Moving money across borders can feel like a labyrinth of codes and forms, but with Nationwide, paying an International Bank Account Number (IBAN) from the UK is a straightforward process once you know the steps. This comprehensive guide will walk you through everything you need to know, from gathering the right information to understanding fees and timelines.
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Paying an IBAN from UK Nationwide: A Step-by-Step Guide
Whether you're sending money to family, paying for services abroad, or managing international investments, Nationwide offers several ways to initiate an international payment. We'll cover the most common methods: online banking and the mobile app.
Step 1: Gather Your Essential Information (The "Must-Haves")
Before you even think about logging in or heading to a branch, the most crucial step is to collect all the necessary details for your payment. Missing even one piece of information can lead to delays or even the payment being rejected.
Sub-heading: Recipient's Details:
- Full Name and Address of the Recipient: This should be the name as it appears on their bank account, and their full residential address, including city, country, and postal code.
- Recipient's International Bank Account Number (IBAN): This is a unique identifier for their specific bank account. IBANs are widely used in Europe, the Middle East, and parts of the Caribbean. They can be up to 34 alphanumeric characters long and start with a two-letter country code (e.g., GB for the UK, DE for Germany). Double-check this carefully – a single wrong digit can send your money to the wrong place!
- Recipient's Bank Name and Address: The full legal name of their bank and its complete address.
- SWIFT/BIC Code of the Recipient's Bank: The Society for Worldwide Interbank Financial Telecommunication (SWIFT) code, also known as a Bank Identifier Code (BIC), is an 8 or 11 character code that identifies the recipient's bank globally. While IBAN identifies the specific account, the SWIFT/BIC identifies the bank itself. For payments within the SEPA (Single Euro Payments Area), a BIC might not always be strictly required if an IBAN is provided, but it's always good to have.
- Payment Purpose (Optional but Recommended): Some countries, and even some banks, require a purpose of payment. Providing a clear reason for the transfer can help prevent delays.
Sub-heading: Your Nationwide Account Details:
- Your Nationwide Current Account: International payments from Nationwide can only be made from a current account, not a savings account.
- Your Debit Card and Card Reader (for online banking): You'll likely need these for security verification.
- Your Biometrics (for mobile app): If you've registered your biometrics with Nationwide, you can use them for easier approval on the mobile app.
Step 2: Choose Your Payment Method: Online, App, or Branch
Nationwide offers a few avenues for sending international payments. Choose the one that suits you best.
Sub-heading: Option A: Online Banking (Internet Bank) - Recommended for New Payees or Larger Amounts
For first-time international payments, or if you're sending a sum larger than the mobile app's typical limit for new payees, online banking is the most robust option.
- Log In: Go to the Nationwide website and log in to your Internet Bank.
- Navigate to Payments & Transfers: Once logged in, look for a section like "Payments & Transfers" or "Move Money" in the main menu.
- Select "Make an International Payment": You'll usually find this under "International payments" or "Send money abroad."
- Choose Account: Select the Nationwide current account you wish to send the money from.
- Enter Amount and Currency: Input the amount you want to send and select the currency the recipient will receive. You can usually choose to input the amount in GBP or the foreign currency.
- Get Exchange Rate and Charges: Nationwide will provide you with the current exchange rate and any associated fees. Review this carefully before proceeding. Nationwide applies a currency conversion markup, typically around 2.2% for outgoing transfers.
- Provide Recipient Details: This is where you'll input all the information you gathered in Step 1: recipient's full name, address, IBAN, and their bank's SWIFT/BIC code.
- Purpose of Payment: Select or describe the purpose of your payment if prompted.
- Review and Confirm: A summary of your payment details, including the amount, exchange rate, fees, and recipient information, will be displayed. Take your time and verify every single detail.
- Security Check: You may need to complete a security check, often using your card reader or biometric approval, to authorize the payment.
- Make Payment: Confirm the payment. You'll receive a confirmation message once it's arranged.
Sub-heading: Option B: Mobile Banking App - Convenient for Saved Payees
The Nationwide mobile app is fantastic for quick transfers, especially to payees you've sent money to before.
- Log In: Open the Nationwide mobile app and log in (using your biometrics or login details).
- Tap 'Payments': This is usually located at the bottom of the home screen. Ensure the correct account is selected for the payment source.
- Tap 'Send money' or 'Payments & Transfers': The exact wording may vary slightly.
- Select 'Send money abroad' or 'International Payment':
- Choose Who to Pay:
- Pay someone new: If it's a new payee, you might be limited to a smaller amount (e.g., £750 per day for new payees without biometric registration, or higher with biometrics). For larger new payments, you may be redirected to online banking.
- Existing Payee: Select the payee from your saved list.
- Enter Amount and Currency: Similar to online banking, specify the amount and currency.
- Follow On-Screen Instructions: The app will guide you through entering recipient details (if new) and reviewing the exchange rate and fees.
- Biometric Approval (if applicable): If you've registered your biometrics, you can use them to approve the payment.
- Review and Confirm: Double-check all the details before confirming.
Sub-heading: Option C: In-Branch - For Very Large Payments or Assistance
For payments exceeding the online banking or app limits (typically over £20,000 for international transfers), or if you prefer face-to-face assistance, visiting a Nationwide branch is an option.
- Prepare: Bring your Nationwide debit card, a valid photo ID (like a passport or driving license), and potentially proof of address (a recent bank statement or utility bill).
- Visit Your Local Branch: A Nationwide representative will guide you through the process.
- Provide Details: You'll need to provide all the recipient and payment details gathered in Step 1.
- Complete Forms: You may need to fill out physical forms.
- Authorize Payment: The staff will process your payment. Be prepared for a potentially longer waiting time compared to online methods.
