Fees & Pricing Policy

This page was last updated Oct 2023.


iBanFirst Limited Account Fees

The fees shown below, in sections A to F inclusive, apply to all clients with an iBanFirst Limited Account. To be considered for an account, companies or individuals must make a minimum of £50K equivalent of foreign exchange payments (transactions) per year using the account.


A. Account administration

Opening fees


Maintenance fees


Creation of a beneficiary for payment / transfer


Overdraft facility

Not available

Online account statements


Account closure fees



  1. B. Foreign exchange payments and transfers

Each client will have a bespoke FX price margin applied to their transactions that will take into consideration a variety of factors unique to their requirement. These include, but are not limited to, expected FX flow over 12 months, quantity of payments monthly, number of existing FX partners, product range utilised, and service level required.


In respect to trading services provided, please see below for further detail of fees.


Access to market information for all 23 currencies (quotes, charts, history, trends)



Online real-time exchange rates before validation



Currency exchange related fees

Free for currency amounts above the threshold, as per Appendix B


  1. C. Payments and treasury movements

Transfer between two iBanFirst accounts


Receive transfers from third party accounts


Receive SDD Core (see definition in Appendix D)


Crediting iBanFirst account with a bank card

Not available

Crediting iBanFirst account by cheque

Not available



  1. D. Client assistance and platform support

Use of platform


Setting user rights and limitations


Change of address


Access to trading room


Place order over phone


Access to account(s) history


Online detailed PDF report of all payments


  1. E. Margin requirements for future payments (deliverable Forwards)

Type of transaction

Security deposit*



Forward < 7 days


Forward > 7 days ≤ 1 month


Forward > 1 month ≤ 6 months


Forward > 6 months ≤ 2 years


*Must be credited to your iBanFirst Limited Account


  • Forward foreign exchange positions present a market risk and, as such, no such positions should be taken that are more than the amount you will require.


  • For more than seven days, this risk must be covered by collateral.


  • The collateral is a percentage of the amount to be paid and is deducted from the total amount to be settled. The amount to be paid will vary depending on the maturity of your future transaction.


F. Other


International transfers



Transfer in EUR (guaranteed amount)



International transfers



Transfer in any currency (SHARE)*




PSD transfer (SHARE)*

PSD zone in PSDcurrency



Transfer in any currency (OUR)



Internal transfers within iBanFirst

Transfer of any currencies (guaranteed amount)


* Dependent on number of trades and total trade volume.


  • A full explanation of SHARE and OUR payments is provided in the appendices.


  • Please note that VAT may apply to charges for international payments.



Special cases – specific requirements around payments operations

Return of funds






Off-platform order entry request


Copy of bank transfer message (SWIFT)


Financial analysis on international fees



* Fees on these operations will vary depending upon the size and trading conditions when the operation is requested.




Except as otherwise required by law, iBanFirst reserves the right at any time to change the following:

  • Foreign exchange rates we offer
  • Fees we charge


Changes are applied on the next due date or, in the absence of a due date, to the next available date after the new rates or fees come into force.


The changes are communicated to clients by email or via the iBanFirst Limited  platform, with a minimum notice of one month. The client is considered to have accepted the change if they continue to use the service, unless they have not already first communicated in writing to iBanFirst to refuse the service offered to them within thirty calendar days after the notice has been sent to them.


The applicable conditions can be found on our website:



Please Note: all iBanFirst Limited terms and conditions may be subject to change if required by law and /or regulation.

iBanFirst Limited is a payment services provider, authorized by the Financial Conduct Authority.






A.  Information on available currencies

Please click on the link below to view available currencies:



B. Glossary

  • Beneficiary Bank: Also known as the recipient bank, is the established financial institution hosting the beneficiary account.


  • Intermediary Bank: Also called the correspondent bank, is the bank used in the SWIFT network to transmit the payment to the beneficiary bank.


  • Beneficiary (BEN): The beneficiary pays all fees: those applied by their bank, by the order giver’s bank and by the intermediary bank(s).


  • Business Identifier Code (BIC): International standard to identify the organisations making payments through the SWIFT network.


  • Shared Fees (SHARE): The order giver pays the fees charged by their bank. The fees charged by the beneficiary’s bank are the beneficiary’s responsibility. For international transfers (excluding SEPA and PSD), the corresponding banks are entitled to fees directly on the amount sent.


  • Value Date: Date on which the funds are debited or credited to the


  • International Bank Account Number (IBAN): International standard for the bank account numbers used for SEPA European payments and, if applicable, for international


  • Guaranteed Amount, On Us Fees (OUR): The order giver pays the fee charged by all the banks in the payment chain.


  • Cut Off: The cut off is the time until a currency exchange transaction can be processed to on a given date (for example,the value date). After this time, the value date will be offset to the next business day.