Your Natwest IBAN Number – How to find it & what to look for?

Author, Andrew Gibson

Last Updated on August 27th, 2024

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Everything you need to know about sending money to the Netherlands.

Whether you’re transferring money between personal accounts, business-related money transfers, or sending money to a family friend or loved one.

Our guide below goes through all the costs, transfer times, and steps involved, and to make sure your money is secure, we cover it all.

Alternatively, if you’re looking to send money to the UK from the Netherlands, we have information on that transfer too!

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Transfer Money to the Netherlands in Simple Steps 

If you choose a currency broker for your money transfer to the Netherlands, then the process to do so is incredibly easy.

1) Register as a client

New clients will first need to register before you send money to the Netherlands, this is due to financial regulations.

Once registered, you won’t have to do so again.

It involves a straightforward identification check where you provide:

• Name
• Address
• Passport Number

2) Secure a Euro exchange rate

When the first step is complete, you can get an exchange rate.

Transferring to the Netherlands from the UK will be a Pound to Euro conversion.

Before committing to the transaction, you will need to confirm the rate.

Once confirmed, this rate will be locked in for you.

3) Send in your Pound Sterling

Before Pounds are exchanged into Euros. You will need to transfer your money to the currency broker.

An email confirmation from step 2 will include their bank details.

4) Money converted to Euros and sent

Once your money has be received, the will convert it into Euros at the locked-in rate.

When the conversion is complete, they will send the Euros to the bank account in the Netherlands that you have specified.

Ways to Transfer Money to the Netherlands from the UK

There are various ways to transfer money from the UK to the Netherlands.

The most suitable for you will all depend on why you’re sending the money and how much you’re sending.

Let’s look at the three most common ways to transfer money to the Netherlands.

Banks

For large money transfers to the Netherlands using your bank could be a suitable option.

Often people use their banks for one-off money transfers as they’re familiar with their bank and it’s convenient to do so.

The downside to sending money to the Netherlands with your bank is that you are likely to encounter high charges and fees.

But these higher fees and charges can be avoided!

We explain the costs of a money transfer to the Netherlands further down this guide.

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Currency Brokers (Money Transfer Specialists)

For large one-off transfers or for those expecting to make multiple, consistent, large money transfers to the Netherlands, from around £2,000 and above, then a currency broker may be a preferred choice over your bank.

Money transfer specialists, or currency brokers charge a lot less in fees.

Some do not charge any sort of transfer fee at all, like us at Key Currency.

Exchange rate charges also tend to be a lot less with a currency broker as they have far lower overheads than banks and can therefore undercut them on charges.

A money transfer specialist can also offer a much more personal, supportive service throughout the entire process of sending money to the Netherlands.

Something that we provide for all of our customers.

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Online Apps

You may be wanting to send small amounts of money to the Netherlands.

If this is the case, then using an online money transfer app should be considered.

When transferring smaller amounts of money to the Netherlands the impact of the GBP to Euro exchange rate is much less.

Transfer times are in some instances quicker too.

So, if you need your money to arrive in the Netherlands sooner rather than later it could be the best way for you.

There are transfer fees involved with online money service apps, but usually, these are cheaper than banks.

We provide more analysis about all of these money transfer services in our sending money abroad guide if you require more information!

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Consider Costs and Security when sending money to the Netherlands

When making a money transfer to the Netherlands you should think about the costs of the transfer, this involves fees and exchange rates. 

Finally, you want to ensure your money is safe and secure during the process.

It’s worth looking into these further.

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Transfer Fees to the Netherlands

International bank transfers are generally the cheapest way to transfer money to the Netherlands.

However, as alluded to above, high street banks in the UK will charge higher transfer fees for sending money to the Netherlands.

This transfer fee ranges between £10-£15 per Euro transfer. 

The amount you pay here will depend on the bank you are with, it can vary.

Banks will also charge a recipient fee too for international money transfers, this means that customers are being charged twice for one money transfer.

Currency brokers and online apps will not add a second fee for a money transfer to the Netherlands.

There many providers for transferring money internationally, so it is essential to do research before committing to the right one.

Some money transfer specialists will add a fee when the amount you want to transfer hits a certain threshold from £3,000+.

Others will not add any fees for your money transfer to the Netherlands.

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Euro Exchange rates

Exchange rates are constantly changing and can be a bigger cost than transfer fees.

A lot of customers don’t realise this.

