Rutland FX is a UK-based financial technology company (FinTech) that has assisted businesses and individuals in reducing the cost of cross-border payments and managing currency risk for over 7 years. The Rutland FX trading platform is powered by “Currency Cloud,” a subsidiary of Visa. The Currency Cloud Limited is regulated and authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), under the firm reference number 900199. This authorisation level is equivalent to that of PayPal. You can verify this information by searching the firm reference number on the FCA website and checking the “Firm Status” or reading more here.

For the quickest way to transfer money to Canada, consider sending Canadian Dollars via the SWIFT network. Rutland FX offers same-day money transfers on CAD payments to Canada using SWIFT, completely free of charge. To ensure your payment is sent as a same-day transfer, simply book and pay for your transaction before the payment cut-off time. This cut-off time for same-day CAD transfers is 14:00 local time in the UK. While recipients typically receive the funds instantly, it may take 1 or 2 business days depending on the receiving bank.

For payments via a local route such as Electronic Funds Transfer (EFT) , you would require the name of the recipient, the bank code, branch code, and account number. These details facilitate the transfer process within the domestic banking system.

The Branch code, sometimes referred to as the ‘Transit (Branch) Number’, and the Bank code, sometimes known as a ‘Financial Institution Number’, specify the bank to which the payment should be directed. When combined, the Bank Code and Branch Code are commonly known as a Routing Number. A Routing Number follows the format 0XXXYYYYY, consisting of a leading 0, the 3-digit Bank Code (XXX), and the 5-digit Branch Code (YYYYY). For example, a Routing Number of 046800096 corresponds to Bank Code 468 and Branch Code 00096.

(EFT) is a secure and convenient way of transferring money electronically between bank accounts in Canada. It enables individuals, businesses, and financial institutions to send and receive funds quickly and efficiently without the need for physical checks or cash. EFT transactions in Canada can be initiated through various channels such as online banking, mobile banking apps, ATMs, and electronic payment systems. This technology facilitates seamless transactions, reducing the risk of errors and fraud associated with traditional paper-based methods. EFT has become an essential component of modern banking in Canada, providing users with greater flexibility and accessibility in managing their finances.

The SWIFT network is the primary method for facilitating international payments because it offers speed, cost-effectiveness, and transparency. With SWIFT, we can track payments along their journey and monitor their delivery status. However, in some instances, you may opt to send money to Canada from the UK via a local payment route. The current supported route for local payments is called Electronic Funds Transfer (EFT).

If you choose to use EFT, there are a few considerations to keep in mind. Firstly, there is a limit of 200,000 CAD for transfers via EFT. Additionally, the funds may not arrive as quickly as they would with SWIFT. Moreover, tracking local payments through EFT may not be as comprehensive or straightforward as tracking SWIFT payments.

Therefore, while EFT offers an alternative option for transferring funds to Canada, it’s essential to weigh the factors such as speed, convenience, and tracking capabilities before making a decision.

When you convert one currency into another for immediate transfer, it’s termed a spot trade. Simply put, ‘spot’ means settling the transaction immediately or ‘on the spot’. This involves buying and selling currencies simultaneously. Normally, funds become available within three business days from when you initiate the transfer unless you specify ‘tod’ for today in the case of same-day transfers, or ‘tom’ for tomorrow.

Rutland FX does not charge any payment conversion or account fees instead wee apply small mark-up to the exchange rate based on your annual curency needs this means the more currency you plan to convert the more competitive our exchange rates will be.

Intermediary (corresponding bank) fees are small charges, usually between £5 and £25, deducted from a small number of international payments (SWIFT) before they arrive at the beneficiary. These fees are not taken by Rutland FX, and the majority of payments will not incur an intermediary fee. However, if it does occur, the amount taken depends on the intermediary banks involved in that particular payment route.

Rutland FX can instruct SWIFT payments using one of three different methods: “OUR”, “SHA”, and “BEN”.

– “OUR” means Rutland FX will take on these charges, ensuring the correct and full amount arrives at the beneficiary without any deductions.

– “SHA” means the intermediary fees will be shared equally between Rutland FX and the beneficiary.

– “BEN” means the beneficiary will pay for the fees in full. You should note that it is not good practice to use “BEN” unless you have a prior agreement with a supplier.

All of our SWIFT payments are instructed by default to “SHA”, meaning that in the event an intermediary fee is charged on one of your payments, Rutland FX will cover half the cost of the fee at no expense to you.

As an Electronic Money Institution (EMI), Currency Cloud is obligated to maintain adequate capital reserves and ensure the proper safeguarding of customer funds. All funds received in relation to electronic money will be held with one or more segregated client accounts with tier-1 banks, such as Barclays. This ensures that in the unlikely event of Currency Cloud or Rutland’s insolvency, administrators would reimburse your funds from the segregated safeguarded funds. These segregated client accounts are further protected by the Financial Services Compensation Scheme (FSCS).

To open an account with Rutland FX, you will need to register online here. After submitting your application, our onboarding team will review it. If no further information is needed, your account will be enabled the same day. Multi-currency accounts will then be immediately available. At this stage, your account manager will also contact you to address any final questions and guide you through making your transfer from GBP to CAD.