For international transfers with Nationwide, you will need, the recipient’s name and address, their IBAN (Internattional Bank Account Number), and the name, address and BIC (Bank Identifier Code).
BIC codes identify the bank.
IBAN codes identifies the account within the bank.
The length of these codes change depending on what country you are sending money to or from.
These codes can be found by logging into your online banking.
To send money internationally with a Nationwide bank transfer you can either do it online or in a branch.
Nationwide transfers are fairly straightforward, although the money you want to transfer needs to be in your current account as it cannot be used if it is in your savings account! So, you may need to do a Nationwide balance transfer first.
To make the Nationwide international transfer payment you will need to: log in to your bank, select the move money tab, then other payments and finally follow the steps on the screen.
Don’t forget, you will need the recipient’s details at hand here!
If you decide to make a payment in a branch instead then you will need: your current account card, a valid form of ID (passport or photo drivers’ licence) and proof of your address which must be dated within the last three months (bank statement or utility bill are the normal proofs used).
As with other banks and building societies, Nationwide international transfer fees apply.
The time always varies depending on where the money is being sent.
Transfers to a European country using SEPA, should be delivered within 1 working day, if you manage to do it before 11:30am it could land in the recipient’s bank that same day!
For any other countries using SWIFT payments it can take up to 4 working days.
If the transfer is in Euros and is to another European country, then there will not be a transfer fee.
However, for any other transfers there is a standard fee of £20.
You may also be charged an intermediary fee which is fees that are charged by other banks involved in the process.
The majority of people know about the transfer fees but often tend to forget about the exchange rate costs.
The exchange rate can be a lot more costly than the transfer fees.
A lot of people just think you pay £20 to send money internationally when that is not the case.
Banks tend to set their own exchange rates.
Nationwide adds a 2.3% profit margin onto their rates.
This is how much you would be paying in exchange rate costs due to this: on a £5,000 transfer it would cost you £115.
On a £20,000 transfer it would cost you £460.
On a £200,000 transfer it would cost you £4,600!
Now that is a lot of money to be paying in charges!
By using a bank to do an international money transfer you could end up losing a lot of money!
You should always get a quote from an alternative such as a money transfer company such as ourselves at Regency FX!
There are two main options when sending money internationally which are: using a bank or using a money transfer specialist.
Some people have comfort and convenience with using the bank as the money is already in there however, banks tend to have uncompetitive rates and additional charges.
The banks are better with smaller, irregular payments.
Money transfer specialists generally have lowest costs and more competitive rates. They specialise in larger transfers over £5,000.
Banks also do not offer much guidance in this area as it is not their area of expertise and you will not be the bank’s priority!
However, with a money transfer specialist it is their area of expertise and they can guide you through the whole process from start to finish!
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.
They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.
We can monitor the market on your behalf enabling you to budget more effectively.
As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.
Get a quote and see how we stack up.
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