Compare payment options
We have lots of ways to make payments, from faster payments to bank drafts. Use the table below to compare the limits, timelines and costs of each payment type.
| Payment type | Daily limit | Transaction limit | Timeline | Cost to customers |
|---|---|---|---|---|
| Faster payment with a one time passcode via SMS | £1,000 | £500 | Immediate | Free |
| Faster payment with mobile app or security token authentication | £30,000 | £30,000 | Immediate | Free |
| Faster Payment with telephone banking | £5,000 (per business day) | £5,000 | Immediate | Free |
| Cheque | n/a | n/a | Next working day | Free |
| Bank giro | n/a | n/a | Next working day. Same day for prefunded Virgin Money Credits. | Free |
| CHAPS | n/a | n/a | Same working day | £25 |
| Bank draft | £100,000 | £100,000 | Immediate, in branch | £30 |
| International payment (SWIFT) | n/a | n/a | Same day | £25 |
| International payment (SEPA) | n/a | n/a | Next day | £20 |
Faster payments
As a Virgin Money customer you are able to receive and send Faster Payments into and from your account. This allows quick online, mobile, telephone and Standing Order payments between your account and other banks and building societies.
- Payments will only be processed through the Faster Payments Service if both the bank / building society sending and receiving the payment are participants of the scheme.
- Payments can normally be made 24 hours a day, seven days a week. Please note, this service may be temporarily unavailable during periods of routine maintenance.
- Payments will normally be transferred immediately.
- Payments can be made via online banking, mobile and telephone banking within our transaction limits. However, each bank or building society has its own limits for Faster Payments which can vary from time to time.
If you need to make a payment over the limit, or if you need to guarantee same day payment, you should consider using CHAPS.
For more information and to check whether the bank or building society you are sending money to can receive Faster Payments visit the Faster Payments Website Link opens in a new window.
Deposit cheques using your mobile banking app
It’s not always easy to visit a Store to pay in a cheque, so we’ve made it simpler using some handy technology. You can even do it from your sofa.
To get started:
- Open the app
- Tap on the account you’d like to pay the money into
- Tap the menu in the top right corner
- Choose ‘Deposit a cheque’
Just remember, individual cheques for less than £1000 can be deposited one at a time, up to a maximum of £5000 per day. Cheques deposited after 5pm won’t be processed until the next working day.
If you haven’t got our app yet, it's packed full of clever tools to help you budget, top up your savings and sort out your spending. Discover our app.
CHAPS
Clearing House Automated Payment System (CHAPS) payments let you send and receive sterling payments on the same day.
How can I make a CHAPS payment?
You need to provide the required ID before 4pm on the day so we can approve your request.
Online
- Download our CHAPS form Link opens in a new window
- Complete it electronically. Then, print a copy, sign and take a photo for upload.
- Upload the form
Our Payments Helpdesk will call you and send an email or SMS with a link to our identification partner, Mitek. Please upload your ID, such as your driving licence or passport, via Mitek.
In Store
- Download our CHAPS form Link opens in a new window
- Complete it electronically. Then, print a copy and sign.
- Bring it to your nearest Store. If you can't, we'll print one for you.
If you'd prefer to come into a Store, we'll help you complete the form. All you'll need to bring is the required ID Link opens in a new window.
By post
- Download our CHAPS form Link opens in a new window
- Complete it electronically. Then, print a copy and sign.
- Post the completed form to your nearest Store
We'll need to carry out some identity checks with you before we can process your payment.
Need a form? Call our Payments Helpdesk on 0800 077 8018 and we'll post one to you.
What does it cost?
We charge £25 for each CHAPS payment we make. Or, you can find another way to make a payment.
International payments using SWIFT
Send money outside the UK* or in a foreign currency using SWIFT. It's ideal for non-euro payments or when sending money outside the SEPA zone Link opens in a new window.
*Some exclusions apply. For details, please contact our Virgin Money team Link opens in a new window.
How can I make a SWIFT payment?
For a same-day SWIFT payment, we must receive the form and the required ID before 10.30 am. Then, the payment will go through the same day.
Online
- Download the International Payment SWIFT form Link opens in a new window
- Complete it electronically. Then, print a copy, sign and take a photo for upload.
- Upload the form
Our Payments Helpdesk will call you and send an email or SMS with a link to our identification partner, Mitek. You'll then need to upload your ID, such as your driving licence or passport.
If you'd like to check the exchange rate before submitting your request, please call our Payments Helpdesk on 0800 077 8018.
In Store
- Download the International Payment SWIFT form Link opens in a new window
- Complete it electronically. Then, print a copy and sign.
- Bring it to your nearest Store. If you can't, we'll print one for you.
If you'd prefer to come into a Store, we'll help you complete the form. All you'll need to bring is the required ID Link opens in a new window.
By post
- Download the International Payment SWIFT form Link opens in a new window
- Complete it electronically. Then, print a copy and sign.
