NatWest International Transfer: Fees and Transfer Time (UK)
There are plenty of reasons you might need to send money overseas - and a broad range of ways you can go about setting up your international payment.
If you’re a NatWest customer you’re probably considering making your international transfer directly using the bank’s online or mobile service. This guide is for you, covering all you need to know about the fees and exchange rates available from NatWest, and how to set up your payment.
NatWest international transfer fee
Before we get started let’s take a look at how the fees for international transfers are usually calculated. There’s always a cost to sending money overseas - but different providers use different fee structures, which can make it harder to work out the full cost of your payment.
Whenever you’re making an overseas transfer you’ll want to look out for costs which can include:
)>* Transfer fee which may vary according to destination or transfer type )>* Exchange rate markup - also called a spread or currency conversion charge )>* Third party costs levied by other banks involved in the transaction
To make sure you’re getting the best deal on your payment, it’s important to look at all potential fees you may be charged. Sometimes the cheapest upfront fee doesn’t work out to be the cheapest transfer overall. Let’s take a look at a quick worked example to illustrate.
Cost example: Sending £1,000 online to a US dollar account
|Provider||Transfer fee||Exchange rate (1GBP=USD)||Recipient gets|
|NatWest||- £0 for standard transfers - £15 for urgent payments The recipient bank may charge additional fees||NatWest exchange rate which may include a fee added onto the mid-market rate||Log into online banking to model payment and check overall costs|
|Wise||£4.25 The fee is deducted from the transfer amount||1.38920||$1,383.30|
|Xoom||£1.99 Fee is payable on top of the £1,000 transfer||1.3724||$1,372.40|
|HSBC||£4 Third party fees may be applied, which are paid by the recipient||HSBC exchange rate which may include a fee added onto the mid-market rate||Log into online banking to model payment and check overall costs|
** Fees and exchange rates correct at time of research - 5 May 2021
NatWest international transfer fee - phone and branch services
It’s good to know that the NatWest transfer fees listed above are for online and mobile banking only. Costs vary if you’d rather send your payment by phone, fax, post, or in a branch.
Don’t forget that on top of these transfer fees, you’ll still pay any relevant exchange rate markup or third party charges.
Here’s the full rundown:
|Send method/currency||NatWest transfer fee|
|Standard transfer - EUR||No fee|
|Urgent transfer - EUR||£23|
|Standard transfer - any currency other than EUR||£22|
|Urgent transfer - any currency other than EUR||£30|
NatWest international transfer exchange rate
You’ll be able to find out the exchange rate available for your transfer with NatWest when you log into your online or mobile banking.
If you’re making the transfer immediately, and you’re before the daily cut off time you’ll see a guaranteed rate for your payment. If you’re later than 3pm or 4pm - depending on the type of payment you want to make - or you’re future dating a transfer you’ll receive an indicative rate. You won’t know the actual rate being applied until after it has been processed.
It’s good to know that many banks and international transfer services use a markup on the exchange rate provided for retail transfers. This is an extra fee, in the form of a percentage margin added on top of the mid-market rate. The mid-market rate is the one you’ll find on Google, and the one the bank gets when trading currencies on global markets.
You can check for a markup once you know the exchange rate offered for your transfer by NatWest. Simply find the live mid-market exchange rate for your currency using a Google search or reputable online currency converter and compare it against the NatWest exchange rate.
What is the NatWest transfer limit?
You can send international transfers to the value of £10,000 a day with NatWest.
How to make a money transfer with NatWest?
You can make an international payment with NatWest online and through mobile banking. However, if you want to send money overseas using mobile banking you’ll have to set up your payee first - this can only be done in online banking.
Here are the steps you’ll need to take to make a NatWest payment to an existing payee using mobile banking:
- Log in and select the account you want to transfer money from
- Navigate to international payments and then select choose saved payee
- Find the person you want to pay and enter the amount details
- You’ll need to select a standard or urgent payment to see the fees
- Compare the fees and exchange rates available with other providers
- If you want to continue, click to accept the terms and conditions and confirm payment
And here’s what you need to do using NatWest online banking on your laptop or other device:
- Navigate to payments and transfers, and then international payment
- Click on make a payment
- If you’re paying someone new you’ll select get a quote for paying someone new
- Follow the steps on screen to enter your recipient’s details and get a fee and exchange rate quote
- Compare the costs against other providers to make sure you’re getting the best deal
- Confirm the account you want to make a payment from and enter a payment date and reference
- If you want to go ahead, you’ll have to follow the prompts to confirm the payment using your card reader
NatWest bank transfer time
When you arrange your international transfer with NatWest, you’ll have the opportunity to choose either a standard or urgent payment. A standard payment is likely to take 2 to 4 working days to arrive, while an urgent transfer can arrive in 1 or 2 working days.
NatWest UK contact
You can get answers to many questions on the NatWest online support centre - or you can get in touch in the following ways:
- Visit a local branch and ask for face to face help
- Call the support centre - you can use one of the specialist numbers available online for specific issues, or ring 03457 888 444 for general advice
- Find NatWest on FaceBook or Twitter and get in touch using social media
Sending money overseas is something we all need to do from time to time - but finding the best way to make a payment can prove a bit of a headache. Compare a few options to get the best one for your specific transfer - and remember, it may not be your regular bank as specialist providers often offer a fast and secure service for less.