Nationwide charges a fixed margin of 2.2% for outgoing international currency transfers. Their rate for receiving foreign currency is lower, at a competitive 0.5%.
While their flat rate is not the highest on the market, specialist money transfer companies typically offer prices five times cheaper.
Nationwide international transfer fees & rates
I've put together a table of charges below, having researched the Nationwide website and spoken with their customer service team.
Remember, for large transfers, the exchange rate markup is by far the largest cost of using a company like Nationwide.
Charge | Amount |
|---|---|
Sending money to another currency/country | 2.2% markup on mid-market rate |
Receiving foreign currency to GBP account | 0.5% markup on mid-market rate |
SWIFT payment | £20 fee FlexOne, FlexStudent or FlexGraduate have no transaction fees SWIFT fees are refunded for payments to Ukraine |
SEPA payment | No transaction fee |
Examples of exchange rates offered by Nationwide
The following examples show the impact of Nationwide's 2.2% conversion markup on outgoing transfers and 0.5% on incoming transfers.
For this example, I've used exchange rates correct as of 30th September 2024.
Amount sent | Amount received | Effective cost vs. the mid-market rate |
|---|---|---|
£500 | €587.58 | £11 |
£1,000 | €1,175.15 | £22 |
£2,000 | €2,350.31 | £44 |
£10,000 | €11,751.55 | £220 |
£50,000 | €58,757.73 | £1,100 |
£250,000 | €293,788.63 | £5,500 |
Amount sent | Amount received | Effective cost vs. the mid-market rate |
|---|---|---|
$500 | £364.76 | $11 |
$1,000 | £729.51 | $22 |
$2,000 | £1,459.03 | $44 |
$10,000 | £7,295.15 | $220 |
$50,000 | £36,475.73 | $1,100 |
$250,000 | £182,378.66 | $5,500 |
Because Nationwide charges a flat 2.2% on outgoing transfers, the cost to you will be the same no matter which currency you're sending.
It really hits home when you see how a couple of percent can turn into thousands of pounds on a larger transfer!
When making a payment in a foreign currency, many banks charge a percentage conversion fee.
In many cases this fee can be in the range of 3%. You can think of it like cashback, but in reverse.
Handily, Nationwide do offer a few debit cards with no non-sterling transaction fees. Let's look at their card lineup and the charges for purchases:
FlexAccount, FlexDirect and FlexBasic - 2.99%
FlexPlus, FlexStudent, FlexGraduate and FlexOne - No fee
Member, Select, Nationwide, Classic and Gold credit cards - No fee
It's nice to see Nationwide giving students a helping hand, both with international card transactions and fee-free SWIFT transfers.
Contrasting Nationwide to alternative international transfer companies
Nationwide vs other UK banks
Nationwide's currency markup is quite good for small transfers, but because it's a flat rate, it gets expensive for larger ones.
And of course, it's all relative. It's not the highest bar to just beat other high-street banks.
So while we can give a bit of credit for not completely fleecing the UK public, Nationwide customers really should still be looking at alternatives.
Nationwide vs money transfer specialists
It should come as no surprise that Nationwide's rates can't compete with the specialists.
This table shows the cost impact of using a dedicated money transfer company.
Transfer provider | Fee structure | Amount received on a £10k transfer to USD (estimate) |
|---|---|---|
Nationwide | Standard transfer fees + 2.2% exchange rate markup | $13,078.53 |
Fees from 0.3% + 0% exchange rate markup | $13,350.99 | |
No fees + typical 0.4% to 0.7% exchange rate markup | $13,335.00 | |
0.2% fee + 0% exchange rate markup | $13,371.54 | |
No fees + 0.3% to 2.1% exchange rate markup | $13,352.00 |
You can send funds straight from Nationwide to a money transfer service, and in doing so, avoid Nationwide's conversion percentage.
It's simpler than you might think:
Use our search tool to find an international money transfer company with rates, fees & features that you like
Set up an account and prepare your transfer
Send funds from your Nationwide account to the money transfer service, using the account details they provide
Enjoy a transfer that will likely be much quicker and cheaper than if you'd send straight from Nationwide to the recipient
Nationwide international payment contact details
Call 0800 30 20 11
Lines open 8am to 8pm, seven days a week
For receiving payments, Nationwide Building Society's BIC/SWIFT is NAIAGB21. Please note that funds can only be received into a current account, not a savings account.
Read more
Read my overview of sending international transfers with UK banks
See how Co-operative Bank's international fees shape up
