Business Account Terms and Conditions - Details of Changes

We have added the following new definitions:

• A booked payment means any payment or transfer received or made in a different currency from the currency of your account, 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: https://www.natwest.com/content/dam/natwest/corporates/pdfs/booked-payment-fx-terms-may-2021.pdf

We also make clear in this section that any references to payments in the terms include booked payments unless specifically excluded or as the context requires.

We have added a new section 2.4 (Foreign currency conversion in relation to booked payments) which explains the process when you instruct us to make a booked payment or when you receive a booked payment to your account.

It explains 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 NWM Terms of Business and that you are in a direct contractual relationship with NatWest Markets under the NWM Terms of Business for the obtaining of the foreign currency conversion rate.

We also disclose 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.

Please note that we remain responsible for settling the payment to your beneficiary once the converted funds are made available to us from NatWest Markets.

Old section 2.4 is now new section 2.5 (Delaying or refusing your instructions) and we have added wording to cover the eventuality that we are not able to make your booked payment at the time requested due NatWest Markets not holding sufficient funds in the required currency to make the foreign currency conversion.

We have included a new section 8.7 (Responsibility in relation to a booked payment) which states 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.

We have slightly amended section 11.4 (Foreign currency conversions) to exclude booked payments as these are not based on our rates but rather NatWest Markets rates.