Like fees, Banks will charge nearly 2-5% more for the exchange rate charge compared to currency brokers and online money services.

The amount you can expect to be charged depends on how much you want to send to the Netherlands.

When you’re looking at exchange rates online it is important to know that these are not customer rates. These will often change when you go to get a quote from a money transfer service. 

So, when sending money to the Netherlands, it is critical to get a genuine customer quote from the various services and compare.

This will allow you to make the best decision for you and your money.

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Keeping Your Money Safe and Secure

When making a money transfer to the Netherlands make sure you choose a service that is regulated and authorised by the FCA. 

Especially if you’re transferring a large amount, you need it to be in the right hands.

A company that is authorised by the Financial Conduct Authority must comply with regulatory protections and rules.

To find out who is or isn’t, you can head over to the FCA register and search for the company name.

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What Information Do You Need? 

When transferring money to the Netherlands from the UK via an international bank transfer, you will need to know the following information:

1. The name of your receiver
2. Their BIC (bank name and code)
3. The receiver’s account number (IBAN)

What is the Netherlands IBAN format?

The structure of a Netherlands IBAN contains 18 characters, which include:

• 2-letter country code (NL) – this will be at the start of the IBAN
• 2-digit check number
• 4 characters from the bank’s code
• 10-digit code for the bank account number

It can be confusing and difficult to find the IBAN at times.

If you decide to transfer money to the Netherlands with a money transfer specialist, they can help you personally with this process.

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How Long Does a Money Transfer to the Netherlands Take? 

An international money transfer to the Netherlands will take 1-2 working days. 

This includes the process we have gone through in simple steps.

Once your pounds are sent, the should arrive in the Netherlands within 24 hours.

As alluded to, for smaller money transfers, online money service apps will be able to transfer these amounts to the Netherlands quicker depending on the requirements.

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Quick Summary

1. To transfer money to the Netherlands you can use your bank, a currency broker or online transfer apps.
2. To avoid high transfer fees, use a money transfer specialist.
3. The money transfer will usually take 1-2 working days.
4. Make sure to use a company who is authorised by the FCA.

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International Money Transfers with Key Currency

As an independent money transfer specialist, we can support and help you with sending your money to the Netherlands.

We pride ourselves on providing a personal service for our customers.

This includes monitoring and providing guidance on exchange rates specifically for you, making sure you’re getting the best rate for your transfer at the right time.

Key Currency is an FCA-registered Authorised Payment Institution (No. 753989).

When you transfer money to us, the whole transaction will be conducted through safeguarded client accounts.

Trust and transparency are incredibly important to us.

All the people who work at Key Currency can be found on our About Us page.

With over 2,500 customer reviews, we have attained a 5-star rating on Trustpilot.

If you’re wanting to transfer money to the Netherlands or find out more about our service, request a completely free quote today!

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Transfer Money to the Netherlands

 

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You May Also like Reading…

Transfer Money to Europe 

Send Money to the UK 

How much Money Can I Transfer from the UK?

Author,  Andrew Gibson

Last Updated on August 4th, 2024

In today’s current market, there are various money transfer services available.

Finding the best one for you and your currency transfer needs depends on why you want to send money abroad and the total amount.

This could be business-related, personal transfers, or sending money to a friend or loved one.

In this guide, we look at everything you need to know about sending money abroad, the options available, how much it will cost, and making sure you choose a money transfer service that is safe and secure.

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The Best Ways to send money abroad 

Let’s look at the options available for making a money transfer abroad.

Money transfer services currently fall into 3 main types:

1. Banks
2. Currency Brokers (international money transfer specialists)
3. Online Apps

All 3 have pros and cons; as mentioned previously, these will depend on why you’re looking to transfer money internationally and how much you send.

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Sending large amounts of money abroad 

For those looking to send large amounts abroad, anything from £2,000 or more, then your best options are to use your bank or a currency broker.

Both come with their different positives and negatives which we can look at.

Banks

A big pro for customers using banks is that they’re convenient and familiar. If you’re looking to send a one-off transfer abroad then your bank might be a suitable option.

However, it is worth noting that banks will charge transfer fees and high exchange rate costs for international bank transfers.

Most of the big banks charge a flat fee every time you transfer money abroad.

The transfer fee varies from bank to bank but is in the region of £10-£25 per transfer. 

These fees are in addition to the money made from the exchange rate.

When looking at what banks will charge for exchange rate costs, we found that:

The ‘big four’ UK banks typically charge 3% to 5% when you transfer money abroad.

