Yorkshire Bank is a retail bank in England and a trading name of Clydesdale Bank. It has a history that goes back more than 150 years and, in addition to banking services, it offers insurance, travel, and mortgage solutions. In this review, we’ll look at several aspects about Yorkshire Bank including how you can open an account and make international transfers between banks, and we’ll also take you through all the key details you need to know about its international transfers services - including the exchange rate margins applied by the bank.
Yorkshire Bank, now part of Virgin Money, started life as West Riding Penny Savings Bank all the way back in 1859. It has offered banking and financial services across the UK for more than a century, and adopted the name Yorkshire bank in 1959. Headquartered in Leeds, the bank has 96 branches in the UK serving over 6 million customers and is expected soon to be rebranded under the Virgin Money name.
When transferring money abroad, Yorkshire Bank will charge you an exchange rate margin above the interbank rates, and also apply a variety of transaction fees. This can make transferring money quite expensive, especially when compared to using specialist money transfer services. Here are the costs to expect when transferring money internationally with Yorkshire Bank.
Yorkshire Bank charges between 1.20%- 2.50% in exchange rate margins above the wholesale rate to convert your currency. The exact margin applied will depend on the currencies involved in your transfer and where you’re sending money to, but overall these margins are quite competitive when compared to other banks.
In addition to paying a percentage above the mid-market exchange rate, Yorkshire Bank will charge you flat fees for using its money transfer services. International payments cost £25.00 and the charges can be paid by the sender, beneficiary, or shared between the two.
Receiving payments can cost up to £7.00 per transaction. Other charges include £5.00 for transaction confirmation copies and £18.00 if you request for cancellations and amendments.
Being part of a larger banking group, Yorkshire Bank is able to offer a range of benefits to its customers. However, there are also some drawbacks that you also need to factor in when using Yorkshire Bank to transfer money internationally. Here is a run-through of the bank’s pros and cons.
Opening a Yorkshire Bank account is simple and it takes a few steps online. Here is a summary of the processes involved in opening an account and making a transfer.
Step 1: Log onto your Yorkshire Bank online platform
Step 2: Click on ‘Move Money’
Step 3: Choose the account you want to move money from
Step 4: Choose your beneficiary account and input the details including the transfer amount
Step 5: Key in your transfer reference and complete the transaction
Step 6: Click on ‘Make payment’ to approve the transfer
Yorkshire Bank, under one name or another, has been part of the UK banking industry since 1859. It has branches in the midlands and northern England. By the end of 2021, the bank is expected to have been rebranded to Virgin Money, but its services will largely remain the same.
Despite being part of a larger banking group, the Yorkshire Bank’s exchange rate margins and fees are relatively high compared to specialist money transfer companies. This is typical of banks, which are usually the more expensive option when making international money transfers. To ensure you’re getting the best deal for your transfer, simply fill in our quick money transfer comparison tool and we’ll show you the best value options in seconds.
Before opening an account and making a transfer with Yorkshire Bank, there are certain important things that you must know. Here is a quick run through of everything you need to know.