Business Foreign Exchange (FX) Margins
We know that foreign exchange is essential to your business. That is why we have made our FX margins simple and clear.
Our FX margin is the difference between the Bank of Scotland exchange rate and the rate at which we buy and sell currency in the wholesale foreign exchange markets.1
Standard FX Margin - 2.00%
Customers converting more than £250,000 of FX annually are eligible for a reduced margin. Please speak to your Relationship Manager or Business Management Team to find out more.
Example 1 – Making an international payment
You need to make a payment of €1,000 to a supplier in Spain. If the current GBP/EUR wholesale rate is 1.1900 the Bank of Scotland exchange rate applied to that payment would be 1.1662, based on our standard FX margin of 2%. This means £857.49 would be debited from your account.2
Example 2 – Receiving an international payment
A customer in the United States makes a payment of $500 to your GBP account. If the current GBP/USD wholesale rate is 1.2600 the Bank of Scotland exchange rate applied to the incoming payment would be 1.2852, based on our standard FX margin of 2%. This means £389.04 would be credited to your account.2
Example 3 – Inter account transfer
You need to transfer €2,000 from your EUR account to your GBP account. If the current GBP/EUR wholesale rate is 1.1900 the Bank of Scotland exchange rate applied to that transfer would be 1.2138, based on our standard FX margin of 2%. This means £1,647.72 would be credited to your GBP account.2
1Different pricing structures apply to debit cards, credit cards and travel money.
2Additional charges may apply.