- Post the completed form to your nearest Store
We'll need to carry out some identity checks with you before we can process your payment.
Need a form? Call our Payments Helpdesk on 0800 077 8018 and we'll post one to you.
How long does it take?
It depends on the country and the type of currency you’re sending.
Payments have specific value dates, such as 'same-day', 'next day', or 'spot'. 'Spot' is usually two business days ahead. Currencies can change in value daily. So, by the time the money reaches the recipient, it might be worth more or less. The value date helps avoid these changes. It ensures the amount you send is the amount received.
| Same-day | Next-day | Two working days (spot value) |
|---|---|---|
| EUR, USD or GBP are processed as same day provided all of our checks are complete | Australian Dollar (AUD), Canadian Dollar (CAD), Danish Krone (DKK), Hong Kong Dollar (HKD), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Polish Zloty (PLN), Singapore Dollar (SGD), Swedish Krona (SEK), Swiss Franc (CHF), South African Rand (ZAR). | United Arab Emirates Dirham (AED), Chinese Offshore (CNY), Czech Koruna (CZK), Bulgarian Lev (BGN), Bahraini Dinar (BHD), Hungarian Forint (HUF), Israeli New Shekel (ILS), Indian Rupee (INR), Kuwaiti Dinar (KWD), Moroccan Dirham (MAD), Mauritian Rupee (MUR), Romanian Leu (RON), Saudi Riyal (SAR), Thai Baht (THB). |
What's the Foreign Exchange Rate?
When you send an international payment in a different currency, a foreign exchange rate will apply. Our standard foreign exchange rate is based on the market rate, plus or minus a currency conversion cost.
The costs below are only an example. They can change at any time.
| Payment amount | Conversion cost based on market rate |
|---|---|
| £0-£25,000 | 2.50% |
| £25,001-£50,000 | 1.70% |
| £50,001-£100,000 | 1.55% |
| £100,001-£250,000 | 1.20% |
| £250,001-£500,000 | 0.95% |
| £500,000-£1,000,000 | 0.65% |
SWIFT payments are linked to foreign exchange and currency rates. Rates may change in the time it takes to send the payment. This risk may or may not benefit you.
Can you show me an example?
- You send €20,000 from your GBP Virgin Money account.
- Virgin Money converts pound sterling into euros using an exchange rate of: €1 = £1.1050
- This exchange rate deducts a currency conversion cost of 2.5%. For €20,000, this mark-up equals £1.0774.
- The amount of pound sterling converted is £18,563.21.
- A £25 SWIFT transaction fee is applied.
- The total amount taken from your Virgin Money account is £18,588.21.
International payments using SEPA
The Single Euro Payments Area (SEPA) makes it easier to send cashless euro payments.
You make a SEPA payment when you send euros to one of the 36 countries in the SEPA zone Link opens in a new window. It's fast, safe, and efficient, just like national payments.
How can I make a SEPA payment?
Download our SEPA form guide Link opens in a new window to help you complete the form.
For a same-day SEPA payment, we must receive the form and the required ID before 10.30 am. Then, the payment will go through the same day.
Online
- Download the International Payment SEPA form Link opens in a new window
- Complete it electronically. Then, print a copy, sign and take a photo for upload.
- Upload the form
Our Payments Helpdesk will call you and send an email or SMS with a link to our identification partner, Mitek. You'll then need to upload your ID, such as your driving licence or passport.
If you'd like to check the exchange rate before making your payment, please call our Payments Helpdesk on 0800 077 8018.
In Store
- Download the International Payment SEPA form Link opens in a new window .
- Complete it electronically. Then, print a copy and sign.
- Bring it to your nearest Store with your ID. If you can't, we'll print one for you.
If you'd prefer to come into a Store, we'll help you complete the form. All you'll need to bring is the required ID Link opens in a new window.
By post
- Download the International Payment SEPA form Link opens in a new window
- Complete it electronically. Then, print a copy and sign.
- Post the completed form to your nearest Store
We'll need to carry out some identity checks with you before we can process your payment.
Need a form? Call our Payments Helpdesk on 0800 077 8018 and we'll post one to you.
How can I make a SEPA Credit Transfer?
To make a SEPA Credit Transfer, you only need the recipient's International Bank Account Number (IBAN).
SEPA Credit Transfers are next-day payments. The recipient receives the funds the day after they start the payment, depending on cut-off times and bank holidays. Pricing reflects this. For immediate euro payments, use our SWIFT service.
What does it cost?
Each SEPA payment has a fee. Check your tariff for account charges.
Post-Brexit, you can still send money to the European Economic Area (EEA) and SEPA zone with us. As the UK is now outside the EEA, receiving and intermediary banks may charge fees or deduct them from payments. It's a good idea to check with them first.
SEPA payments are linked to foreign exchange and currency rates. Rates may change in the time it takes to send the payment. This risk may or may not benefit you.