Terms and Conditions
Please read the Terms and Conditions carefully. These Terms and Conditions explain the Account Holder’s rights and responsibilities and those of the Bank in respect of the Bank sending a payment on your behalf. Nothing in these Terms and Conditions affects the operation of the Account Holder’s account(s) with the Bank, which is governed by separate Terms and Conditions which shall prevail in the event of a dispute between the two.
1. In these Terms and Conditions, the following words and expressions shall have the following meanings: ‘Account Holder’ means the association, company, individual, partnership, society or sole trader requesting a payment to be made by the Bank indicated by the account holder in the Payment Application Form, and any reference to Applicant in this form shall be taken to have the same meaning as Account Holder; ‘Agent’s Charges’ are the charges levied by the other financial institutions involved in the Payment. Ulster Bank Ireland DAC has no control over these; ‘Bank’ means Ulster Bank Ireland DAC; ‘Beneficiary’ means the intended payee of, and as stated on, the Payment; ‘BIC’ means the international recognised Bank Identifier Code; ‘Booked Payment’ means any payment or transfer received or made in a different currency from the currency of your account, where either the amount of such payment or transfer is equal to or greater than £100,000 (or its equivalent) or we otherwise classify that payment or transfer as a booked payment at our discretion; ‘Europe’ is defined as Member States of the European Union, plus Iceland, Liechtenstein and Norway; ‘IBAN’ is the International Bank Account Number that is used to identify the Beneficiary’s account; ‘NatWest Markets’ means NatWest Markets Plc (a non-ring-fenced bank within the NatWest Group) and its successors, transferees and assigns; ‘NWM Terms of Business’ means the NatWest Markets Booked Payment FX Terms as amended from time to time, the current version of which is available here: https://ci.natwest.com/media/6262/booked_payment_fx_terms-december-2020.pdf . ‘Payment’ means the international payment to be made on behalf of the Account Holder as indicated by the Account Holder in the Payment Application Form; ‘SEPA’ means Single Euro Payments Area. Includes all European Economic Area countries plus Monaco, San Marino and Switzerland; ‘SWIFT’ means the Society for Worldwide Interbank Financial Telecommunications.
2. The Bank’s responsibility – reasonable care will be exercised by the staff of the Bank. Should such care not be exercised then, subject and without prejudice to the limits on the liability of the Bank pursuant to Clause 4, the Bank will be responsible for any loss of a kind that would ordinarily be expected to occur. This includes interest but not loss of contracts or profits or other indirect or consequential loss.
3. The Account Holder is responsible for the accuracy of the Payment instructions, including the Beneficiary’s account number/IBAN, full name and address and for non-SEPA payments, the Beneficiary’s Bank’s BIC. If payment instruction information is not provided, or is incorrect, incomplete or illegible, the Bank reserves the right to return the payment. The Bank shall not be liable for any loss occasioned by the Account Holder as a result of this failure to provide accurate Payment instructions. In the event that a currency payment is returned to us by the receiving bank, the funds will be credited to the account from which the payment was made. If this is in a different currency to the currency of the payment, the returned funds will be converted at the exchange rate applicable on the day they are credited to the account. This may mean that the credit to the account is of greater or lesser value than the original debit.
4. The Bank does not accept liability for any delay in transit or for any failure in the payment reaching the intended Beneficiary’s account, unless such delay or failure is caused by the negligence of the Bank. The liability of the Bank under this Clause 4 shall be limited to that provided for in Clause 2. Notwithstanding any other provision of these Terms and Conditions, the Bank shall have no liability for, and may delay or refuse to process or proceed with processing any payment, without giving notice or reason to the sender or the beneficiary if (i) in its opinion it is prudent to do so in the interest of crime prevention or following advice from any governmental or regulatory (in each case either domestic or international) authority; or (ii) such delay or refusal is a consequence of the checks carried out as part of the proper operation of the Bank’s payment processing systems.
5. Subject to clause 6 and unless otherwise agreed, in the case of a foreign exchange transaction, the rate of exchange applied to the Payment will be that used by the Bank on the date of processing. Therefore, unless a specific pre-agreed rate and reference are quoted, foreign currency transfers will be converted at the Bank’s prevailing rate at the time the transaction is processed by the Bank.
6.1 When you make or receive a Booked Payment, you appoint and authorise us, on your behalf as agent, to enter into a foreign currency conversion transaction with NatWest Markets under the NWM Terms of Business in relation to that Booked Payment. This means that you will be in a direct legal relationship with NatWest Markets under the NWM Terms of Business, and NatWest Markets will be responsible for the foreign currency conversion and delivery to us of the required foreign currency.
6.2 When executing a booked payment, we will transfer funds out of your account (or in the case of a received booked payment, out of the funds received) to NatWest Markets, and NatWest Markets will be under an obligation, in accordance with the NWM Terms of Business, to transfer the corresponding amount of the foreign currency to fund the booked payment (or, in the case of a received booked payment, to fund the credit to your account). We will still be responsible for the settlement of your funds to the beneficiary account once we have received the converted foreign currency funds from NatWest Markets.
6.3 The exchange rate applied under the foreign currency conversion will be based on a rate provided by NatWest Markets, in accordance with the NWM terms of Business, adjusted to build in a margin, part of which will be paid back to us by NatWest Markets.
6.4 In relation to a Booked Payment, we will not be able to act on an instruction if NatWest Markets does not hold sufficient funds with us in the relevant currency to make the foreign currency conversion.
6.5 In relation to booked payments, the Bank will not be responsible for any acts or omissions of NatWest Markets under the NWM Terms of Business.
7 Unless otherwise agreed, charges to be paid by the Account Holder will be debited to the account from which the Payment is being made. Please refer to Clause 8.
8 In order to make this payment through the banking payments system, the Bank may require to transfer relevant personal information to third parties. This may mean that such personal information will be transferred to countries which do not provide the same level of protection for your personal information as the Republic of Ireland. By giving this instruction (signing this form) you agree to this and you are authorised to instruct the Bank to transfer personal information relating to other individuals named. Information transferred to these third parties may subsequently be accessed and used by law enforcement agencies and other authorities to prevent and detect crime and comply with legal obligations.
9 For details of amounts we will charge you for sending payments on your behalf, please refer to ‘Schedule of Services – Payment & International Banking Charges’ available from branches, your Relationship Manager or from www.ulsterbank.ie. If there are any changes to these charges, we will give you at least 30 days’ notice.
10 If you are not happy with any of our products and services, we have a complaint handling procedure that you can use to resolve such matters. You can write to us at Payment & International Banking Services, Ulster Bank Ireland DAC, Ulster Bank Group Centre, George’s Quay, Dublin 2. If you are still not satisfied after following our procedures, you can ask the Financial Services Ombudsman to review the complaint. Write to: Financial Services Ombudsman Bureau, 3rd floor, Lincoln House, Lincoln Place, Dublin 2 or telephone LoCall: 1890 88 90 20, Tel: 01-6620899, Fax: 01-6620890 or email: firstname.lastname@example.org
Ulster Bank Ireland DAC. A private company limited by shares, trading as Ulster Bank, Ulster Bank Group, Banc Uladh, Lombard and Ulster Bank Invoice Finance. Registered in Republic of Ireland. Registered No 25766. Registered Office: Ulster Bank Head Office, Block B, Central Park, Leopardstown, Dublin 18, D18 N153. Ulster Bank Ireland DAC is regulated by the Central Bank of Ireland. Calls may be recorded.