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.
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.