35. How we will pay you
We will make payments to your nominated bank account. If you want to change your bank account details, you should complete and return whichever of the following forms are relevant:
- PF03 - Register your bank details form - Sterling
- PF04 - Register your bank details form - Euros
These forms are available online on the Rural Payments and Services website, at https://www.ruralpayments.org or from your local RPID area office.
Your payment can be paid to you in either pounds sterling or euros. If you wish to be paid in euros you must tick the relevant box in your Single Application Form. To enable us to pay you in euros you will need to open a euro account and submit PF04 form.
Once you have submitted your claim, you have until 9 June to change your choice of payment. After this date, you are tied to your chosen method of payment for all Single Application Form related schemes for that year only. It is very important that you understand that we cannot guarantee to settle your claim on any particular day.
We will do our best to pay as many producers as possible, as quickly as we can after the payment window opens, but payment depends upon a claim being fully validated and valid bank account details being supplied. Each year, for some producers, it can take some time for their claims to reach this point.
Consequently, if you are contemplating entering into a currency exchange contract that depends on payment of your claim in euros on a certain day, you must recognise that there is a commercial risk that your payment might be delayed.
We will not be liable for any costs incurred (such as bank charges or exchange rate losses) caused by a delayed claim.
Your payment will be based on the unit values in euros of your entitlements and the total number of eligible hectares claimed, using the euro / sterling exchange rate set on 30 September in the year of your claim.
When registering a new bank account or telling us of a change to your bank account, please note that we operate a 10-day 'quarantine' period for your own security. This means that if you change your bank account details during the payment processing period, you will experience a delay to your payment.