Royal Bank of Scotland

Royal Bank of Scotland offers different digital money transfer methods to suit different customers, and clearly lays out exactly what you can expect from each method. The three options that they provide are known as:

• Royworld economy
• Royworld express
• Royworld draft

Making an international wire transfer is fairly straightforward. You will just need your debit card and card reader, the account number or IBAN of the account you are transferring to, and the SWIFT code or National Clearing Code (NCC).

Transfer Fee and Charges

Transfer fees will depend on the method you use and the currency you are transferring. The fees that go directly to Royal Bank of Scotland are as follows.

On a Royworld economy transfer:

• £10 when you wire euros to a European country
• £22 when you wire any other currency to Europe or anywhere else in the world

On a Royworld express transfer:

• £30 for every transfer, regardless of the currency and the country

On a Royworld draft transfer:

• £8 on an amount under £101
• £20 if the amount is over £101

The bank that will receive the wire transfer may also charge a fee, payable by the recipient on receipt of the money. For the purposes of calculating fees, Europe includes all 27 countries of the EU, plus Switzerland, Norway, Iceland and Liechtenstein.

Time Duration to Complete Transfer

The transfer time will vary according to the method used. With Royworld economy, if you make the transfer before 4pm UK time, it will arrive:

• The next business day if you are transferring euros to Europe
• 2-4 business days if you are transferring any other currency to any country

With Royworld express, as you would expect, transfer times are a little quicker. You can expect your money to land in the recipient’s account:

• The same business day if you transfer euros to Europe before 1.30pm UK time
• 1-2 business days if you are transferring any other currency to Europe, if the transfer is made by 4pm
• 1-2 business days if you are transferring any other currency to any other country, if the transfer is made by 4pm and the country that you are transferring to has an electronic banking system

If you would like to use a Royworld draft, they work like an international money order. Drafts can be ordered in branch or through digital banking and sent to you in the post, which can take up to five business days. You are then responsible for delivering it to the recipient. This is obviously a more time-consuming way to transfer money, but it may suit some customers, depending on their circumstances.

Instruction on How To Arrange Your Transfer

Once you are logged into your RBS digital banking portal, the process is simple. Make sure that you have your bank card, card reader and all account details (yours and the recipient’s) to hand.

• Select “Payments and Transfers” from the menu
• Go to “International Payments” and select “Make a Payment”
• Select “Get a quote for paying someone new”
• Select “Next”
• You will be asked some questions and given a quote in UK pounds – this will be a conversion of the amount you want to pay, plus fees
• Enter the recipient’s country, currency and other details asked for
• You will be given another quote in UK pounds, which is the total cost of the transfer
• Select “Next”
• Enter the relevant account details, and a reference for the payment
• Select “Next”
• You will be given a summary of all the information you have entered – check it carefully
• Follow the onscreen instructions to authorise the payment with your card reader
• Once the card reader has been enabled, select “Confirm” to send the payment

Conclusion

RBS provides a quick, easy way to transfer money abroad electronically, with reasonable wire transfer fees, a secure system, and an easy-to-follow process that can be accessed from within your RBS digital banking portal. The ability to order and mail a draft will also no doubt appeal to some customers.

The process is smooth as long as you have all the relevant information to hand, so make sure that you know not only all your own details but also the recipient’s. Most importantly, make sure that you have the International Bank Account Number (IBAN) and the Bank Identifier Code (BIC), also known as the SWIFT code or SWIFT address. All this information can be found in most online banking portals or can be requested from the bank.

Make sure that you’re getting the best foreign exchange rate at FXcompared.com. Compare now.