About The OMPP

Before signing up, how does the OMPP work and how will I benefit?

The OMPP helps you to make hassle-free, cost-effective payments to foreign accounts by fixing the exchange rate for twelve monthly payments in advance. This allows you to know exactly how much is coming out of your Sterling account via Direct Debit and how much will be credited to your overseas account on which day every month for one year at a time.

We are unable to guarantee the exact rate of exchange in advance for each individual OMPP, although the OMPP website (www.ompp.com) is updated daily and gives you a fairly accurate indication of the rate you will receive on the fixing day*.

* The fixing day: when the exact rate of exchange is set for each 12 month OMPP. This takes place on the 15th day of each month (or the nearest working day). You will be notified by post of the exact rate of exchange that applies to your individual OPP together with a payment schedule within 7 days of the fixing day.

A Typical Example:

Mr & Mrs Stanley own an overseas property and need to send 600 Euros (€) per month to meet their mortgage payments in local currency. They would also like to send a further €200 per month for living expenses, totalling €800 per month.

For this example, the exchange rate was fixed on the fixing day * at 1.4200, meaning that €800.00 will cost them £563.38 ( Sterling) per month. This rate will apply for the duration of their twelve-month OMPP.

Their first payment (please refer to the table below) will therefore total £1,216.76. This consists of the £563.38 deposit + the first monthly payment of £563.38 + £90 (12 months transfer fees at £7.50, payable in advance as one payment). Please note that there is no Sterling payment in month 12 as this is covered by the deposit, which is paid in month one.

All monthly Sterling amounts are collected from your UK account by Direct Debit.
You will, however, need to send a cheque for the £50 annual registration fee.

Please see the example below: