know my funds are secure?
Saga International Payments provides the most advanced and secure systems available and will track your payment all the way to its destination.
How do I pay?
You can pay sterling by the following options:
Cheque – Travelex* will arrange for prompt clearance of your cheque. This takes five working days from the date of receipt. Once the cheque has been cleared, payment will be released immediately to the requested bank account. Please send your cheque to:
Saga International Payments
Travelex Global Business Payments Limited
65 Kingsway
London WC2B 6TD.
CHAPS – you can arrange a CHAPS payment through your bank, to be paid into Travelex’s* account. Your electronic transfer or draft payment will be released immediately on notification from Travelex’s* bank that the funds have been credited.
BACS – a BACS payment can be organised through your bank to be paid into Travelex’s* account. We normally receive this within three working days from the date you initiate the BACS. Payment will be released immediately on receipt. Account Name: Travelex Global Business Payments Limited, Bank Name: HSBC Bank Plc, 8 Canada Square, London, E14 5XL, Sort Code 40–02–50, Account Number 31291874. Please note that we are unable to accept cash for any payments.
Debit/Credit Card – Travelex* can take payment of up to £7,500 from a debit/credit card. Please be aware that credit card providers usually put a surcharge on these transactions and treat them as a cash advance. Maestro and Switch are free to use but if using a Visa Debit card you should check with your card provider to see if any charges will be made.
*Travelex is a registered trademark and is used by Travelex Global Business Payments Limited and its group companies under license.