Navigating the world of international payments can seem like a daunting task, filled with jargon and hidden fees. But fear not! If you're a Nationwide customer and need to send money across borders, this comprehensive guide will break down everything you need to know, step-by-step. Let's dive in and demystify international transfers together!
How to Make International Payments with Nationwide
Making an international payment with Nationwide is a relatively straightforward process once you understand the necessary steps and requirements. Nationwide offers two primary methods: online via their Internet Bank or by visiting a local branch.
Step 1: Gather Your Essential Information – Let's Get Prepared!
Before you even think about logging in or heading to a branch, the absolute first thing you need to do is gather all the required information for your international payment. Missing even one detail can cause significant delays or even lead to your payment being rejected, and nobody wants that!
Here's a checklist of what you'll typically need:
- Recipient's Full Name (or Company Name): This must be the exact name as it appears on their bank account.
- Recipient's Full Address: Including street, city, country, and postal code.
- Recipient's Bank Name and Address: The full name and physical address of the bank where the recipient holds their account.
- Recipient's IBAN (International Bank Account Number) or Account Number:
- IBAN is crucial for payments within the SEPA (Single Euro Payments Area) zone and is increasingly used for other international transfers. It's a standardized international bank account number that helps ensure the payment reaches the correct account.
- If an IBAN isn't available (e.g., for countries outside the SEPA zone), you'll need the recipient's full account number.
- Recipient's BIC (Bank Identifier Code) / SWIFT Code: This is a unique code that identifies a specific bank worldwide. It's essential for SWIFT payments (most payments outside the SEPA zone). Nationwide's own BIC is NAIAGB21.
- Note: If you're sending euros to a country within the SEPA Zone, a BIC might not always be explicitly required, but it's always good practice to have it if available.
- Amount to Send and Currency: Clearly state the amount you wish to send and the currency it should be received in.
- Reason for Payment: Some banks may require a brief description of why you are sending the money (e.g., "Family support," "Invoice payment," "Gift").
Pro-Tip: Always double-check with your recipient to ensure all details are accurate. A small typo can lead to significant headaches!
Step 2: Choose Your Payment Method – Online or In-Branch?
Nationwide provides two main avenues for sending international payments: their Internet Bank (online banking) or by visiting a local branch. Your choice may depend on the amount you're sending, your comfort with online transactions, and whether you prefer face-to-face assistance.
Option A: Making an International Payment via Nationwide Internet Bank (Online)
This is often the most convenient option, allowing you to initiate payments from the comfort of your home.
- Log In to Internet Bank: Go to the Nationwide website and log in to your Internet Bank account using your credentials. You may need your card reader for security purposes.
- Navigate to Payments: Once logged in, look for a "Move money" or "Payments" tab/section.
- Select International Payment: Within the payments section, you should find an option like "Other payments" and then "Make an international payment."
- Choose Account: Select the Nationwide current account you wish to send the money from. Important: International payments generally require a current account. Savings accounts typically won't work unless specifically advised by Nationwide.
- Enter Recipient Details: Follow the on-screen prompts to input all the recipient information you gathered in Step 1 (name, address, IBAN/account number, BIC/SWIFT code, etc.).
- Specify Amount and Currency: Enter the amount you want to send and select the desired currency for the recipient. Nationwide will display the exchange rate that will be applied, which includes their currency conversion markup. Pay close attention to this rate!
- Review and Confirm: Carefully review all the details of your payment. This is your last chance to catch any errors. Confirm the payment, often by using your card reader for an additional layer of security.
- Confirmation: You should receive a confirmation message or email once the payment is successfully initiated.
Option B: Making an International Payment at a Nationwide Branch (In-Person)
For those who prefer a more personal touch or are sending a very large sum, visiting a branch can be a good option.
- Prepare Your Documents: In addition to the recipient details from Step 1, you'll need to bring:
- Your Nationwide current account card.
- Valid photo ID (e.g., passport or full driving license).
- Proof of address (e.g., a recent utility bill or bank statement).
- Visit Your Local Branch: Locate your nearest Nationwide branch.
- Speak with Staff: Inform a Nationwide staff member that you wish to make an international payment.
- Provide Information: Hand over all the recipient details and your identification documents. The staff will guide you through the process of filling out any necessary forms.
- Review and Authorize: The staff will process the payment and present you with a summary. Carefully review everything before authorizing the transaction.
- Receipt: You will be given a receipt as proof of your payment.
Step 3: Understand the Costs and Exchange Rates – No Surprises!
International payments involve more than just the amount you send. It's crucial to understand the fees and exchange rates that apply, as these can significantly impact the final amount your recipient receives.
Transfer Fees:
- SEPA Payments: Transfers in euros to countries within the SEPA zone are typically free of charge with Nationwide.
- SWIFT Payments: For other international transfers (outside the SEPA zone), Nationwide typically charges a fee, often around £20 per transaction.
- Intermediary Bank Charges: Be aware that intermediary banks (banks that facilitate the transfer between Nationwide and the recipient's bank) may also levy their own charges, which could be deducted from the amount sent.
