Author, Andrew Gibson
Here I’ll explain how RBS international transfers work. This includes how much it costs, the exchange rates charged, how long it takes, and some of the finer details you might miss.
This will save you time trying to decipher jargon and complex fee schedules.
RBS charges for international payments
It’s important to note that there are two types of charges with an international money transfer. These are:
- Exchange rates
- Transfer fees
On the website of banks like RBS, it initially appears as if there is just a simple one-off transfer fee.
These are often advertised as small fees, making the process seem quick, easy, and cheap.
You may think, ‘Fantastic, a bargain for a large transfer like mine’. Don’t get caught out.
This is not the only fee.
RBS Exchange rates
Exchange rates are the most significant factor for your international money transfers.
This is where there is the most variation between services and even small differences can make a big impact.
RBS’s exchange rates for international transfers can be found online, but they are by no means made easy for you to find. They’re even less easy to understand!
RBS gives two different indicative exchange rates. A selling rate, and a buying rate. The differential between these two exchange rates highlights how much you could potentially stand to lose.
Using RBS’s GBP/EUR buying and selling exchange rates as an example, there’s a 4.6% difference between the two figures.
We can see that RBS is charging an exchange rate fee of 4.6%.
As an example; on a transaction of £100,000, that’s a potential £4,600 you could be handed to the bank.
The same 4.6% spread is true for RBS’s US Dollar and Australian Dollar exchange rates, meaning there’s no escaping the large margin the bank could be taking from you.
The RBS exchange rates do change, but the principles and margins generally remain the same.
The bottom line is, it pays to shop around.
RBS international transfer fees
International transfer fees are flat, one-off fees that are charged per transaction.
In the case of RBS, this is £15 if you want the transfer to happen in 1-2 working days. If you’re happy to wait 2-4 working days, there’s no transfer fee.
You can avoid the flat transfer fees by using digital banking or the mobile app.
Online and mobile banking is for the benefit of RBS. Using the app saves them time and effort but means you’re on your own whilst dealing with the international transfer.
However, for large transfers and transactions, managing the process yourself from your mobile can be a lot of added stress and pressure for you.
Should anything go wrong, it places all the responsibility onto you. This may be uncomfortable and inconvenient when you’re dealing with large amounts of money.
International transfer fees are generally small wherever you go for your money transfers.
It’s much more important to compare exchange rates and shop around to make sure you save money and get the best deal.
Are RBS exchange rates good or bad?
In general, big banks like RBS aren’t the best place to get good value exchange rates.
They use a trading rate that is for their benefit, not yours.
You’re often much better off looking elsewhere.
Don’t settle for the exchange rate given to you by big banks because the bank seems an obvious and convenient option.
Getting the very best exchange rate can make a massive difference to your international money transfer.
Make sure you compare our rates. See how much you could save.
RBS international transfer limits
Another snag you may hit when using RBS’s international money transfer service is the limits.
RBS makes every effort to get you to manage your payment online or through the app.
Unfortunately, RBS caps online international transfers at £10,000 a day.
To make transfers of a larger amount, you’ll need to make the trip to a branch.
If you’re buying or selling property in Europe, for example, this can be a real sticking point and to complete larger transfers with RBS, you’ll have to visit your local branch or fill out and send in a form.
Limits from RBS and big banks can generally make the process far more stressful than it needs to be.
International money transfer specialists provide a helpful alternative, as they generally don’t have limits on transactions.
How to make an RBS international transfer
To make an international money transfer through RBS, first, decide your preferred method:
Digital banking through the RBS website
- Logging in as usual selecting international payment, and following the steps.
Mobile banking through the Royal Bank app
- Download the app, log in as you would for online banking and tap the section for international money transfers.
Telephone banking
- This requires you to have first downloaded and registered with the Royal Bank app.
- After the app is downloaded, tap the option for ‘What’s my Customer number?’. That’ll give you your customer number, PIN, and Password for your telephone banking service.
- Once you’re fully set up and logged into the app, tap the ‘Help’ option towards the bottom of the screen and scroll down to the ‘Contact Us option. This will allow you to use your telephone banking service.
- Following these steps will eventually get you through to a real human being who will be able to help you with your international money transfer.
Visit an RBS branch
- If you’d rather avoid the technological setup, you can visit your local RBS branch to get the transfer moving. This will require a lot of paperwork, and you will be reliant on the exchange rate at the time you’re able to visit the branch. As a bonus, you will get to speak to someone in person, who will help you with the process.
Information you’ll need to hand:
All international money transfers require you to know a few more details about the recipient. You’ll need this to hand, irrespective of the method you choose to do the transfer.
- Recipient name (whether it’s you or someone else)
- Country (to which the money is going)
- IBAN (international bank account number)
- Plus, the usual account and sort code numbers
The IBAN can be a chore as it’s a far longer number than most of us are used to when transferring money.
Plus, the length of IBANs differs depending on which country you’re sending them to.
To help you find it, you’re looking for a number 20-30 characters long, which is a mix of numbers and letters.
You, or your recipient, can find this on a bank statement.
Alternatively, you can use an online IBAN calculator. This will help you work it out using your country, sort code, and account number.
Make sure you get the IBAN right, as this is key to ensuring the transfer goes to the correct account.
Using a big bank like RBS often means you’re left to your own devices to find and clarify these sorts of details (which are hugely important).
International money transfer specialists will assist you with this process.
How long does an RBS international transfer take?
An international transfer with RBS depends on what method you choose and how much you’re willing to pay.
If you’re doing it online or through the app, it’s likely to take 1-2 working days and be free of charge.
Over the phone or through your local RBS branch, you’ll need to pay £15 to get it done in 1-2 working days. Otherwise, it’s going to take 3-4 working days.
Not ideal if speed or efficiency is important to you, as it often is with international transfers. Especially those of large quantity.
A trusted and helpful alternative: Key Currency
To make your international currency transfer, you can use a high street bank like RBS.
However, this may not be your easiest, cheapest, or most efficient option.
Money transfer specialists like Key Currency provide a helpful and friendly alternative.
We are:
- British-based and independently owned
- Currency exchange specialists with lower costs and overheads than banks
- An alternative where you can get cheaper exchanges
- Able to help you through the process with your personal account representative
Your account representative will guide you through the process over the phone and be ready to give you expert support and advice when you need it.
Plus, our fees are included in the exchange rate quoted to you (which is highly likely to be lower than the banks), so there are no extra costs.
Take a look at our 5-star TrustPilot rating; the highest available in our industry, with over 2,000 reviews.
Key Currency is an FCA-regulated Authorised Payment Institution (No. 753989), and as such, you have the peace of mind of knowing that all money transfers are conducted through safeguarded client accounts.
If you would like to compare us to RBS or any other provider, simply request a free quote below.
Further Guidance & Tools
Convert Pounds to Euros (See the Live Rate)