Nationwide international transfers: Fees, exchange rates and transfer times in 2024

Nationwide, a well-established bank, offers a variety of methods for sending money abroad, primarily through its online banking services and in-person branch visits. 

While Nationwide is known for its convenience and reliability in domestic banking, when it comes to international transfers, it’s important to consider the associated fees, exchange rates and transfer times. 

This guide provides detailed insights into sending money internationally with Nationwide, contrasting these services with digital alternatives like TransferGo, which may offer faster and more cost-effective solutions.

This is how TransferGo compares to Nationwide:

How Nationwide charges for international transfers 

When sending money abroad with Nationwide, you’ll be charged both transfer fees and exchange rates:

Nationwide international transfer exchange rates

Exchange rates significantly influence the cost of international money transfers. 

Traditional banks like Nationwide often incorporate a markup in their exchange rates, which acts as an additional, though not always transparent, fee. 

Nationwide’s process involves converting money from pound sterling to foreign currency using a standard outbound exchange rate, updated throughout the day, which includes a currency conversion markup of 2.2%. 

This markup may be shared with third parties involved in the conversion, and if you opt to send your payment in pound sterling, the receiving bank may also apply its own rates and fees. 

For a clearer perspective on the typical costs associated with Nationwide international transfers, analysis by TopMoneyCompare suggests exchange fees typically range from 2% to 4% of the total transfer amount. 

How does this compare to TransferGo? 

TransferGo applies a minimal FX markup on the mid-market rate, varying from 0.5% to 1.5% depending on the transfer destination. 

These rates are highly competitive, earning TransferGo a 8.9/10 Exchange Rate Score on Monito. 

Simply put, TransferGo allows the recipient to receive more money compared to Nationwide’s exchange rates.

Nationwide international transfer fees

Nationwide charges a £20 fee for SWIFT payments. This fee is deducted directly from your account along with the transfer amount. For instance, sending £100 would require you to have at least £120 in your account. 

This fee structure is notably higher than some other providers, particularly when combined with the exchange rate markup discussed earlier. 

In contrast, TransferGo offers transparent pricing with fees clearly outlined based on the chosen delivery speed, ranging from £0.99 for three-day delivery to £2.99 for a 30 minute delivery, ensuring all costs are upfront.

Nationwide international transfer additional fees

Apart from transfer fees and exchange rate margins, there may be additional costs associated with Nationwide international transfers. These could include charges from intermediary banks or the recipient’s bank. As stated on the Nationwide website:

“If you choose to send your payment in pound sterling the receiving foreign bank will convert the currency. They will use their own exchange rate and may apply their own charges to the transaction.” 

Unfortunately, it’s difficult to determine these costs in advance, potentially resulting in the recipient receiving less than expected. 

However, with TransferGo, you can guarantee no additional fees, ensuring that the recipient receives the full amount specified in your transfer order without any deductions.

While Nationwide provides a convenient platform for international transfers, it’s essential to consider the potential impact of exchange rates and transfer fees. 

TransferGo offers a transparent and cost-effective alternative, providing favourable exchange rates and inclusive fees for hassle-free transfers.

How long does it take to make an international transfer with Nationwide?

When sending money abroad with Nationwide, the transfer times can vary significantly based on the currency and destination:

As you can see, TransferGo offers faster transfer times than Nationwide, ensuring your money reaches your recipient swiftly. 

How to make an international transfer with Nationwide step-by-step

Sending money internationally via Nationwide involves a couple of steps that differ slightly based on the method used:

Using Internet banking:

• Login: Access your online banking account.
• Navigate: Go to the ‘Move Money’ tab.
• Select: Choose ‘Other Payments’.
• Proceed: Follow the prompts to input the recipient’s details, the amount in GBP and the currency required.
• Confirm: Review all details for accuracy before confirmation. The exchange rate provided at this time must be confirmed quickly as it changes frequently.

Using a branch:

• Preparation: Ensure you have your Nationwide current account card, a valid photo ID (passport or driver’s licence) and proof of address (recent bank statement, utility bill, or council tax bill).
• Visit: Go to your local branch where a representative will assist you through the process. Remember, this can take some time, so plan accordingly.

What information is required for an international money transfer with Nationwide?