- Recipient Bank Charges: The recipient's bank may also charge a fee for receiving an international payment.
Exchange Rates:
- Nationwide, like most banks, applies its own exchange rate for currency conversions, which includes a currency conversion markup. This markup is a percentage added to the mid-market exchange rate (the rate you see on Google or Reuters).
- Nationwide's standard outbound exchange rate includes a currency conversion markup of around 2.2%. This means you'll pay more than the true market rate for the currency conversion.
- You will be shown the exact exchange rate and the total charge (including the markup) before you confirm your transfer.
- Consider Alternatives for Better Rates: For larger transfers, or if you want to ensure your recipient gets the most money possible, it's often more cost-effective to use specialist money transfer services like Wise (formerly TransferWise) or currency brokers. These services often offer the mid-market rate with lower, transparent fees, making them significantly cheaper than traditional banks for international transfers.
Step 4: Tracking and Timing – When Will It Arrive?
Once you've sent your payment, you'll naturally want to know when it will arrive.
- Processing Time:
- SEPA Payments (Euros to EEA): These are generally processed quite quickly and often arrive at the receiving bank by the end of the next working day.
- SWIFT Payments (Other Currencies/Outside EEA): These transfers typically take longer, usually 3-5 working days, but can sometimes take more than four days depending on the destination country and the banks involved.
- Tracking: While Nationwide's Internet Bank allows you to view and manage upcoming domestic payments, international payments are sent immediately and therefore cannot be tracked in the same way online once initiated. If you need to inquire about the status of an international payment, you would typically need to contact Nationwide directly.
- Factors Affecting Speed:
- Cut-off Times: Payments initiated after a bank's daily cut-off time will be processed on the next working day.
- Weekends and Public Holidays: Transfers are only processed on working days, so weekends and public holidays in either the sending or receiving country will extend the transfer time.
- Incorrect Information: As mentioned, any errors in the recipient's details will cause delays.
- Intermediary Banks: The number of intermediary banks involved in a SWIFT transfer can also impact the speed.
- Fraud Prevention Checks: Banks have robust fraud prevention measures, which can sometimes lead to delays for larger or unusual transactions.
Step 5: What to Do if There's an Issue – Help is Available
If you encounter any problems or have questions after sending your payment:
- Contact Nationwide Customer Service: Their contact details are available on their website. Be ready to provide your payment reference number and any other relevant details.
- Visit a Branch: For complex issues or if you prefer face-to-face assistance, visiting a branch is always an option.
- Incorrect Payment Details: If you realize you've made an error, contact Nationwide immediately. While it's difficult to stop an international payment once sent, in some cases, especially for SEPA payments, they may be able to assist with a recall, though success is not guaranteed and there might be fees involved.
10 Related FAQ Questions
Here are 10 frequently asked questions about international payments with Nationwide, with quick answers:
How to: Find Nationwide's SWIFT/BIC Code?
Nationwide's SWIFT/BIC code is NAIAGB21. You will need this if someone is sending you an international payment.
How to: Find My Nationwide IBAN?
You can find your Nationwide IBAN by logging into your Internet Bank (look under your current account details) or through the Nationwide Banking app (select your current account, then 'More', then 'Share account details').
How to: Send Money to Europe (SEPA Zone) with Nationwide?
You can send Euros to countries in the SEPA zone via the Internet Bank or in branch. You'll typically need the recipient's IBAN and their bank's name. These payments are usually free and arrive by the end of the next working day.
How to: Know the Exchange Rate Nationwide Will Use?
Nationwide will display the live exchange rate, including their 2.2% currency conversion markup, on the screen before you confirm your international payment online or will provide it when you make the payment in branch.
How to: Track an International Payment with Nationwide?
Once sent, international payments cannot be directly tracked online through Nationwide's system. You would need to contact Nationwide customer service for updates on the payment status.
How to: Cancel an International Payment with Nationwide?
It's generally not possible to stop an international payment after it has been confirmed. If you've made a mistake, you should contact Nationwide immediately to see if a recall is possible, though success is not guaranteed.
How to: Send a Large International Payment with Nationwide?
Nationwide does not have a set limit for international payments. You can send large amounts via the Internet Bank or in a branch, but for very large sums, consider contacting them for advice or exploring specialist currency brokers for potentially better rates.
How to: Minimize Fees on International Payments with Nationwide?
For SEPA payments, there are no transfer fees. For other international payments, the £20 fee applies. To minimize costs, be aware of the 2.2% currency exchange markup and consider using dedicated money transfer services for better exchange rates on larger amounts.
How to: Receive an International Payment into My Nationwide Account?
To receive an international payment, you need to provide the sender with your full name and address, your Nationwide IBAN, your account number and sort code, and Nationwide's BIC (NAIAGB21). Also, provide their intermediary bank (HSBC) BIC which is MIDLGB22.
How to: Check if My Account is Eligible for International Payments?
Only Nationwide current accounts can typically be used for sending and receiving international payments. If you have a savings account and believe you need to make an international transfer, contact Nationwide directly for guidance.
