RBS Money Transfer - Royal Bank of Scotland Review - International Payments.
Royal Bank of Scotland offers an electronic payment system where all international money transfers from RBS is done via online banking facility. I am not going to lie to you, I am a little bit dubious about carrying out international money transfers with banks. This is not because I don’t trust them, I do. It is more down to the fact that they tend to charge incredibly high fees for a service that you can get just about anywhere else far cheaper. On this page, I want to take a little look at the international money service offered by the Royal Bank of Scotland.
All international money transfers through RBS can be carried out online. For the most part, the system that they have in place is dreadfully easy to understand too. It will take just a couple of clicks to make your payment, which is absolutely brilliant. However, the system can be a little bit confusing from time to time. This is down to the fact that there are a number of money transfer packages available and it can be tough to determine which one will be right for you. Other banks don’t do this. For example, NatWest and Santander have one or two options to choose from, RBS has five:
- Royworld Budget: This is for those who wish to send money to Australia, Canada, and the USA. It is the cheapest option, although the flat-fee is £10.00. It is not a quick service at all. - Royworld Economy is apparently a slightly more secure option, but just as slow. - Royworld Economy Euro is the same as the previous service, although for Euro countries. - Royworld Draft is for international paper-based payments. - Royworld Express is for quick payments overseas. This is a £30 charge.
Even the £10 charge for the service is far greater than other international currency exchange companies out there. This is one of the main reasons as to why I avoid RBS. It is not worth the extra fees. Because, not only are you going to have that flat-rate charge, but you are also going to have to deal with an absolutely appalling exchange rate. That being said, there is one service offered by RBS money transfers that I absolutely love. This is the Royworld Draft service.
There are very few international currency transfer companies out there which will allow you to pay paper bills over the counter. Most will only allow you to transfer directly to a select bank account. This is not useful at all and in some cases, not even possible. This is why I do use RBS money transfers from time to time, even if the fees are slightly higher than others. I do love the convenience of being able to pay paper bills this way without having to transfer the money overseas first.
I am not going to lie here, RBS is one of the better banks in existence when it comes to international money transfer. However, I really do suggest that you try and avoid them unless you are looking to pay paper bills. There are far better companies out there. Most of which will save you money.
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