Ulster Bank Ireland DAC Trade Services Terms – Details of Changes

Clause 12 – Payments, Set off and Currency

We have added the following new definitions:

Booked Payment” means any payment or transfer received or made which requires to be converted from one currency to another or requires to be calculated in another currency pursuant to a Trade Service requested by the Customer, where either the amount of such payment or transfer is equal to or greater than £100,000 (or its equivalent) or we otherwise classify that payment or transfer as a Booked Payment at our discretion.

NatWest Markets” means NatWest Markets Plc (a non-ring-fenced bank within the RBS Group) and its successors, transferees and assigns.

NWM Terms of Business” means the NatWest Markets Booked Payment FX Terms as amended from time to time, the current version of which are available here.

Clause 12.4 – Payments, Set off and Currency

We have slightly amended clause 12.4 so that this clause will only apply to currency exchange transactions for amounts under £100,000. (We have removed the previous reference to £20,000 and replaced this with £100,000.)

This is because currency exchange transactions for amounts under £100,000 will be carried out using the Bank’s daily rate of exchange for the relevant day.

Please refer to the summary below of Clause 12.5 in respect of currency exchange transactions for amounts equal to or in excess of £100,000.

Clause 12.5 – Payments, Set off and Currency

We have inserted a new clause 12.5.

This clause explains the process when you instruct us to make a Booked Payment or when you receive a Booked Payment.

It explains:

  • (Clause 12.5.1) that you agree and authorise us to act as your agent to obtain a Booked Payment foreign currency conversion rate from NatWest Markets in accordance with the NatWest Markets Terms of Business for obtaining the foreign currency conversion rate.
  • (Clause 12.5.2) the process by which we will obtain the foreign currency conversion rate from NatWest Markets if you hold a Business Account with us. We will still be responsible for the settlement of your funds to the beneficiary account once we have received the converted booked amount from NatWest Markets.
  • (Clause 12.5.3) that the exchange rate applied to the currency conversion by NatWest Markets includes a margin, part of which is paid back to us by NatWest Markets.
  • (Clause 12.5.4) that we may not be able to make the Booked Payment at the time requested due NatWest Markets not holding sufficient funds in the required currency to make the foreign currency conversion.
  • (Clause 12.5.5) that we are not responsible for any acts or omissions of NatWest Markets under the NWM Terms of Business.  We also state that, for your information as these points are dealt with in the NWM Terms of Business, NatWest Markets' responsibility to you is limited to that provided for in the NWM Terms of Business and that they have no responsibility to you for any of our acts or omissions under the Business Banking Account Terms.