Record Currency Management Limited SWIFT/BIC code

What RETMGB21 means for a payment to Record Currency Management Limited

The short code RETMGB21 and the full code RETMGB21XXX identify the same bank: Record Currency Management Limited. The code has a single purpose: it ensures that money from abroad reaches the right bank. You will need it mainly for payments that cross a border.

Below we go through the practical side: money coming in from abroad, sending money abroad and how to check the code before you hit send. The SWIFT code alone does not identify an individual account holder; for that you need the account number or IBAN .

RETMGB21 or RETMGB21XXX – which one to use?

A BIC is built from a few fixed parts: the first four letters stand for the bank, characters five and six show the country and the two after that indicate the location. For Record Currency Management Limited, the 8-character core is RETMGB21.

The 11-character version has three more characters that identify a branch or department. If the last three are XXX, the code points to the head office, which is why RETMGB21XXX and RETMGB21 lead to the same place.

Type the code as one block, in capitals and without spaces, exactly as shown here. Copying the code beats typing it by hand, because one wrong letter changes the bank.

How to check RETMGB21 before you pay

The most reliable source for a SWIFT code is the bank details provided by the recipient – an invoice, a statement or a screenshot from online banking. Check that code with RETMGB21 here.

Errors in the BIC are costly more than fatal. An error in the account number is more serious, so check that just as carefully.

Most online banking apps validate the format of IBANs. If your bank offers it, a payee name check before sending gives an extra layer of safety. Sending a small amount first can be worth it for a large first payment.

Choosing between the 2 SWIFT codes of Record Currency Management Limited

Record Currency Management Limited has 2 separate SWIFT/BIC codes. One of them is the head office code, RETMGB21XXX; the rest belong to branches.

For most incoming transfers, the head office code RETMGB21XXX works fine. If you have been given a specific code, stick to it instead of swapping it with the head office code.

When in doubt, ask the person you are paying which code their bank gave them. Codes are sometimes changed or retired when banks reorganise.

International transfers from Record Currency Management Limited: the real cost

When you transfer money to another country through Record Currency Management Limited, the fee you see is only part of the cost. There is the fee for the transfer itself, possibly charges from correspondent banks along the way and, most importantly, the margin on the exchange rate if the currency changes.

The real cost is often in the rate: many banks convert using an exchange rate with a margin built in. Compare the rate you are offered with the mid-market rate – the rate you find on financial news sites; the gap is what conversion costs you.

For many currency pairs, a specialist provider is less expensive than a bank, mainly because of the exchange rate. Before your next transfer, take a minute comparing the total cost on GoldexPay. You can always keep your account at Record Currency Management Limited to fund the transfer; only the conversion and sending happen elsewhere.

About this information

Our SWIFT/BIC directory is based on publicly available sources and we update it periodically. Institutions merge, change names and retire codes. Figures such as the number of codes come from our directory.

Treat this page as a starting point, rather than as the last word. We are a comparison site for money transfers and not part of Record Currency Management Limited. Found an error? Tell us via our contact form.

SEPA payments and the Record Currency Management Limited BIC

Inside SEPA, euro payments to an account in United Kingdom use common rules and in most cases need only the IBAN. A field for the BIC is often optional for those payments.

For anything other than euros and for senders outside SEPA, RETMGB21XXX remains part of the payment details. Some forms also show a field for the BIC out of habit; if so, enter RETMGB21 or RETMGB21XXX.

SEPA transfers normally land within one business day; instant payments are faster if both banks offer them. As long as no currency is converted, the transfer is inexpensive.

British Pound (GBP) and conversion costs

The national currency in United Kingdom is the British Pound (GBP). A payment in a foreign currency is converted into GBP on its way to Record Currency Management Limited – and the bank that does it picks the rate. Each conversion eats into something – usually through the rate rather than a fee.

Who converts the money makes a difference. Often it is cheaper to send GBP directly via a provider with a good rate rather than letting the receiving bank convert.

Rates for GBP change during the day – some services let you fix a rate in advance. With bigger transfers, a seemingly small difference in the rate adds up quickly.

Receiving money from abroad at Record Currency Management Limited

To receive a transfer from abroad into your account at Record Currency Management Limited, the person paying you has to have more than the BIC. The basics are: your name, IBAN or account number, RETMGB21XXX or RETMGB21 and, for some countries, your postal address.

It helps to add Record Currency Management Limited and its city as well. A typo in your account number is more trouble than you might think; copy them from your banking app rather than typing.

Expect that the incoming amount is below what the sender paid. Charges on incoming payments vary per bank; check the price list of Record Currency Management Limited. On invoices, you can state who bears the costs, so that nobody is left short.

Transfer times and tracking a payment to Record Currency Management Limited

A SWIFT payment typically needs one to a few business days. Payments made after the cut-off time or just before a weekend or public holiday often go out the next business day. Extra checks on larger or unusual payments may also add some delay, regardless of the details.

Many banks use SWIFT gpi, which lets them follow a payment from bank to bank. Every gpi transfer gets a unique reference, the UETR. Specialist transfer services often show tracking online so you can see how far the payment has got.

Only the sending bank can request a trace; the receiving side usually has nothing to trace yet. On the receiving end, it helps to look at your account for a partial amount because fees can reduce the amount.

Protect yourself against fake payment requests

One of the most common tricks works like this: an email arrives with a request saying that a contact has new bank details and asking you to pay there from now on. A real SWIFT code tells you nothing about whether the request is genuine: scammers use real codes of real banks.

Verify new bank details through a different channel, never via the email that asked for the change. Urgency or secrecy are red flags. Already paid? Contact your bank straight away and ask them to try to recall the payment and report the fraud.

Scams can also target the receiver: someone claims to have sent too much and wants you to return the difference. A payment confirmation from the sender is no proof.