Our BIC is registered for SEPA payments only.
This means that credit union members can send and receive SEPA payments only (regardless of the type of member account e.g. Share account, Current account etc).
It is advisable that members tell their financial institution and third party payers that the payment needs to be made via SEPA. If a payment is sent in any other way, for example by SWIFT/International Payment, the payment will be rejected by our processing Bank and the Payer may incur a rejection charge.
If you wish to receive or send an International Payment to/from your credit union account, please contact our Member Services team on 044 93 48817 for more information.
What is SWIFT?
An International Payment is sent through the SWIFT network to any bank outside the European area.
If you wish to receive or send an International Payment, you will need to contact our member services team for more information.
SWIFT stands for the Society of Worldwide Interbank Financial Telecommunication, it is a system that allows all banks that are signed up to the system to speak with each other. This is how banks send and receive payments safe and securely.
North Midlands Credit Union is NOT signed up to this system. This means international payments sent to a member using member’s credit union BIC & IBAN will be rejected. Payments sent from a members account to a bank account outside the SEPA scheme countries will also be rejected.
What are my Share Limits?
All members can now save up to a maximum of €100,000 in the Credit Union.