To deposit GBP with Faster Payments to your SwissBorg account, please follow these steps:
Open the SwissBorg app and, from the Portfolio screen, tap on "Deposit".
2. Next, tap on GBP under “Deposit Fiat”. If GBP is not yet listed there as a currency, simply tap on "Add Currency" and select GBP from the available currencies.
3. Next, you see two options to proceed with your deposit: Faster Payments and SWIFT.
4. Copy the bank details provided in the app by tapping on any row (you can also share the bank details via apps on your phone, for example SMS or email).
5. Enter the details in your banking app or platform. Please keep in mind that:
- The funds must come from a personal bank account that is registered with the same name as your SwissBorg account;
- Your unique reference number needs to be included in the payment details as “Reference” (for some banks the reference field is named differently, for example “Message to Beneficiary”, “Description” or "Reason for payment". Please confirm with your bank if you are unsure which field to use).
What are Faster Payments?
A Faster Payment is a type of electronic transfer, designed to speed up the process of sending money within the UK. Normally, a Faster Payment deposit arrives within minutes, although sometimes it can take up to two hours.
If there is confusion over the identity of the sender, the banks will need to perform extra security checks, which may delay payment further.
Faster Payments can be made and received 24 hours a day, including weekends and bank holidays.
Disclaimer: Transfer time, while expected to be short, is not guaranteed, nor is it guaranteed that the receiving institution will immediately credit the payee's account.
It may also take longer for the first transfer to be processed.