Natwest Charges For Sending Money Abroad

NatWest is a major retail and commercial bank based in the UK. It was established in 1968, and it has nearly a thousand branches in the UK, although many are closing thanks to the digital money revolution and consumers switching to new mobile money platforms.

Many people use NatWest for their international money transfers, and it's a very useful service for many NatWest customers. However, there are lots of alternatives which may be much easier, faster and cheaper than NatWest, and you should make sure you've looked at different options - particularly online money transfer companies - because you should be able to save yourself lots of money!

To help you out, we've put together some of the pros and cons of using NatWest to send money abroad.

After reading this you'll be in a great position to decide whether NatWest is right for you. So read on if you're considering using NatWest for your next transfer!

How to send money abroad with NatWest

With NatWest, you can choose to either go in-branch to make a transfer with the help of a cashier, or use their online banking service to transfer funds to your recipient. You should bear in mind that in order to send money abroad with NatWest you'll need to have a bank account with them.

To send money in-branch you'll need the following information:

Recipient name
International Bank Account Number (IBAN)
SWIFT / BIC
Recipient bank name
Recipient bank address

You'll have to pay 0.3% of the transfer amount in fees, and you may have to pay an extra £10 as an agent fee.

If you're sending money abroad with NatWest using their online banking or mobile app platforms, they fall into two categories:

Standard, which arrives in 2-4 days
Urgent, which arrives in 1-2 days (choosing Urgent will cost you £15 extra)

You also need to pay attention to the time you send, because NatWest transfers abroad aren't 24-hour. There is a cut off time of 3:00 PM for most transfers.

What are the pros and cons of sending money with NatWest?

Pros:

Can be useful if you already bank with NatWest - you won't need to set up a new account
If you choose the slower option online there is no transfer fee
Wide international reach - you can send money all over the world

Cons:

Transfer fees can be high - £15 is far more than many other providers
You need lots of your recipient's details to send money to them
You can't send money instantly - the fastest for online transfers is 1-2 days
You need to be a NatWest bank account holder to use the service

Is there another option to NatWest?

When sending money internationally, you want to find the cheapest way to send money. NatWest may not be the best option if you're looking to reduce your fees and still have really fast transfers. You may think it's impossible to have both speed and savings!

Thankfully, there's a solution!

Paysend is a fast, affordable and hassle-free money transfer app and web browser platform that lets you send money directly to bank accounts or straight to cards - all you need is the recipient's name and card number!

Money transfers to bank accounts with Paysend have zero transfer fees, and to cards cost just £1, €1.5 or $2 (or equivalent amount). Paysend uses excellent, competitive exchange rates, so if you send money with Paysend you might save yourself some money!

With Paysend you can send money 24 hours a day, and 75% of our transfers arrive instantly - in 20 seconds or less!

On the Paysend homepage you can find a useful tool to help you find out if your money transfers with Paysend are cheaper than with NatWest. Click here to visit the homepage and get started!