Nationwide International Transfers & Exchange Rates

Nationwide Building Society or simply Nationwide, is the largest building society in the world - boasting more than 15 million members. Based in Britain, the company has expanded to its current size over the years as a result of more than 100 companies merging together to offer financial services. Today, Nationwide offers banking, loan, mortgage, and insurance services to their customers. This review covers everything you need to know about Nationwide, including the exchange rate margins you can expect to pay for international transfers.

About Nationwide

Headquartered in Swindon, UK, Nationwide began its operations in 1826. Over time, it has grown through both organic growth and a series of mergers to the institution it is today. Currently, it employs a team of more than 18,000 professionals and has over £200 billion in assets.

Nationwide exchange rates and Fees

Nationwide charges both a transfer fee and an exchange rate margin above the mid-market rate when converting funds from one currency to another. Here are more details on how much a typical international transfer would cost you when using Nationwide.

Exchange Rates

When converting from GBP to other major currencies, such as the Euro, US dollar, Canadian dollar and Australian dollar, the exchange rate margin hovers around 2.1% above the rates you see on Google. This is quite competitive when compared to banks, but not as low as you can find with some online money transfer services.

Fees

Sending Euros to a European country is free. However, international SWIFT payments cost £20 per transfer.

Additional Costs

Beneficiaries may incur additional charges such as agency or intermediary fees charged by the receiving bank. These are not charged by Nationwide, so it’s best to check with your beneficiary’s bank before making a transfer.

Nationwide Pros and Cons

Understanding the merits and drawbacks of using Nationwide to make domestic and international transfers can help you make the right choice when sending your money overseas. Here are some of the pros and cons to consider in relation to NationWide’s services.

Nationwide Bank Swift Codes

How to open an account and transfer money with Nationwide

You can open an account online or at the branch and begin making funds transfers right away. For online account opening and transfers, here are the steps involved.

Opening an Account

Sending Money

• Step 1: Log onto your online banking platform

• Step 2: Click on ‘Move money’

• Step 3: Go to the ’Pay a bill or send money to someone’ panel

• Step 4: Choose the source of funds account and pick ‘Single payment’.

• Step 5: If it is a new payee, choose ‘A new person or organisation’

• Step 6: Click ‘Continue’ and follow through the instructions on the screen to complete the transfer.

Summary

Nationwide has been around for more than 150 years. It is the largest building society in the world, thanks to its more than 15 million customers. It is economical for large transfers because of its £20 fixed fee, but as this is a flat fee it becomes more significant when transferring smaller amounts of money.

Compared to major banks, Nationwide’s exchange rate margins of just over 2% are very competitive. However, in terms of overall competitiveness, you are better off looking for alternatives such as money transfer companies. These are cheaper, faster, and highly specialised providers present on virtually every transfer route.

We have a free comparison tool on MoneyTransfers.com to help you get the best deal on your next transfer. You will get to see upfront the providers on your route, the transfer payment options available, and the speeds of delivery to expect, all within a matter of seconds after inputting the details of your transfer.

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