The specific rules and requirements of different overseas banks can sometimes lead to delays or other issues with making payments to members outside the UK. As part of our ongoing focus on improving the experience for our members, we are outsourcing our payments to members based outside the UK to an international payments specialist.

Some of the benefits you may notice as part of this change are:

Better exchange rates 

PPL and VPL are able to take advantage of more competitive exchange rates compared to those offered by the major banks which typically charge a mark-up fee of up to 5% on the interbank rate (essentially the rate at which banks swap currencies between one another). This may result in more being paid in to your bank account.

Reduction in bank fees incurred on payments

The payment outsourcing arrangement means that members can avoid bank fees levied by any intermediary banks involved in routing the payments to your bank. Please note that charges may still be applied by your bank when you receive an incoming international payment.

Greater transparency with international payments

With the ever-changing requirements and changes in banking regulations, we are provided with insight on ways to ensure accurate payments are made whilst adhering to all required standards and regulations. This allows PPL to be proactive and contact members, where possible, in advance of distributions being made, to obtain valid bank details.

Fewer delays

The external provider has their own local banking networks, which allows them to process payments more efficiently. This means that your payments should reach you more quickly than before.

Lastly, please note that because of this outsourcing arrangement the payments from PPL and VPL may now appear differently on your bank statement depending on your bank.

In order to receive the maximum benefit from this arrangement, please check your payment currency on myPPL to make sure it is the currency in which you wish to receive your PPL and VPL payments. Additionally, please check your bank details to make sure these are accurate and up to date.

If you have any questions or would like to provide feedback, please do not hesitate to contact us by email (memberservices@ppluk.com) or by phone (+44 (0)20 7534 1234).