Natwest international transfer fees
If you carry out a regular international payment with Natwest, the transfer fee is 0.3% of the amount sent, although there is a maximum of £40.
On a £10,000 international transfer, you would pay a £30 fee.
If you use the Natwest internet banking service (ibanking plus), the fees are slightly different.
- Under £5,000, there is a flat fee of £15.
- Over £5,000, the fee is 0.3% with a maximum of £40.
Other Natwest fees
Natwest also has various other fees.
I’ll talk you through each type below.
If you want to speed up the time taken for international payment, Natwest charges an additional £15 priority payment fee.
If you are planning to receive money from abroad, Natwest also charges a £7.50 recipient fee for payments over £100.
In many ways, the fees are just a distraction.
For most international money transfers, the bulk of the cost is from the exchange rate.
If you want to avoid paying bank fees for your international payments, you can use a money transfer specialist such as ourselves.
We don’t charge any fees.
Natwest exchange rates (the main cost)
Natwest seems to dedicate a lot of space on its website to the various fees they charge.
Exchange rates barely get a mention.
However, the exchange rate is usually the main cost of an international money transfer.
The exchange rates charged by Natwest have a profit margin added to them. In some cases, a rather larger margin.
There is no standard exchange rate margin used by Natwest for all international payments.
It depends on the currency you need and the size of your money transfer.
You can see how the exchange rate costs can dwarf the fees.
Before using your bank, my advice is to always make a comparison first.
How long do Natwest international payments take?
For a standard transfer, NatWest says it will take 2-4 working days. An urgent transfer will take 1-2 working days, but there is a £15 fee.
Please note there is a daily cut-off time of 3 pm for most international transfers.
It means if your transfer occurs after that time; it will count as the next working day.
The information you will need
The recipient can be you or someone else.
An IBAN (international bank account number) is a long string of numbers and letters.
Within an IBAN is a country code, bank code, branch code, and account number – that’s why it’s so long.
The easiest way to find the IBAN is to look at a bank statement, ask in a branch, or go on your online banking app.
There are quite a few free online IBAN generators, so I’m not promoting any particular one.
If you’re worried about this part, we have written further guidance on everything you need to know about your Natwest IBAN number.
How to make a Natwest international payment
The first thing to do is choose the method of payment you are most comfortable with.
Natwest offers you the choice of:
- Branch
- Fax or post
- Online banking (£10,000 daily limit)
- Mobile banking (you need to set up an international mandate first)
- Telephone banking (Premier Banking customers only)
Branch: remember to bring your debit card and ID such as a driver’s license or passport.
Fax or post: you have to print off a form, fill out the details, and send it back to Natwest. The payment needs to be above £10,000.
There are two forms to choose from: Payment to Europe (pdf) or Payment Worldwide (pdf).
Once you have printed, completed, and signed the form, send the first page only to:
Payments Centre, NatWest, 7th Floor, Hardman Boulevard, Manchester M3 3AQ or Fax to 0345 300 3369 (overseas +44 161 755 7806).
Online Banking: you are restricted to a £10,000 daily limit, which is quite low compared to other banks.
For larger amounts, you need to go to a branch.
Log in and choose the Account you want to make the payment from.
Select ‘International payments’ and then follow the prompts on the screen.
A lot of the time is spent setting up the ‘payee’ as you will need the information we have listed above.
The rest of the steps are fairly logical.
You will need to have the money already set in your account to proceed.
All charges are shown towards the end of the process, but before you confirm your payment.
Mobile Banking: those happy to do mobile banking are usually pretty tech-savvy.
I think the easiest way to understand this option is to watch a short instructional clip on YouTube.
Here’s a 2-minute video on how to make an international payment using the NatWest app.