Natwest Money Transfer
NatWest Money Transfer Service
NatWest Money Transfer is the use of credit card to pay your own UK bank account or someone else's. You only need to log into online banking in order to access the service. There is also an Android app on Play store which is downloaded for free. NatWest offers a wide range of transfer methods to ensure that all your needs are catered for. The type of payments allowed include direct debits, standing orders and international payments. Today, most international electronic payments are done using online banking. Payments done online are subject to payment limits. You also need to have a NatWest account and be at least 11 years of age.
Type of Payments
Automatic regular payments with a fixed debited amounts are covered by standing orders. Standing orders are commonly used to pay rent, mortgages and make regular payments. With a card reader, one can create and make standing orders changes in their computers or mobile phone. Standing orders can be easily cancelled or temporarily stopped for a given duration. Online cancellation service is available up to 5.00pm, UK time.
NatWest Money Transfer service also allows you to make direct debits. This is an agreement between you and the organization you want to pay. An agreement allows the organization to collect varying amounts of money from your account. It is the easiest and most convenient way of paying both regular and occasional bills.
NatWest provides a switcher service that allows you to move your direct debits to NatWest from any UK building society or bank account. This happens in only seven days. All credit balance is transferred from your old bank account and all your payments will be coming out of your NatWest account. You can also opt to move a few direct debits from another bank. Moving direct debits among NatWest accounts is done upon contacting the nearest NatWest branch. Direct debits can be cancelled up to 8.20 pm, UK time after the payee is informed.
International money transfer service is provided in three categories namely; standard transfer, urgent transfer and foreign draft. For standard payments, any amount is paid to any country with any currency. Urgent transfer allows you transfer any amount or currency to any country and arrives within 2 days. The foreign draft option allows for single payments by post which can be less secure. Account holders can receive money from abroad through bank to bank electronic transfers, handling drafts and cheques.
Account holders need to have a card reader in order to make new payments. Customers are required to provide an early notice indicating amounts and dates of collection for a direct debit to through. You are required to contact the account holder who will be credited with the amount before moving selective direct debits.
You need to provide the receiving account details and your card reader before your standing order is activated. When it comes to international payments there are country specific guidance's. Countries covered include Australia, Canada, Brazil, India, France, Mexico, Lebanon, Pakistan, New Zealand, Turkey, USA, Italy, Egypt, Hungary, Romania, Ukraine, Saudi Arabia and Jordan.
Account holders are charged 1 euro for receiving up to 100 euros from abroad. Payments over 100 euros or equivalent currency are charged 7 euros. These charges don't apply when the receiving bank pays the customer through the UK clearing system. Fees are debited from the principal amount and a breakdown is provided. For euro payments, you are required to provide a full name of NatWest bank, your account name and IBAN or NCC code. For all other payments, you will need the bank's, full name, branch sort code, branch name and address and your account name and number. BIC / SWIFT code is also needed to make non-Euro standard payments.
-Payments can be made to and from different countries using any currency.
-Automatic currency conversion.
-International credits reflect within a short period of time.
-Fee breakdown promotes transparency.
-Standing orders and direct debits can be canceled within the provided hours.
-Money transfer service is accessible to a wide age bracket.
-Scheduled payments allow you to pay regular bills and loans without omissions.
Natwest Bank can do money transfers to any bank in the world, you can do a money transfer using Natwest if you are an existing customer where you can secure a better exchange rate with reduced charges if you have a Natwest international bank account. One of the main benefits of an international account is that accounts can be in sterling, euros and US dollars and with credit and debit cards in different currencies, making exchanging currency between your bank accounts instantly plus at the best possible rate. The Natwest table below displays the currencies and exchange rates for Natwest daily updated. You can also use Natwest Exchange Rates converter to get the latest conversion rates to or from Sterling.