To make an international transfer with Nationwide, you’ll need:

• Recipient’s details: Their first and last name or company name, complete address including city, country and postal code.
• Bank details: The recipient’s bank account number or IBAN, and the BIC if the payment is not in Euros to the SEPA zone.

These details ensure that the transfer is processed correctly and reaches the intended recipient without any issues.

How do Nationwide international transfers compare to other banks? 

Exchange rates

Transfer fees

Transfer limit

Transfer times – UK to Europe

Transfer times – UK/EU to rest of world

Nationwide customer satisfaction

Customer feedback reflects mixed experiences with Nationwide’s international transfer services. 

With a TrustPilot score of 1.8 out of 5, the rating falls into the ‘Poor’ category, according to 5,900 Nationwide customers. 

This may or may not be indicative of the frustrations customers experience due to higher fees, slower transfer times, or complications in the transfer process.

In contrast, TransferGo, renowned for its efficiency and customer-centric approach, boasts a high TrustPilot rating of 4.7 out of 5 from over 34,000 reviews.  This excellent rating underscores the positive user experiences and satisfaction, highlighting the effectiveness and transparency of TransferGo services.

While these ratings provide valuable insights, it’s important that you personally research and consider your specific needs when choosing your financial service provider.

Nationwide contacts

For further assistance or queries regarding international transfers, Nationwide offers several contact options:

• Online: Visit their Contact Us page.
• Phone: Call customer service at 00 44 1793 656789.
• In-person: Visit a local branch for face-to-face help.

If you need support during your transfer process, TransferGo provides a dedicated customer service team available 24/7. 

Assistance is available via phone, email, or chat in nine different languages, ensuring you receive help in your preferred language and at your convenience.

Sources

Nationwide international transfers info:

• Nationwide, How to send and receive international payments
• Nationwide, Overseas and foreign currency payments

Exchange cost estimates:

• TopMoneyCompare | Nationwide
• TopMoneyCompare | Barclays
• TopMoneyCompare | HSBC 
• TopMoneyCompare | NatWest
• TopMoneyCompare | Santander

Customer satisfaction:

• TrustPilot | Nationwide 
• TrustPilot | TransferGo

FAQs

How can you send money abroad with Nationwide?

You can send money abroad with Nationwide using their Internet banking service or by visiting a branch. Nationwide currently does not support international payments through its banking app. 

When using Internet Banking, you need to log in, navigate to the ‘Move Money’ tab, select ‘Other Payments’, and then follow the on-screen prompts to enter the recipient’s details and the amount you wish to send. 

If visiting a branch, make sure to bring your Nationwide current account card, a valid photo ID and proof of address, along with the recipient’s banking details.

How do Nationwide international transfer fees compare to those of TransferGo?

Nationwide charges a £20 flat fee for international SWIFT payments, which is quite high compared to TransferGo’s fee structure, where charges range from £1.99 to £2.99 depending on the speed of delivery. 

However, the more significant issue with Nationwide, as with many traditional banks, is the high exchange rate markup. 

Nationwide’s international transfer exchange rates are estimated to be between 2% and 4% of the total transfer amount, according to TopMoneyCompare. This markup often represents a hidden cost that can substantially increase the overall expense of sending money abroad. 

In contrast, TransferGo maintains a much lower FX markup, ranging only between 0.5% and 1.5%, making it a more cost-effective option for international money transfers.

What is the estimated range for Nationwide international transfer exchange rates?

The estimated range for Nationwide’s international transfer exchange rates typically varies between 2% to 4% of the total transfer amount, according to TopMoneyCompare. These rates include a markup, which is a common practice among traditional banks and can significantly impact the cost of sending money internationally.

How long does it take for international transfers to be processed by Nationwide?

The processing times for international transfers with Nationwide vary depending on the destination and currency:

• Within the UK and Europe: Euro payments are usually processed by the end of the next working day. Payments in other currencies can take up to four days.
• Outside Europe: Transfers may take more than four days, depending on the specific banking processes in the recipient’s country.

What are the customer satisfaction ratings for Nationwide?

Nationwide has a TrustPilot score of 1.8 out of 5, categorised as ‘Poor’. This rating reflects customer dissatisfaction, which could be attributed to the higher fees, slower transfer times, or the complexities involved in the transfer process, compared to more streamlined services like TransferGo, which boast a much higher satisfaction rate.

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Looking to send money at high speeds and low fees? Sign up to TransferGo today for easy online money transfers.