Step 3: Understand Fees and Exchange Rates
This is a critical aspect of international transfers. Nationwide, like most banks, applies fees and a currency exchange markup.
Sub-heading: Nationwide's Fees:
- SEPA Payments (Euro payments to countries within the SEPA zone): Generally no transaction fee.
- SWIFT Payments (Most other international payments): A fixed fee, which can be around £20. However, FlexOne, FlexStudent, and FlexGraduate accounts may have these fees waived.
- Currency Conversion Markup: This is where the real cost often lies. Nationwide typically applies a markup on the mid-market exchange rate (the rate banks use to trade with each other). This markup can be around 2.2% for outgoing transfers. This means the exchange rate you see will be slightly less favorable than the actual interbank rate, and this difference is how Nationwide makes money on the exchange.
Sub-heading: Exchange Rate Transparency:
Nationwide aims to provide the current exchange rate for your specific payment before you confirm it. This is important as exchange rates fluctuate throughout the day. If you choose to send your payment in Pound Sterling (GBP), the receiving foreign bank will convert the currency, and they will use their own exchange rate and may apply their own charges. To ensure the recipient receives the full amount in their local currency, it's generally better to send the payment in the recipient's currency if given the option.
Step 4: Track Your Payment (and What to Expect)
Once you've sent your payment, you'll naturally want to know when it will arrive.
Sub-heading: Transfer Times:
- SEPA Credit Transfers (Euros to EEA countries): Typically arrive at the receiving bank within one working day.
- SWIFT Payments (EEA currency to EEA country): Normally arrive at the receiving bank within one working day.
- SWIFT Payments (Non-EEA currency to EEA country): Usually arrive within four working days.
- SWIFT Payments (Outside the EEA): These can take longer, often 3-5 working days or more, depending on the destination country and any intermediary banks involved.
Sub-heading: Potential Delays:
- Incorrect Information: The most common cause of delays. Double-checking details in Step 1 is paramount.
- Bank Holidays/Weekends: Payments are only processed on working days. Be mindful of holidays in both the UK and the recipient's country.
- Different Time Zones: While often automated, initiating a transfer during the recipient's banking hours can sometimes expedite the process.
- Fraud Prevention: Banks have robust fraud prevention measures, which can occasionally lead to payments being held for review.
- Intermediary Banks: For SWIFT transfers, your payment might pass through several "correspondent banks" before reaching the final destination, each potentially adding a small delay and a fee.
Step 5: What if Something Goes Wrong?
Mistakes happen, but it's important to act quickly.
Sub-heading: Cancelling or Recalling a Payment:
- Immediate Action: If you realize you've made a mistake (e.g., wrong IBAN, wrong amount), contact Nationwide immediately.
- No Guarantee: While Nationwide may be able to cancel or recall a payment (especially SEPA payments if reported within 10 working days), there's no guarantee the recipient's bank will return the funds, particularly if the money has already been credited to the recipient's account.
Remember: Prevention is better than cure! Thoroughly checking all details before confirming your payment is the best way to avoid issues.
10 Related FAQ Questions
How to find your Nationwide IBAN for receiving payments?
You can find your Nationwide IBAN on your monthly account statement, within the Internet Bank (log in, go to "Overview of Accounts," and select the plus (+) next to your current account), or in the Banking app (log in, select your current account, choose "More" from the bottom menu, then "Share account details").
How to find Nationwide's SWIFT/BIC code?
Nationwide's SWIFT/BIC code for receiving international payments is NAIAGB21.
How to pay an IBAN from Nationwide using the mobile app for a new payee?
Log in to the app, tap 'Payments', then 'Send money abroad', and choose 'Pay someone new'. Follow the on-screen prompts to enter the recipient's details, including their IBAN and BIC. Be aware of the daily limits for new payees, which can be lower if you haven't registered biometrics.
How to pay an IBAN from Nationwide online for a new payee?
Log in to the Internet Bank, navigate to 'Payments & Transfers', then 'Make an international payment'. Select your source account, enter the amount and currency, and then input all the required recipient details (name, address, IBAN, BIC/SWIFT).
How to calculate the cost of an international payment with Nationwide?
The cost will include any transaction fee (e.g., £20 for SWIFT payments, often waived for SEPA) plus a currency conversion markup, typically around 2.2% of the amount for outgoing transfers. Nationwide will display the total cost, including the exchange rate, before you confirm the payment.
How to transfer large amounts internationally with Nationwide?
For large international transfers (over £20,000), you might need to use online banking or visit a branch. Nationwide generally doesn't have an upper limit on international payments, but daily online limits may apply, sometimes requiring a branch visit for very high values.
How to ensure my international payment arrives quickly with Nationwide?
Ensure all recipient details (IBAN, SWIFT/BIC, name, address) are absolutely correct. Make the payment during working hours, considering both UK and the recipient country's time zones and public holidays. Sending money in the recipient's currency can also streamline the process.
How to track an international payment made with Nationwide?
While direct real-time tracking isn't always available, Nationwide's confirmation will provide details. If the payment is delayed, contact Nationwide's customer service with your payment reference for assistance.
How to send Euros to a European country with Nationwide?
For Euro payments to countries within the SEPA (Single Euro Payments Area), Nationwide typically uses SEPA Credit Transfers. You'll need the recipient's IBAN. These payments are generally free of transaction fees and arrive within one working day.
How to identify if I need an IBAN or a SWIFT code for my international transfer?
You'll generally need both for most international transfers, especially to European countries. The IBAN identifies the specific bank account, while the SWIFT/BIC code identifies the recipient's bank. For countries outside of Europe (like the USA or Japan), you might only need a SWIFT code, as they often don't use IBANs. Always ask your recipient for the exact details their bank requires.
