Natwest Money Transfer Review - International Transfers and Payments Guide.
Natwest international money transfers and online payments guide. Natwest electronic online banking facility caters for all currency exchange transactions. NatWest is where I held my business bank account for many years. I don’t suggest it, they are awful to deal with nowadays, mainly because the company has been split in half. However, we are not here to talk about that. We are here to talk about the money transfer services offered by NatWest.
If you have a NatWest bank account, you should sign up to online banking. This is where you will be able to make your money transfers, quickly and easily. You can make the payment in much the same way as sending any other payment in the United Kingdom. You can even set up regular payments, which is highly useful. However, you are going to need to have your little card reader nearby otherwise you can’t send the international payment. This is, of course, going to be a problem in some cases.
One of the things that I like about NatWest is the fact that you have a pretty decent range of currencies to choose from. All of the major ones are represented. You can send international payments in pounds to those countries which have no representation, although I do not suggest you do so. This is because you will most likely have to pay rather hefty fees on the other end, which is not going to be great, particularly when NatWest is already going to be charging you an arm and a leg to send the payment in the first place.
NatWest will give you all of the fees up front. There is nothing hidden. However, you should be aware that not only are you going to need to pay a fee to send (this was £25.00 the last time I checked), but you will also need to pay a fee to the receiving bank, otherwise the receiver will need to pay it. This will quickly lead to the fees climbing up.
One of the main reasons as to why I really do not like the international transfer service offered by NatWest is the fact that the currency exchange rates are some of the worst in the United Kingdom. Not only do you have to pay a rather substantial fee to transfer the money, but a lot of your money is going to be absorbed by those stupid exchange rates. The costs of using this service are dreadful.
The only thing that NatWest really has going for it as an international money transfer service is the fact that it is convenient. It is easy to transfer money. All you need to do is login to your online bank account and you are ready to go. The transfer process even seems to be far quicker than most other currency transfer companies out there, in particular banks. However, with the high fees that NatWest have in place, I can’t recommend them. I could never recommend them. It is not a good way to send money, even if you are sending huge quantities of cash. Look elsewhere. You will save a lot of money.
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