Jake Miller
Nationwide is one of the largest banks in the UK, offering international wire transfers to over 160 countries. The bank provides two types of overseas payments: SEPA payments and SWIFT payments, each with its own fees, rates, and transfer times. While Nationwide does not charge for receiving international transfers, sending money abroad incurs various fees and charges, including intermediary bank fees, recipient bank charges, and currency conversion markups. The bank's exchange rates are not publicly displayed, and customers have reported challenges in determining the exact transfer costs upfront. Overall, Nationwide's international transfer service is known for its convenience and reliability, but customers should carefully consider the associated fees, exchange rates, and transfer times when choosing a money transfer provider.
| Characteristics | Values |
|---|---|
| Types of payments | SEPA payments and SWIFT payments |
| SEPA payment countries | 36 countries, including France, Italy, and Spain |
| SEPA payment fees | Free |
| SWIFT payment fees | £20 |
| Currency conversion markup | 2.2% |
| Currency conversion markup for inbound payments | 0.5% |
| Exchange rate transparency | Poor |
| Exchange rate margin | 2% to 4% |
| Transfer limits | None |
| Transfer methods | Internet banking, in-person at a branch |
| Transfer time to SEPA countries | 1 working day |
| Transfer time to EEA SWIFT payments | 4 working days |
| Transfer time to non-EEA SWIFT payments | More than 4 working days |
| Required recipient details | Name, address, IBAN, receiving bank's name, address, and BIC |
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What You'll Learn
SEPA and SWIFT payments
SEPA and SWIFT are the two most widely used forms of cross-border transfers. They were created to provide a secure and reliable international channel for the ever-increasing number of money transfers.
SEPA Payments
SEPA stands for Single Euro Payments Area. SEPA payments are free and operate in the EU/EEA. They are quick, convenient, and hassle-free, and do not require Bank Identifier Codes (BICs), also known as SWIFT codes. However, they do require an IBAN number. They are limited to money transfers in euros in countries that are members of the SEPA zone. There are 36 countries in the SEPA zone, including France, Italy, and Spain. SEPA payments should arrive within one working day.
SWIFT Payments
SWIFT stands for Society for Worldwide Interbank Financial Telecommunications. It is a corporation that provides a secure network for banks to send financial messages and securely transfer money internationally. The SWIFT network assigns a unique ID to payments to identify their institutional sender, location, and branch. SWIFT payments require the receiver's details, including the bank account number and address of the bank, as well as the SWIFT code. SWIFT payments incur a charge, usually for both transfers and currency conversion. SWIFT transfers within the EEA in a non-EEA currency may take around 4 working days, while transfers outside the EEA may take longer.
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Currency conversion markup
Nationwide's international payments and currency conversion services are carried out by a third party provider. When making an international payment from your Nationwide account, you can choose to send it in foreign currency or pound sterling. If you make an international payment in foreign currency, Nationwide will convert the money from pound sterling to the foreign currency before sending it. They use the latest standard outbound exchange rate, which is updated throughout the day.
The standard outbound exchange rate includes a currency conversion markup of 2.2%. This markup is added by the third party processing the currency conversion, and Nationwide receives a share of this markup. The total charge of the 2.2% currency conversion markup will be displayed when you request to make a payment with them. This amount will not appear on your statement as it is included in the exchange rate. For example, for $100, this markup equals £1.81. The amount of pound sterling converted is £83.92. A £15 SWIFT transaction charge is applied. The total amount taken from your Nationwide account is £98.92.
If you choose to send your payment in pound sterling, the receiving foreign bank will convert the currency. They will use their own exchange rate and may apply their own charges to the transaction. There is no transaction fee to receive an international payment. However, Nationwide will convert the payment into pounds sterling using their standard inbound exchange rate, which includes a currency conversion mark-up of 0.5%. This percentage is set by the third party and is not an additional charge from Nationwide. If a foreign bank converts the money to pound sterling before sending it to Nationwide, the 0.5% mark-up will not apply, but the sending bank may apply their own charges.
Nationwide's international transfer fees depend on how you're sending your wire. For SEPA payments to one of the 36 SEPA Zone countries, these transfers are typically free of charge. For any other international transfers, you'll need to use SWIFT. For these transactions, there's a Nationwide international transfer fee of £20 GBP.
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International transfer fees
Nationwide is one of the largest banks in the UK, and it allows you to send international wires to another country. There are two types of Nationwide overseas payments: SEPA payments and SWIFT payments. Each of these options comes with its own fees, rates, and transfer times.
SEPA payments are typically free of charge and should arrive within one working day. They are available for transfers in euros to a European country. If you do it before 11:30 am, it will arrive the same day.
For any other international transfers, you'll need to use SWIFT. For these transactions, there's a Nationwide international transfer fee of £20. SWIFT transfers within the EEA in a non-EEA currency may take around 4 working days. SWIFT transfers outside the EEA may take longer.
Nationwide does not charge for receiving money into your account. However, if you make a transfer outside the EU, intermediary banks in the SWIFT network may charge additional fees, meaning that less money than expected may arrive at its destination.
