The Co-operative Bank International Transfers & Exchange Rates

Founded in 1844, The Co-operative Group has a long and successful history across multiple sectors of the UK consumer market. In this review we will be focusing on the company’s banking venture and how dependable their international transfer services are compared to other global remittance companies.

About The Co-operative Bank

This award-winning high street bank is owned and operated by The Co-operative Group, a British consumer co-operative with business ventures in the food, retail, wholesale, funeral care, legal and financial services sectors. The company has more than 70,000 employees around the UK, with the bank’s head offices located on Balloon Street, Manchester.

The Co-operative Bank is the only UK high street bank taking a customer-led Ethical Policy approach to retail and commercial banking services. As far as UK banks go, this financial institution is honourable, trustworthy and transparent. It is easy to find out how the bank is run as the bank regularly publishes information about their corporate governance, sustainability commitments and ethical agendas: find out more about the bank’s values and Ethical Policy: find out more here.

The Co-operative Bank Exchange Rates and Fees

The value of a money transfer may decrease in value depending on the exchange rates and fees offered by the bank’s international payment services: we take a closer look at The Co-operative Bank charges.

Exchange Rate

The Co-operative Bank uses the Visa Exchange Rate to convert Pound sterling (GBP) into the foreign currency requested by the customer. These will vary depending on the currency and destination country of your global money transfer, and the day you are arranging the payment. Exact current exchange rates can be requested via phone by calling the bank on 03457 212 212 between 8am - 6pm Monday to Friday, 9am - 5pm Saturday and Sunday or using the Visa Exchange Rate Calculator.

Regardless of the Visa exchange rate, all transfers will incur a 4% mark-up.

Transfer Fees

The fee structure of all international transfers are clearly displayed on The Co-operative Bank website. As with exchange rates, the fees charged will depend on the type of foreign transfer requested by the customer. These are as follows:

• Transfers sent in USD to the United States: £8 flat fee

• SEPA transfers: fee-free

• SWIFT transfers in GBP: 0.25% with minimum charge of £13 and maximum charge of £35

Additional Costs

If a customer wishes to enquire or investigate the status of an international payment, this may cost up to £20. Additional charges may also apply from international banks or retailers when making foreign transactions.

How Do the Co-operative Bank Transfer Fees Compare to Using a Money Transfer Provider?

The Co-operative Bank is very open and honest about the 4% mark-up that is added to foreign currency transfers. This transparency is valued considering a lot of other banks, typically implementing the same 4 - 6% profit margin, are less likely to communicate this information from the offset. However, this does not change the fact that 4% is a large mark-up and far less competitive than the rate of exchange offered by specialist money transfer providers such as CurrencyFair and OFX.

Pros and Cons

In this section we will weigh up the pros and cons of The Co-operative Bank, to assess whether the bank performs well in comparison to its competitors in the remittance industry.

The Co-operative Bank Swift Codes

How to Send and Receive Money With the Co-operative Bank

Navigating new money transfer processes can be confusing to even the most experienced customers, so in this section we will explain how to arrange international payments through The Co-operative Bank.

Transferring Money

Receiving Money

Customers wishing to receive an overseas transfer will need to provide the beneficiary with following information:

• The bank’s full, registered address: The Co-operative Bank plc, PO Box 1011, Balloon Street, Manchester, M60 4EP

• The bank’s SWIFT/BIC code: CPBKGB22

• The full IBAN for your account: learn how to find an IBAN number in our guide

• Sort code and account number (if required)

The Co-operative Bank will provide customers with confirmation of any transfers sent or received through their international payments system, fully displaying the amount received and any charges or deductions incurred during the delivery process.

Additional Information

Once your transfer has been sent, it cannot be retrieved, amended or cancelled. The Co-operative Bank states it is not responsible for funds once a transfer has been submitted. Foreign currency transfers may incur an exchange rate loss depending how and when the payment is recalled, if possible.

What Customer Support Options Are Available?

• Call the bank on 03457 212 212: this service is available 8am - 6pm Monday to Friday, 9am - 5pm Saturday and Sunday; UK only

• Reach out for help on Facebook or Twitter

• Send a secure message through the online banking portal

• Visit your local bank: find your closest branch

• Relay UK: a free text service designed to help people with speech or hearing difficulties

Check out The Co-operative Bank ‘contact us’ page for the full list of customer service options available.

Summary

The Co-operative Bank is a successful high street bank that is revered by the industry, winning a number of prestigious awards including the title of “Most Trusted Mainstream Bank” in 2019 and “Best Service from a Business Bank” for several consecutive years. It offers a wide range of products and services for UK-based private and corporate customers, including cross-border transfer solutions.

However, the global transfer services offered by The Co-operative Bank are not the most competitive. Furthermore, if you are looking for convenient, cross-border payments that can be made on the move, this is not the service provider for you. This is because this mobile app has a relatively low online rating, with sub par scores from both Android and iPhone users. In addition to this, the bank has a poor TrustPilot score of 1.4 which suggests it is not yet a fully formed, borderless company.

For more information about other financial institutions in the UK and beyond, check out our full list of bank reviews. Our comparison tool is readily available for anyone who wants to weigh up the various services offered by different remittance companies.

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