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 (fee applicable, please contact your Store).
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.
Payments comparison table
Your mobile app or security token allows you to make a payment of up to £30,000. If you use a one time passcode via SMS you can make payments of up to £500 with a £1,000 daily limit.
| Payment type | Daily limit | Transaction limit | Timeline | Cost to customers |
|---|---|---|---|---|
| With a one time passcode via SMS | £1,000 | £500 | Immediate | Free |
| With mobile app or security token authentication | £30,000 | £30,000 | Immediate | Free |
| Faster Payment/ 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 CYBG 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 |
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
With Clearing House Automated Payment System (CHAPS) payments, you can send and receive Sterling payments on a guaranteed, same-day basis for requests made at any Store before 4pm.
There is a £25 fee for sending each CHAPS payment. Once funds are cleared they can’t be recalled. Standard charges can be found in the interest rates and charges section.
Please download our CHAPS form Link opens in a new window and complete it electronically before coming into Store.
International payments (SWIFT)
You can make international* payments with SWIFT from Virgin Money and SWIFT transfer can be instructed at any store. Fees apply.
*Some exclusions apply, speak to your relationship manager for details.
Payments are given specific value dates i.e. same-day, next day or “spot” value which is typically 2 business days ahead.
Value Dates are used in International banking because currencies fluctuate in value every day, so your payment would be worth more or less by the time it is received by the beneficiary. Using the Value Date eliminates these discrepancies so you know that the amount you send is the amount that will be received.
Please download our International Outward Payment form Link opens in a new window and complete it electronically before coming into store.
Please note, for a same day payment you must visit the store before 10.30am.
| Earliest value date | Currencies |
|---|---|
| Next day | 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). |
| Spot value (2 working days) | 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). |
Please be aware that because SWIFT payments are linked to foreign exchange and currency rates, there is exposure to exchange rate risk which may or may not benefit the customer.
Our Standard Foreign Exchange Rate
When you send an International payment in a different currency from your current account, a foreign exchange rate will be applied. Our standard foreign exchange rate is based on the market exchange rate, plus or minus a currency conversion cost which is detailed in the table below.
| Transaction amount | Conversion cost on foreign exchange rate |
|---|---|
| £0-£25,000 | 2.50% of market rate |
| £25,001-£50,000 | 1.70% of market rate |
| £50,001-£100,000 | 1.55% of market rate |
| £100,001-£250,000 | 1.20% of market rate |
| £250,001-£500,000 | 0.95% of market rate |
| £500,000-£1,000,000 | 0.65% of market rate |
The percentages outlined above are indicative, for information only and can change at any time. For example:
Transaction Amount - EUR 20,000 (from GBP Account) Market Exchange Rate - 1.1050 Conversion cost on foreign exchange rate - 2.50%
Our Standard Foreign Exchange Rate - 1.0774 (1.1050 – 2.5%)Payment Fees - £25Total cost to you - £18,588.21 (EUR 20,000 @ 1.0774 = £18,563.21 plus £25)
Please be aware that because SWIFT/SEPA payments are linked to foreign exchange and currency rates, there is exposure to exchange rate risk which may or may not benefit the customer.
International payments (SEPA)
The single euro payments area (SEPA) harmonises the way cashless euro payments are made across the EU. It also applies to payments in euros in other EEA countries: Iceland, Norway, Switzerland, Liechtenstein, Monaco and San Marino.
What is SEPA?
The Single Euro Payments Area (SEPA) is an initiative developed within the European Union (EU) which seeks to create an integrated market for electronic payments in Euro. It aims to remove the distinction between national and cross-border payments and introduce a common set of payment standards and rules so that payments in Euro can flow quickly and efficiently throughout the EU.
SEPA payments enable customers to make payments in Euro to recipients within the European Economic Area (EEA) and SEPA area Link opens in a new window.
Making a SEPA Credit Transfer
SEPA Credit Transfers are Next Day payments. This means that the beneficiary will receive the funds the day after the payment has been initiated, subject to cut off times and bank holidays. The pricing of SEPA Credit Transfers takes this into account. If you need to send a payment in Euros immediately, you can use our SWIFT service.
When making a single initiated SEPA Credit Transfer and you will only need to provide the International Bank Account Number (IBAN) of the account into which you wish to make the payment.
Please download our SEPA form Link opens in a new window and complete it electronically before coming into store. You can download our SEPA form guide Link opens in a new window if you need help completing the form.
Please note for a next day SEPA payment you must visit a Store before 11am.
Charges for using SEPA
There is a fee for each SEPA payment. Intermediary bank charges may also apply.
Check your Tariff for charges that apply to your account.
After Brexit, with our help, you can still send payments to the European Economic Area (EEA) and SEPA area Link opens in a new window. The UK is now outside of the EEA so receiving banks may now apply or deduct fees from the people you pay. You may wish to contact them to take this into consideration before making your payment.
Please be aware that because SEPA payments are linked to foreign exchange and currency rates, there is exposure to exchange rate risk which may or may not benefit the customer.