Nationwide has its own set of exchange rates and may include a markup when making currency conversions. The standard outbound exchange rate includes a currency conversion markup of 2.2%. The markup is added by the third party processing the currency conversion, and Nationwide receives a share of this markup. The exact exchange rate will be displayed before the transfer is made, so you can see the real cost of the transfer.
Some sources suggest that Nationwide charges between 2% and 4% in their exchange rate margin. For smaller amounts, the rate may be closer to 4%, while for larger amounts, it is closer to 2%.
When making an international transfer with Nationwide, you can use Internet Banking or visit a branch. You will need to provide the recipient's name and address, the recipient's IBAN (International Bank Account Number), and the name, address, and BIC (Bank Identifier Code) of the receiving bank.
It is important to note that Nationwide currently does not support international payments through its banking app or from a savings account. Additionally, there may be additional costs associated with Nationwide international transfers, such as charges from intermediary banks or the recipient's bank. These costs can be difficult to determine in advance.
As such, it is recommended to compare the costs of sending money with Nationwide against alternative services, such as Wise or TransferGo, which may offer lower fees and faster transfers. These services provide transparent fees and convenient ways to send money internationally.
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Transfer times
When it comes to transferring money internationally with Nationwide, there are a few different factors that can affect the transfer time. Firstly, the type of transfer plays a role. Nationwide offers two types of overseas payments: SEPA payments and SWIFT payments. SEPA payments are typically faster, with transfers to European countries in euros being completed within 1 working day, and sometimes even the same day if done before 11:30 am. On the other hand, SWIFT payments can take longer, with transfers within the EEA in a non-EEA currency taking around 4 working days, and transfers outside the EEA potentially taking even longer.
Another factor that affects transfer time is the destination of the payment. The time it takes to send money abroad depends on the country it is being sent to and the currency being used. This is because the clearing times at both the sender's bank and the recipient's bank can vary. It's important to plan ahead and account for any holidays and weekends, especially if you have a deadline to meet.
In terms of the process, Nationwide allows customers to make international transfers through their Internet Banking service or by visiting a branch. However, they do not currently support international payments through their mobile banking app. When using Internet Banking, customers need to log in, navigate to the 'Move Money' tab, select 'Other Payments', and then follow the on-screen prompts to enter the recipient's details and the amount being sent. It's important to note that Nationwide does not allow international payments from a savings account; funds must be available in the customer's current account.
Additionally, there are certain requirements that must be met for a successful transfer. These include providing the recipient's name and address, their International Bank Account Number (IBAN), and the name, address, and Bank Identifier Code (BIC) of the receiving bank. Failure to include all the necessary information may result in the payment being rejected.
While Nationwide provides convenience and reliability for domestic banking, there are alternative options for international transfers that may offer faster and more cost-effective solutions. Digital alternatives, such as TransferGo and Wise, are worth considering as they often provide lower fees and faster transfer speeds. These platforms can also offer dedicated customer support and transparency in their pricing.
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$190.57 $202.72
Alternative transfer options
There are several alternative transfer options to choose from when making an international bank transfer. These include:
- Wise — This is a regulated financial institution, authorized by the Financial Crimes Enforcement Network (FinCEN) to operate as a Money Services Business (MSB). Wise offers international transfers to over 80 countries and the multi-currency Wise Account for individuals and businesses. Wise also offers a comparison function, where it will tell you if it is not the cheapest option for your particular payment.
- TransferGo — This company offers international money transfers with a dedicated customer service team available 24/7 in nine different languages. TransferGo guarantees no additional fees, ensuring that the recipient receives the full amount.
- Western Union — One of the biggest transfer providers worldwide, Western Union offers a wide network, especially for sending cash in person and providing cash-pickup delivery options.
- Xoom — A subsidiary of PayPal, Xoom offers fast transfers to many countries and the option to use PayPal or cryptocurrency to fund your transfer.
- MoneyGram — This company offers same-day delivery in many places, with over 400,000 agent locations for cash pickup across 200 countries.
- Remitly — This platform offers two transfer options, Economy and Express, allowing users to choose between lower fees or faster transfers. Remitly also offers flexible delivery options, including cash pickup.
- PayPal — PayPal can be used to send money internationally, but fees may be less competitive than other money transfer service providers.
When choosing an alternative transfer option, it is important to consider factors such as speed, cost, transfer limits, customer experience, and the number of countries covered. It is also recommended to compare total transfer costs across multiple providers, including both upfront fees and exchange rate markups.
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Frequently asked questions
Nationwide charges a flat fee of £20 for international SWIFT payments. For SEPA payments to one of the 36 SEPA Zone countries, including France, Italy and Spain, these transfers are typically free of charge. There is also a currency conversion markup of 2.2% for transfers in foreign currency.
Yes, there are several alternatives to using Nationwide for international bank transfers, including TransferGo, Wise, and currency brokers. These options may offer faster and more cost-effective solutions.
To send money overseas with Nationwide, you will need the recipient's name and address, their IBAN (International Bank Account Number), and the name, address, and BIC (Bank Identifier Code) of the bank receiving the funds. If the payment is not in euros and is not being sent to the Single Euro Payments Area (SEPA) Zone, you will also need the BIC of the bank receiving the funds.
