How much interest will my money earn ?
Whenever we make a payment out of funds held, whether to you or to the other party to the Transpact, we increase the payment by interest the money earned whilst held:
£'s - GBP: The current rate of interest earned on your £'s held can be found by viewing the rate applicable to Clients Deposit Accounts at the HSBC UK website. Click here to view that page.
€'s - Euros: The current rate of interest earned on your €'s held is 0.01%.
$'s - USD: The current rate of interest earned on your $'s held is currently 0% due to US interest rate conditions.
Other Currencies: Please refer to us for a transaction by transaction agreement on interest rates applicable to other currencies.
Interest availability is subject to the timing of payment of interest by the bank holding your funds. For example, if interest is payable monthly or twice yearly, then interest will be added monthly or twice yearly at the time of bank payment. Interest rates applicable to any Transpact are those relevant to the amount held for that particular Transpact at that time, and are subject to change by the bank over the time held. You are responsible for declaring and paying tax on all income earned and paid. Depending on your location and legal situation, Government withholding tax may sometimes be deducted from interest before payment - this is out of our control and your responsibility.
Want to earn a higher rate of Interest ?
If your Transpact is likely to take some time to resolve and pay, and both you and the other party to the Transpact are happy to have the money tied up for a set period of time, then higher rates of interest may be available from the holding bank on application (dependent on the length of time you are happy to tie up your funds, and the amount you wish to tie up) Please enquire if you are interested.
If you want a higher interest rate, you don't have to commit all the funds. If you wish, you can leave some money available for immediate payment whilst the remainder is invested at a higher rate.
To tie up your money held with Transpact in this way requires the agreement of both yourself and the other party to the Transpact. You cannot opt to make a unilateral decision to tie up Transpacted money.