Receiving funds | Natwest

Receiving money from abroad

Receiving money from abroad

How to receive an
international payment

Bank to bank electronic

Using electronic links between banks is the quickest and most secure method of receiving currency and sterling payments from abroad and currency from within the UK.

The benefits of using bank to bank electronic

There is a wide range of benefits to using this method of transfer, including:
 

  • Electronic payment instructions are sent from the sender's bank to a bank in the UK (preferably to us) and the money is then paid directly into your account.
  • Enhance your cash flow, as funds are received from abroad as quickly as possible.
  • Eliminate the paperwork involved in handling paper-based payments.
  • Payments up to £100 or currency equivalent are charged at £1. Payments for over £100 or currency equivalent are charged at £7 each. These charges do not apply where another bank receives sterling from overseas and passes the funds to our customer via the UK clearing system; in that case, the receiving banks will levy its own charges.
  • Our fees are debited from the principal amount before we credit your account. We will send you a credit advice showing a breakdown of our charges.
  • Funds will be credited to your account as soon as possible. This will be either on the value date or, if this is not possible, on the next best possible value date.
  • Automatic currency conversion - payments will be converted into the currency of your account.

How to receive Euro payments electronically

For euro payments, you will need:

-  Our name in full: NatWest Plc.
-  Our SWIFT address: NWBKGB2L.
-  Your account name and IBAN (International Bank Account Number) which can be found on your statement or in Online Banking under 'View account details'.

How to receive other payments electronically

For all other payments, you will need:

-  Our name in full:  NatWest Plc.
-  Your branch sort code.
-  Your branch name and address.
-  Your account name and number or identifier.

International payments comprise of both cross-border payments, whether in sterling or currency and currency payments within the UK.

Paying in a foreign cheque

Foreign cheques can take up to 6 weeks or longer to credit your account so we recommend you receive money from abroad by electronic transfer.
Foreign cheques are handled either by negotiation or collection. The links below provide more information on how negotiation and collection works.

Payment by negotiation

A foreign currency cheque issued by an overseas account holder is paid into a UK bank account. In order to obtain payment the cheque must be physically sent to the bank and country of its issue. Negotiated cheques are placed into the paying countries general clearing system. Cheques can be returned unpaid up to seven years later for reasons associated with fraud.

 

Negotiation of the item allows funds to be advanced to you, subject to recourse which in the event of fraudulent activity can be up to seven years. Negotiation is available for certain currency types, cheque values and is subject to credit criteria.

 

Payments by Negotiation* Tariff
£100 and under £5.00
£100.01 - £5,000 £10.00
£5,000.01 - £20,000 £30.00
£20,000.01 and above £60.00

*A postage fee of 50p will be added to the above charge.

Payment by collection

A foreign currency cheque is issued by an overseas account holder and paid into a UK bank account.

Cheques are sent individually to the Bank at which the issuer of the cheque account is held. It is typically a protracted and costly process that takes up to 6 weeks or longer to credit your account.

These cheques are subject to additional fees levied by that bank and to subsequent recourse to funds up to seven years later due to fraud. Collection is available for cheques that cannot be negotiated and or customers that do not meet the credit criteria.

 

Payments by Collection* Tariff
£100 and under £5.00
£100.01 - £5,000 £10.00
£5,000.01 - £20,000 £30.00
£20,000.01 and above £60.00
Currency cheques payable at other UK banks and drafts drawn by foreign banks on NatWest £10.00

*Plus a postage fee of £3.30 for items which we have to send to Europe or £3.60 for items which we have to send to the rest of the world.  In addition, Agents charges will also apply.

Set Tab for lightbox