International Payments | NatWest International

International Payments

Sending and receiving money from abroad

We’re making changes to the ways you can make and receive international payments

From 7 January 2020, we’ll no longer accept non-Sterling cheques, international drafts or traveller cheque deposits. This includes Sterling/GBP cheques issued by a bank or building society branch based outside the UK, Channel Islands, Isle of Man or Gibraltar. We’ll also stop issuing international draft payments.

Alternative ways to make non-Sterling payments and receive money from abroad will still be available. These include electronic payments and using our online banking services.

Sending money abroad Using your local branch

We have a range of transfer methods to suit your needs.

Amount

How much can I send?

To

Where can I send money to?

Arrival

How long will it take to arrive?

Information

What information do I need?

Fees

How much will it cost?
Sending money abroad Using ibanking plus

You can make international payments online and benefit from lower transaction fees using ibanking plus, our fast and secure internet banking service.

Amount

How much can I send?

To

Where can I send money to?

Arrival

How long will it take to arrive?

Information

What information do I need?

Fees

How much will it cost?
Receiving money from abroad

Need to receive money from an overseas bank account? You have a few options.

Electronic bank transfer
The fastest and most secure way to receive money from abroad

Overview


Secure
- the sender's bank issues the electronic payment instructions to a bank in the UK. The money is then paid into your account


Fast - funds are credited to your account as quickly as possible. This will be either on the value date or, if this isn't possible, on the next possible value date


Low cost - it's only £1 to receive payments up to £100 or £7 for payments over £100 (or currency equivalent)


Automatic conversion
 - it doesn't matter if the payment currency is different from your account currency. So long as the payment is under £25,000 we'll automatically convert it.

 

How to receive a payment from abroad


Euro payments - information you'll need to provide:

- Our name in full: NatWest plc
- Our SWIFT address: NWBKGB2L
- Your account name and number. This needs to be an IBAN (International Bank Account Number). This is not the same as your normal bank account number. Your branch can give you the details


Non-euro payments - information you'll need to provide:
- Our name in full: NatWest plc
- Your branch sort code
- Your branch name and address
- Your account name and number or identifier

Drafts and cheques
We can arrange to clear draft or cheque payments on your behalf

We’re making changes to the ways you can make and receive international payments

 

From 7 January 2020, we’ll no longer accept non-Sterling cheques, international drafts or traveller cheque deposits. This includes Sterling/GBP cheques issued by a bank or building society branch based outside the UK, Channel Islands, Isle of Man or Gibraltar. We’ll also stop issuing international draft payments.

 

Alternative ways to make non-Sterling payments and receive money from abroad will still be available. These include electronic payments and using our online banking services.

 

Overview


Handling drafts and cheques
While we don't usually recommend drafts and cheques, there are some basic principles you can apply to make the process as simple and cost efficient as possible.

  1. Submit sterling cheques and drafts drawn on banks abroad, or foreign currency cheques and drafts drawn on the UK to be cleared on your behalf
  2. Reduce costs by including multiple cheques and drafts in the same transaction. These need to be in the same currency, drawn on banks in the same country, for negotiation.

How to receive funds


Payment by negotiation, purchased with recourse

Payment by negotiation can only be used if the draft or cheque is in the local currency of the country on which it is drawn (for example, US dollars payable in the US).


Even so, we might still have to send it for payment by collection.


We will credit foreign currency cheques to your account within five working days after receipt of the cheque - but only once agreement to negotiate with recourse has been made.


We will normally pay you the value of the draft or cheque, less our charges. If necessary, we will use a cheque-buying rate for currency conversion.


The charge for payments by negotiation is 0.25% per item. The minimum charge is £7, and the maximum charge is £45.


If the payment is not honoured by the paying bank, we will debit from your account the value of the draft or cheque, plus a handling fee.


If a batch of cheques are sent in together to be credited for the same client, due to limits relating to negotiating cheques some of these may be sent via negotiation and collection and will therefore credit to the account at different times.


Payment by collection
Sometimes we have to send a draft or cheque for collection. Examples of when we have to do this include:

  1. If the payment comes from a country with a high risk rate
  2. If it is not in the local currency of the sender's country (for example, US dollars payable in Greece)

We send the draft or cheque to the bank on which it is drawn. We will not credit your account until we have received the money or have been assured that it will be paid.


Unfortunately, this can take some time - it depends on the country the payment is coming from and the bank clearing the payment.


Wherever possible, ask for sterling drafts drawn on a UK bank. These can then be paid directly into your account.


The charge for payment by collection sent abroad is 0.25% per item (minimum £20, maximum £70) plus agent's charges.


The charge when the payment by collection is sent to other banks in the UK is £12.00 per item, plus agent's charges.


Foreign cheque endorsements
All foreign cheques drawn on the following countries must be endorsed by the payee, i.e. the person to whom the cheque is made payable must sign the reverse of the cheque in order for the bank to obtain payment:


- France
- Italy
- Portugal
- Spain
- USA
- Germany
- Turkey


The payee must:
 

Personal Endorsement
Print their name on the back of the cheque, exactly as the name appears on the front of the cheque, for example, a cheque made payable to Jane Smith must be printed as Jane Smith, not J Smith. The payee must then endorse the back of the cheque with their normal signature.


Business Endorsement

If the cheque is made payable to a company an authorised signatory should sign the reverse of the cheque, stating their position within the company and printing 'For and on behalf of (company name)'


Should the cheque not be endorsed this will be returned back to the customer to be endorsed, who will then need to return this back to the Bank for clearing.

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