The exact cost of the exchange rate varies depending on the amount you are sending.

So, if you’re sending a one-off money transfer overseas and do not mind paying the extra costs of using your bank, then it is a viable option.

These fees and high charges can be avoided, however!

Summary: 

Money Service	Pros	Cons	Best for
Banks	Convenient and familiar	Transfer fees, high charges, not the best exchange rates	One-off payments abroad

Currency Brokers

If you’re looking to send large, regular, currency transfers abroad, or even one-off transfers then currency brokers might be one of the best options available for you.

Often much cheaper than banks, currency brokers charge customers much less in transfer fees, and, in some cases won’t charge a transfer fee at all, like us at Key Currency.

Brokers have far lower overheads too.

Exchange rate charges with currency brokers are lower, at times this is between 60% to 70% cheaper than using a bank for sending money abroad. 

The slight con that customers find with currency brokers is the need to register before sending money abroad.

However, the overall process is made very easy, and simple, and once registered, customers will not have to do so again.

The process can be broken down into 4 steps when sending money overseas with a currency broker:

1. Register as a client.
2. Secure an exchange rate.
3. Send in your money.
4. Money is converted and sent.

 

Summary: 

Money Transfer Service	Pros	Cons	Best for
Currency Broker	No fees, competitive exchange rates, personal service.	Need to register before you can use it.	Large or regular money transfers abroad.

Sending small amounts of money abroad

For small amounts of money being sent abroad it may be better suited for you to do so through the various online, money transfer services that are available.

Online money transfer apps

Some providers of this service include:

• PayPal
• Wise
• Revolut
• CurrencyFair

A pro of these services is that they can provide quicker transfer times.

If you want your money to arrive at its international destination sooner than regular services, this might be the most suitable way.

Unlike, currency brokers, however, online apps cannot monitor the exchange rates specifically for you and there is no human contact available.

A lot of the research into finding the best rate will have to be done by you and this can be a lengthy process without expert support.

Customers should be aware that online money transfer apps may also charge transfer fees for sending money abroad.

These are commonly much cheaper than the banks though.

Summary: 

Money Transfer Service	Pros	Cons	Best for
Online Apps	Quick transfer times.	Transfer fees, no personal service, daily transfer limits.	Small international money transfers.

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What information will you need to send money abroad

You will need to have the details of the recipient’s bank account (where to send the money):

• Account name 
• Bank name 
• Swift/BIC code
• Account number

You can get all this information by looking at a bank statement, logging into your account online, or asking in a branch.

A money transfer specialist can assist you and help double-check the details before you transfer your money abroad.

How long does it take to send money abroad? 

Within Europe, international money transfers are faster and typically take 1-2 working days. 

Outside the European Union, an international money transfer can take 3-5 working days. 

The time taken depends on the destination country.

The reason it varies is mainly due to the efficiency of the receiving bank.

As mentioned above, some online applications for money transfers may offer quicker transfer times.

Daily payment limits for sending money abroad

If you plan to send a large amount of money abroad, be aware that banks often have daily limits as do online apps.

Here are the daily payment limits of the UK’s Big Four:

• Natwest: £25,000
• HSBC: £50,000
• Barclays: £50,000
• Lloyds: £30,000

The daily limits set by banks can be a nuisance for customers sending large sums abroad.

If you use your bank, you may need to make several transfers, which could end up costing you more in transfer fees (not to mention extra time and hassle).

Some currency brokers, such as Key Currency, do not have any daily limits on sending money abroad. For large money transfers, this can save you time and money.

 

Make sure your money is safe when sending it abroad

A quick tip is to make sure a money transfer company is Authorised by the Financial Conduct Authority (FCA).

The reason for this is that Authorised companies must adhere to strict safety rules covering clients’ funds.

An FCA FCA-authorized money transfer company is required to keep all customer money in a safeguarded bank account. 

To see whether a firm is Authorised, you can search for its name on the FCA register.

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Key Takeaways

• There are three main ways to send money abroad: banks, currency brokers, and online apps.
• Banks are convenient and familiar but will charge high fees and exchange rates.
• Currency brokers offer lower fees (sometimes none) and exchange rates but require registration.
• Online apps offer quicker transfer times but will charge fees and have daily limits.
• When choosing a money transfer service, it is important to consider costs, transfer time, and convenience of the service.
• Make sure that the service you choose is authorised by the FCA.

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