NatWest International Transfer: Fees and Exchange Rate
Thinking of sending a NatWest international bank transfer? This guide covers all you need to know including how much it costs to transfer money abroad with NatWest, how long it takes, and how to get started.
Despite the fact that Natwest serves millions of people and businesses in the UK and Ireland, they may not be the best option for sending an international payment. Alternative services like Wise, Western Union and OFX are often cheaper, faster and easier to use.
NatWest international money transfer comparison
When you’re sending an international transfer, there are several different fees you may pay, depending on the provider you choose:
- Transfer fee - often a fixed cost paid to your own bank
- Exchange rate markup - a percentage fee added to the exchange rate used
- Third party charges - paid to intermediaries and your recipient’s own bank
The easiest way to see the impact of these charges is to figure out what your recipient might get when you send your payment with different providers. In this example, we’re sending an online payment to a friend in France. We’ll send 1,000 GBP, to be received into an account in euros:
| Provider | Recipient gets in the end | Transfer time |
|---|---|---|
| NatWest | 1,135.42 EUR | Same day for most EUR SEPA payments; 2 - 4 days elsewhere |
| Wise | 1,181.16 EUR | 60% of payments are instant, 90% of payments arrive in 24 hours |
| OFX | 1,173.03 EUR | 1 - 2 business days |
| Western Union | 1,161.97 EUR | Up to 2 days |
*Fees and rates correct at time of research - 11th September 2024 2024
In the example above, your recipient gets the most in the end if you use Wise. That’s even though the NatWest transfer fee for this example payment was listed as 0 GBP.
That’s the case because NatWest has included a fee in the exchange rate used to convert your money to euros, while Wise uses the mid-market exchange rate with no extra fees added.
You’ll see the NatWest exchange rate when you get a quote for your payment online or in the mobile app. It’s helpful to know that bank markups can be around 3% on top of the mid-market exchange rate. Specialist money transfer services can often offer better exchange rates than banks.
More about the alternatives to NatWest
Even if you have an account with NatWest, sending a payment overseas with them may not be the best option. The good news is that you can easily pick an alternative, which could be cheaper and faster.
Wise and OFX are not banks - but they’re still regulated by the FCA in the UK like a bank would be - making them safe options to choose.
Wise
Open a Wise account online or in app, to send payments to 160+ countries, quickly or even instantly. Currency conversion uses the mid-market rate with low fees from 0.33%
If you send and receive payments a lot you may also want to open a Wise account, and order a Wise card. Accounts can hold and exchange 40+ currencies and let you receive international transfers with local account details in 8+ currencies, and SWIFT details in additional currencies.
OFX
OFX customers can create an account to send 50+ currencies all over the world, by phone, in the app or online. Transfers can arrive quickly, and are usually in the recipient’s account in 1 or 2 days. Generally there’s no upfront fee to pay for an OFX transfer, but there’s a small exchange rate markup instead.
OFX also offers more complex currency risk management products and 24/7 phone service.
NatWest international transfer fees
Here are the different NatWest international bank transfer fees by transfer type. However you’ll also need to check your specific account terms and conditions before you start, as some accounts may have slightly different fees, and some don’t allow international transfers at all.
| Transfer type | NatWest international transfer fee |
| Standard transfer online or mobile | Free |
| Urgent transfer online or mobile | 15 GBP |
| Standard transfer by phone, post, or in branch | Euro payments - no fee Non-euro payments - 22 GBP |
| Urgent transfer by phone, post, or in branch | Euro payments - 23 GBP Non-euro payments - 30 GBP |
| Receiving an international payment | No fee to receive euros - for other currencies: Under 100 GBP value - 1 GBP fee Over 100 GBP value - 7 GBP fee |
NatWest additional fees
The final thing to watch out for when sending an international bank transfer is extra fees deducted by other banks involved in the payment.
If NatWest processes your transfer using the SWIFT system, your payment can involve several partner banks, which work together to get your money where it needs to be. These partner banks - known as intermediaries or agents - can also deduct a fee for their service. The recipient’s own bank might charge a fee to receive the payment, too. This all means your recipient could get less in the end than you’re expecting.
Specialist providers are less likely than banks to use the SWIFT payment network. To move money faster and cheaper some specialist services have adopted their own payment networks which are just as secure as SWIFT, but cut out the intermediaries. This reduces the overall cost of transferring money, allowing these services to lower the price customers pay whilst still making a profit themselves.
NatWest international transfer receiving fees
There’s no fee to receive euros to your NatWest account when you’re getting a SEPA transfer. For any other currency, the following fees apply:
Under 100 GBP value - 1 GBP fee
Over 100 GBP value - 7 GBP fee
How to receive money with NatWest from abroad
If you’re expecting an international payment to be deposited into your NatWest account you’ll need to give the sender your account’s IBAN and BIC code to make sure the money arrives safely. You can get these from your mobile or online banking service, or by looking on a recent account statement.
Once your money has been processed, it will be automatically deposited to your account.
NatWest exchange rate
You’ll always see the live NatWest international transfer exchange rate for your currency when you get a quote for your payment.
Bear in mind that the rate you’re offered by NatWest may not be the same as the exchange rate you’ll find if you use a currency converter tool, or a Google search. That’s because, while currency converters show the mid-market exchange rate for a currency, banks usually add a margin or markup to their rates to cover their costs and generate a profit. Bank markups normally vary by currency, but can be in the region of 3% on top of the mid-market exchange rate.
