LONDON RACING CLUB
Racing Bank & FX
Racing Bank & FX
Introduction & History / Background
Weatherbys Bank racing arm is the only Racing Bank in the UK and even globally for that matter, truly unique in its field.
Exactly what does this mean? What is a Racing Bank and where does Weatherbys Bank sit within the wider Racing and Bloodstock industry?
As you all know Weatherbys Bank are very well connected to the Racing and Bloodstock industry and its Racing Bank department is truly at the heart of this. In 1994, due to their stakeholder role and the significant level of prize monies held, they took the decision to obtain their banking licence from the Bank of England. Then called Weatherbys & Co they later relaunched as Weatherbys Bank in 1998 and since then have launched a full range of top quality banking led services with many of their clients still coming to them from the world of racing. To give you a flavour of their reach, 900 registered owners opened a Racing Bank account with Weatherbys Bank Limited in 2016. For those who don’t know, the only other option for servicing racing related expenses available to new owners is a direct debit facility with the BHA. On average 60% of registered owners opt for a Weatherbys Racing account each month.
Where we are today & services provided
The Racing Bank arm of Weatherbys Bank is much more than just the holder of owner accounts. The bespoke title of Racing Bank underlies a variety of unique services which lie at the heart of the industry and keep it ticking on a day-to-day basis. In addition to accounts for owners they also provide the following;
- Jockey accounts: which act as a payroll service for jockeys, seeing their riding fees paid in monthly alongside the deduction of daily expenses which Weatherbys Bank have been authorised to make. These deductions generally include agent’s fees, valet fees, equipment invoices and fuel payments.
- Gallops' Accounts: An offering for privately owned gallops, whereby
- Weatherbys undertake the collection and distribution of gallop fees across both WBL and BHA account options.
- Foreign Prize Money: This enables Weatherbys to collect prize money from overseas for various turf authorities including France, Ireland, U.S. etc. These funds are then distributed alongside Weatherbys Foreign Exchange offering (discussed in further detail below.)
- Foreign Exchange: With the international element of the horse-racing and bloodstock playing a pivotal role Weatherbys Foreign Exchange also provide a crucial service to clients. Once a client has a Racing Account (or current account) with Weatherbys Bank they are entitled to open a currency account with the Bank at no extra cost enabling them to avail of competitive FX rates and the high level of customer service associated with all other areas of their business. So, whether you’re a Jockey repatriating Foreign Prize money or a Stud Farm exchanging Euro for Sterling to pay for that elusive nomination at one of the UK’s top Stud farms then it is always worth calling Weatherbys FX team for a competitive quote.
For more information, please contact the Weatherbys Racing Bank Team
Tel: +44 (0)1933 304777
Tel: +44 (0)1933 304777
Email: bank@weatherbys.co.uk
Web: www.weatherbys.co.uk
Weatherbys Bank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number: 204571. Weatherbys Bank Ltd is registered in England. Registered number; 2943300. Registered Office: Sanders Road Wellingborough, Northamptonshire, NN8 4BX.
Weatherbys Bank Limited is a member of the Financial Services Compensation Scheme.
Insurance services are offered by Weatherbys Hamilton LLP and Asset Finance services are offered by Arkle Finance Ltd, who are part of the Weatherbys group of companies and authorised and regulated by the Financial Conduct Authority. Weatherbys Bank acts as an introducer to Weatherbys Hamilton LLP and Arkle Finance Ltd.
