SME Business Banking
Corporate Banking
Maintenance Services
Account Maintenance Fee
Free
Free
Onboarding Fees (One-off Payment)
Free - for digital onboarding eligible company
£100 (Non-refundable) for non digital onboarding eligible company
Free - for digital onboarding eligible company
£200 (Non-refundable) for non digital onboarding eligible company
Payment Services
Faster Payment
Inbound - FREE
Outbound - FREE
Inbound - FREE
Outbound - FREE
CHAPS Payment
Inbound - FREE
Outbound - £15
Inbound - FREE
Outbound - £15
SWIFT Payment
Inbound - FREE
Outbound - £15
Inbound - FREE
Outbound - £15
SEPA Payment
Inbound - FREE
Outbound - £0.20
Inbound - FREE
Outbound - £0.20
Cross-Currency International Payment (Outbound)
£15 per transaction (Payment amount below £2,500 or equivalent)
FREE (Payment amount from £2,500 or equivalent)
£15 per transaction (Payment amount below £2,500 or equivalent)
FREE (Payment amount from £2,500 or equivalent)
Note: If the payment is in currency other than GBP, it will be charged in GBP rate.
BACS - Direct Debit (Outbound)
£0.10 per transaction
£0.10 per transaction
BACS - Direct Credit (Inbound)
£0.10 per transaction
£0.10 per transaction
Overdrafts
Unauthorised Overdrafts
£5 Daily
For company with previous monthly average total balance* over £10,000, this fee will be £2.00 Daily.
£5 Daily
For company with previous monthly average total balance* over £20,000, this fee will be £2.00 Daily.
Additional Services
Business Debit Card
Debit Card - Free
Physical Card (1st card) - Free
Additional physical card - £10 per physical card issuance.
Debit Card - Free
Physical Card (1st card) - Free
Additional physical card - £10 per physical card issuance.
Business Debit Card – Debit Card Payment
In Pounds Sterling - No Fee
In foreign currency - No Fee
In Pounds Sterling - No Fee
In foreign currency - No Fee
Business Debit Card – Cash Withdrawal
In Pounds Sterling within the UK - No Fee
(Other cash machine providers may charge you to use their cash machines.)
In foreign currency outside the UK - No Fee
(Other cash machine providers may charge you to use their cash machines.)
In Pounds Sterling within the UK - No Fee
(Other cash machine providers may charge you to use their cash machines.)
In foreign currency outside the UK - No Fee
(Other cash machine providers may charge you to use their cash machines.)
BACS - Direct Debit Indemnity Claim
No Fee
No Fee
BACS - Direct Debit Indemnity Claim Recall
No Fee (only if the case is invalid, £50 per cancellation applies)
No Fee (only if the case is invalid, £50 per cancellation applies)
BACS - New Mandate Setup
No Fee
No Fee
BACS - Direct Debit Cancellation
No Fee
No Fee
Online Banking - Unlimited Team Member Access
FREE
FREE
Written Confirmation of Payment
£5
£5
Manual Intervention Fee
£5
For company with previous monthly average total balance* over £10,000, this fee will be waived.
£5
For company with previous monthly average total balance* over £20,000, this fee will be waived.
Rejected and Returned Transactions by a Beneficiary Bank
£5
£5
Chase for Delayed Payments or Non-Receipt of Payment
£5
£5
Audit Confirmation Letter
£10
£10
Status Enquiry/Account Confirmation Letter
£10
£10
Payment Investigations Enquiry
Within last 12 months - £10
Before last 12 months - £20
For company with previous monthly average total balance* over £10,000, this fee will be waived.
Within last 12 months - £10
Before last 12 months - £20
For company with previous monthly average total balance* over £20,000, this fee will be waived.
Manual Statement of Account
£2/statement
£2/statement
* Monthly Average Total Balance (MATB) is calculated by adding up the balances in accounts maintained with iFAST Global Bank by a company with the same business registration number for each day of the month, then divide the total by the number of days in the month.
Your MATB includes the following:
a)
Multi-currency Accounts deposits & Single Currency Accounts deposits;
b)
All Saving Products including, but not limit to Overnight deposit, Fixed Term Deposit & Notice Deposit
c)
Deposits with different account types (operational/ client money/ safeguarding account) will be included in calculation of MATB
  1. The Monthly Account Maintenance Charge will be debited from your primary GBP Operational Account and covers the costs of all the Regulatory requirements associated with the entity's accounts with iFAST Global Bank Ltd. The fee will be determined based on the business' risk profile conducted by iFAST Global Bank Ltd.
    Note: The charge will cover activity from the 1st of every month until the last day of the month and charges will be debited from your relevant operational account on the 14th of the next month.
  2. Charges per transaction for payments inbound and outbound.
  3. Overdrafts are unavailable; therefore, operational accounts must not be overdrawn. If an account goes overdrawn because your maintenance fee was unavailable on time, an administration fee of £2 per day will be applied.
  4. The Bank will provide an online service for up to three Users at a set fee and charge an additional fee per additional User.
  5. Written confirmation of payment - If we are required to provide you with written confirmation of your balances as of any date.
  6. Manual Intervention is where iFAST Global Bank is required to take action to repair incoming credits in your favour, take action against payments that need to be recalled that have already credited the Beneficiary, or where an amendment needs to be made to a payment where iFAST Global Bank has already released the funds.
  7. This fee will be charged if we must handle a payment you have made that has been rejected by the Beneficiary or Beneficiary bank for any reason.
  8. If we are asked to chase for a payment that you have made, the beneficiary has not received it or has been delayed.
  9. Audit confirmation letter—This payment is for us to complete an Audit following instructions from your Accountant.
  10. Status Enquiry/Account Confirmation Letter—This relates to a request from another Bank to inquire about your status.
  11. If we must undertake a Payment Investigation for you that has happened within the last 12 months and before, these charges will apply.
  12. Statements can be downloaded free of charge from the online platform; a charge of £2 will be taken for a paper statement.

FAQs

No, there are no charges for depositing into your iFAST Global Bank account.

For more detailed information, please visit our Fee Information Page for other applicable fees.
For GBP Payment Within UK make via Faster Payment Services(FPS), there are no fees incurred by iFAST Global Bank.

For GBP Payment Within UK to be transacted via CHAPS, £15 will be charge per transaction.
For non-GBP Payment, regardless of domestic UK payments or International SWIFT Payment, £15 will be charge per transaction.

To better understand the applicable fees, please refer to our Fee Information Page.
For a full breakdown of our fees and charges, please refer to our official Fee Information Page.