3% doesn’t sound like a lot - but it makes a big difference. Exchange rate markups are often the most expensive fee you’ll pay when you send money internationally - and they’re the hardest to see. Here’s what a 3% markup would mean in fees for a few different transfer values:
Sending 1,000 GBP - the exchange rate markup adds 30 GBP to the total
Sending 5,000 GBP - the exchange rate markup adds 150 GBP to the total
Sending 50,000 GBP - the exchange rate markup adds 1,500 GBP to the total
As you can see, even a small change to the exchange rate can mean a much higher overall fee.
NatWest international transfer limits
If you’re sending a payment with NatWest and have registered your biometrics with the bank you can send up to 10,000 GBP online or in mobile banking, to either a new payee or a payee you’ve already got saved to your account.
If you’ve not yet registered your biometrics, you can:
Send up to 10,000 GBP using the mobile app to a payee you’ve already saved
Send up to 750 GBP per day to a new payee using the mobile app
Send up to 10,000 GBP using your card reader for verification, through the NatWest online banking system
If you need to send a higher value transfer this may be available in person or by phone, depending on your account type. Bear in mind that fees are higher when you process phone and branch transfers.
How long does an international transfer take with NatWest?
A standard SEPA payment with NatWest, sent online, could arrive on the same day.
When you schedule your payment elsewhere - or when you send a SEPA payment in a branch or by phone - you’ll be able to choose whether you’d rather a standard service, or an urgent payment service. Delivery times vary:
Urgent payments - 1 -2 working days
Standard payments - 2 - 4 working days
Specialist providers often use different payment processing approaches to move money faster than banks. This means that, compared to the alternative services we profiled earlier, even NatWest’s urgent service doesn’t really look all that speedy:
NatWest: 2 - 4 working days for standard transfers, 1 - 2 working days for urgent payments
Wise: 90% of payments arrive in 24 hours
Western Union: Up to 2 days
OFX: 1 - 2 business days
Pros and cons of transferring money abroad with NatWest
Pros:
Familiar and secure service
Make payments online or in the NatWest app for convenience
Choose different payment delivery times according to your needs
No transfer fee for standard NatWest international transfers made online
Cons:
Exchange rate markups can apply, which pushes up the overall cost
Slow delivery times, particularly for standard transfers
Relatively low daily limits apply to online and mobile payments
Higher fees may apply to arrange a payment in a branch or by phone
Sending your international transfer with NatWest is easy and reliable, but the exchange rate markups can push up the costs against alternative providers, and the service isn’t particularly quick. Compare your options - including looking at non-bank alternatives - before you send your money.
How to make an international transfer with NatWest
You can make a NatWest international bank transfer online, in the mobile app, by phone, in a branch, or by post or fax. Fees are higher for non-euro payments when you’re sending money in a branch, by phone or by post.
Here’s how to make a payment online through the NatWest online banking service:
Select Payments and transfers from the menu, followed by International payments and Make a Payment
Click on Get a quote for paying someone new, and Next to enter the details of the payment you want to make
You’ll get a quote in GBP of how much it will cost in total, click Next if you’re happy with it
Enter your recipient’s details, following the on screen prompts
Add a payment reference and confirm the account you want it to leave from, and the date you want it to be sent. Click Next
Check the summary, and authorise the payment with your card reader
What information do you need to make an international transfer with NatWest?
You’ll be prompted to enter all the required information when you set up your payment - usually including:
Your recipient’s name and address
The address of the recipient’s bank
Your recipient’s bank account number or IBAN
Your recipient’s bank’s SWIFT/BIC code
Countries to send money with NatWest
You can send payments to a broad range of countries and currencies with NatWest - start to set up your payment online or in the app to see if your destination is covered.
NatWest SWIFT code
To make sure your payment arrives safely you’ll need to provide your recipient with the correct NatWest SWIFT/BIC code for your account. SWIFT codes are used to guide international transfers to the right place - much like using a postcode on a letter.
For most accounts, the NatWest SWIFT code is: NWBKGB2L.
You can also check your SWIFT code in the View/Share account details section of your online banking service, or on any account statement.
Conclusion
Your bank might be the first thing that comes to mind when you’re sending an international payment, but it may not be the cheapest or fastest option. Many alternative specialist services like Wise, OFX and Western Union offer online and mobile payments with bank-beating exchange rates and low fees. Delivery times can be significantly better than using NatWest, and you may be able to cut the overall cost of making your payment.
Interested in making international transfers with banks? Read our guides on Barclays, HSBC, Lloyds, Santander, RBS, Nationwide, and Halifax.
NatWest international bank transfer FAQs
How much does a NatWest international transfer cost?
The cost of your NatWest international transfer will vary depending on the currency you’re sending, how you arrange the payment, and how fast you want it to arrive. For online and mobile payments there’s a free standard service, or a faster urgent option which costs 15 GBP.
How long does a NatWest international money transfer take?
Urgent transfers arrive in 1 - 2 working days, while standard transfers take 2 - 4 working days to arrive.
How to transfer money internationally with NatWest?
Send a NatWest international money transfer online, in the mobile app, in a branch, by phone, by fax or by post.
NatWest international bank transfer FAQs
The cost of your NatWest international transfer will vary depending on the currency you’re sending, how you arrange the payment, and how fast you want it to arrive. For online and mobile payments there’s a free standard service, or a faster urgent option which costs 15 GBP.
Urgent transfers arrive in 1 - 2 working days, while standard transfers take 2 - 4 working days to arrive.
Send a NatWest international money transfer online, in the mobile app, in a branch, by phone, by fax or by post.