NatWest International Transfers & Exchange Rates

NatWest (or National Westminster Bank) is one of the major retail and commercial banks in the UK. Its network of 960 branches supports a total of more than 8.35 million accounts, 90% of which are personal accounts. Among the services that NatWest offers include investments, loans and mortgages, insurance, and both personal and business banking solutions.

In this review, we go into details on all you need to know about NatWest, including the exchange rates and fees charged for international transfers.

About NatWest

NatWest was founded in 1968 as a result of a merger between the Westminster Bank and the National Provincial Bank. Today NatWest is part of the UK’s ‘Big Four’ clearing banks, with the others being Barclays, Lloyds Bank, and HSBC.

The bank serves England and Wales customers and several corporations across Western Europe. In total, the bank supports over 60 global currencies amongst them the US Dollar, Euro, Sterling, and the Australian Dollar.

NatWest Exchange Rates and Fees

The two most important charges to consider when making international payments are transfer fees and exchange rate margins. When exchanging your currency NatWest adds a margin on top of the mid-market rate, and this can eat into your transfer amount significantly - especially with larger amounts. Here is a summary of the margins and fees to look out for with NatWest.

Exchange Rates

NatWest exchange rate margins vary from 3.5–5% depending on the currency pair involved in your transfer. Here are a couple of scenarios to give you an idea of the margins charged.

• GBP to USD: The bank charges a 3.7% margin

• GBP to EUR: The customer pays a 4% margin

• GBP to AUD: The bank offers a 4.9% margin

Fees

Customers pay different amounts on their international transfers depending on the transfer amount and destination.

For instance, when using NatWest Online Banking service or the Mobile App, sending up to £5,000 will cost you £15. Any amount above £5,000 is charged at 0.3% up to a maximum of £40.

The customer has the option to pay all the charges, split them with the beneficiary or push all the transfer fees to the beneficiary.

Additional Costs

In circumstances where intermediaries are involved, a £10 agent fee may be charged. Since most international payments are made through SWIFT, the recipient may be charged an additional £7-£8 to receive their funds.

NatWest Pros and Cons

If you are considering using NatWest for your international transfer, be sure to weigh both the pros and cons before sending your money. Here are some of the aspects to factor in.

NatWest Swift Codes

How to Open an Account and Transfer Money With NatWest

To begin transacting with NatWest, you must sign up for an account. However, before you start the process, you need to have the following documents ready:

• Proof of Identity: Ensure you have certified copies of your UK/EU/EEA driving licence, EU/EEA Identity Card or UK/EU/EEA passport.

• Proof of Address: NatWest accepts utility bills, mortgage statements, or a recent bank statement-less than 6 months, as proof of address.

Opening an Account

NatWest has a fillable PDF form that you can download, fill in and send it to them for account opening. The following are the account opening steps:

Sending Money

After your account has been approved, you can start making transfers domestically and internationally online, over the phone or at the branch. Here are the steps to making online transfers.

• Step 1: Log in to the online banking platforms

• Step 2: Head to the ‘payment and transfer’ link

• Step 3: Click on ‘Make a payment or transfer’

• Step 4: Choose the account from which the funds are originating

• Step 5: From the dropdown list, select your beneficiary or add a new one

• Step 6: Enter the transfer amount and when you want the funds to be transferred (immediately or at a later date)

• Step 7: Confirm the transfer details and submit to complete the process. Make sure the details are correct. If you've entered incorrect details, refer to our guide: can a wire transfer be reversed?

Summary

NatWest is a UK-based bank, but also serves large companies in Europe offering a variety of services from banking to investment to insurance. With over 8.35 million accounts, the bank has extensive experience of serving both personal and business clients.

Moving money using NatWest’s online banking platform is simple, and customers enjoy high limits enabling them to pay for large purchases. However, compared to specialist money transfer companies NatWest charges high exchange rate margins and fees, which makes their services expensive. Also, customers may have to wait for 3-5 working days to have their funds delivered to their beneficiaries.

As an alternative, it is worth considering using specialist money transfer companies for international money transfers. These services are faster, cheaper, and have additional payout options that are convenient even for unbanked beneficiaries. You can find the best deal for your transfer in seconds using our comparison tool.

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