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bahtboy

Email from Natwest UK...transfer fees waived!

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Hello xxxxx,
 
We're improving our international payments service in time for Christmas. Here's what's changing in our mobile banking app and in Online Banking:
 
No fee - from 15th December we're removing our fee* for standard international payments made digitally
 
Reduced cost for urgent payments - from 15th December we're also reducing our fee from £30 to £15 for urgent payments (i.e. next business day)
 
Or, if you're making an international payment in branch, or by fax, then you won't pay our fee on standard Euro (€) payments from 15th December. And we're cutting the urgent Euro (€) payment fee to £23 from £30.

The cost for non-Euro (€) payments will remain the same at £22 for standard and £30 for urgent payments.

 

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Well don't get too excited it seems only transfers to European countries get a reduced fee now down to 10 pounds ?

 

2102276196_natwestfee.jpg.01b6169e051e4c0317d44691708e5149.jpg

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Might sound good but the exchange rate / receiving bank fees should always be factored into any overall cost comparison calculation. 

I have found that using Transferwise, when moving GBP to Thailand  (Bangkok Bank / SCB), gives better value than a TT via UK banks. Yes, even when the UK banks offer free transfers as an incentive to  use their service. Nothing is 'free' when it comes to UK banks. 

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2 hours ago, dabhand said:

Might sound good but the exchange rate / receiving bank fees should always be factored into any overall cost comparison calculation. 

I have found that using Transferwise, when moving GBP to Thailand  (Bangkok Bank / SCB), gives better value than a TT via UK banks. Yes, even when the UK banks offer free transfers as an incentive to  use their service. Nothing is 'free' when it comes to UK banks. 

I am very happy with Transferwise. I know a friend whose transfer of 40,000 dollars from a UK bank cost him almost 4,000 dollars extra due to the exchange rate when compared with Transferwise.

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1 hour ago, Proboscis said:

I am very happy with Transferwise. I know a friend whose transfer of 40,000 dollars from a UK bank cost him almost 4,000 dollars extra due to the exchange rate when compared with Transferwise.

My guess is he allowed the UK bank to make the conversion which is very well known as a big no no in relation to Thai baht. Even so it seems a little excessive......

 

4 hours ago, johng said:

Well don't get too excited it seems only transfers to European countries get a reduced fee now down to 10 pounds ?

Also it does not take into account any possible correspondent/intermediary bank charges which may be levied irrespective if free or £10 from Nat West.

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4 hours ago, dabhand said:

Nothing is 'free' when it comes to UK banks. 

Actually it is with First Direct. International transfers to Thailand are free, and I send GBP and let the Thai bank convert it at the other end.

 

You can let First Direct convert it, and they make money if you do that, but I've always found the rate better at the Thai end.

Edited by Tuvoc

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