CHAPS payments

SWIFT payments

All about SWIFT payments

You can make a SWIFT payment to transfer money overseas in the local currency (or sterling if required) excluding Euro payments within the SEPA area. You can also use a SWIFT payment to make a foreign currency payment within the UK. Find out how to make your payment and what the fees and charges are.

What is a SWIFT payment?

What is a SWIFT payment?

SWIFT stands for Society for Worldwide InterBank Financial Telecommunications. It's a mouthful, but SWIFT is simply a way for you to make payments in a currency that's not pounds sterling.

You can only send and receive overseas and foreign currency payments on a current account.

SWIFT payments and SEPA Credit Transfers can only be made from current accounts.

You can use SWIFT to transfer foreign currency overseas or within the UK, but if you want to send Euros to a country in the SEPA region, you'll need to make a SEPA Credit Transfer.

There is a charge for SWIFT transfers.

How long do SWIFT payments take?

Fees and charges

Fees & charges

Sending money

The transaction charge for sending a SWIFT payment from a current account is £20.

From a FlexOne, FlexStudent or FlexGraduate account the transaction charge is not applicable.

From a FlexBasic account:

  • For payments made in UK Pounds to countries within the EEA using SWIFT the transaction charge is £0.
  • For payments made in UK Pounds to countries outside the EEA using SWIFT the transaction charge is £20.
  • For foreign currency payments within the UK or abroad made through SWIFT the transaction charge is £20.

Receiving money

We do not charge for receiving SWIFT payments into your current account.

For payments originating from a country outside of the EEA, the sender may decide to request any banking charges incurred before we receive the payment are paid in full by you. This could result in the amount you receive being less than the amount originally sent.

How long does it take?

Processing times

We can only process SWIFT payment requests on working days (not weekends, or bank holidays) and if you make your SWIFT payment before 1pm, we’ll process it the same day.

When do SWIFT payments reach their destination?
If you’ve made your SWIFT transfer before 1pm on a working day, these timings are a guide for how long it could take for the money to arrive in the destination account:

SWIFT payments within the EEAFallback Text

  • In an EEA currency – usually within 1 working day
  • Not in an EEA currency – usually within 4 working days.

SWIFT payments outside of the EEA

  • Can take longer than 4 working days.

Please note: Sometimes we need additional information, which can delay your payment.

What is the EEA?

The European Economic Area (EEA) includes EU countries and also Iceland, Liechtenstein, Norway, French Guiana, Gibraltar, Guadeloupe, Madeira, Martinique, Mayotte, Réunion, Saint-Martin, The Azores and The Canary Islands.

Make a payment online

How to make a SWIFT payment online

If you’re registered for our Internet Banking service you can ask us to make a SWIFT payment online from your current account, using your card reader. If you don't have a card reader, simply follow the on-screen instructions to complete your transaction.

Making your payment

  1. Log in to the Internet Bank
  2. Go to the tab 'Move money and manage payments' and select 'Overview'
  3. Find 'Other payments' at the bottom of the screen
  4. In the section 'Make an international payment' choose your account
  5. Select 'Go'
  6. Follow the on-screen instructions

SWIFT currency exchange rates

When you Log in to the Internet Bank and select Make an international payment, look out for the link to view the exchange rates.

The SWIFT form will ask you for the following details:

  • Receiving Bank Identifier Code (BIC)
  • Name of the receiving bank
  • Address of the receiving bank
  • The name of the person receiving the funds (beneficiary)
  • Beneficiary's IBAN or account number
  • Amount to be sent
  • Currency to be sent

Important

1.     Make sure you have all the correct details of the person receiving the money, including their name.
2.     Check the country you're sending the payment to will accept the payment. 
3.     Check if the bank receiving the money needs any additional information about the payee or payment before you send the money.
4.     If you have a card reader with your account, make sure you have it to hand as you will need it to complete your transaction.

     

    Beneficiary IBAN

    IBAN stands for International Bank Account Number and it's issued in a standard internationally recognised format. It must be used to make payments to countries in the EU (European Union), EEA (European Economic Area) and Switzerland. Other countries including some which are outside of Europe (such as Brazil, Saudi Arabia and the United Arab Emirates) have also adopted its use for payment processing . An IBAN consists of a:


    • Country code - to identify the country the money is going to.
    • Check number - this is a 2 digit number calculated by the bank issuing the IBAN and is used to validate the IBAN.
    • Bank code - to identify the bank.
    • Sort code and account number - to identify the customer the money is going to:

    Examples of IBANs are DE89370400440532013000 (Germany) or ES0700120345030000067890 (Spain). There should not be any spaces in between any of the letters or numbers in an IBAN.

    Your IBAN number, BIC code and SWIFT intermediary bank identifier appears at the top of your paper/online statement, directly above the list of detailed transactions.

    BIC

    This stands for Bank Identifier Code and lets us know what bank, country and branch the payment is going to. The BIC is a universal method of identifying financial institutions in order to send overseas SWIFT payments. It is issued by SWIFT and should be used on all international payments. The BIC consists of eight or eleven characters comprised of the following:

    • Bank code - 4 alphabetic characters.
    • Country code - 2 letters.
    • Location code - 2 alphanumeric characters, except zero.
    • Branch code - 3 alphanumeric character.

    Examples of BICs are SABNESMM or BSABESB1085. There should not be any spaces in between any of the letters or numbers in a BIC.

    SWIFT payments will not be processed without a valid BIC and account number being provided. The beneficiary's bank will be able to provide all the information needed so that your payment beneficiary receives the money you're sending from your account.

    Additional requirements

    An increasing number of countries now require additional information on their payments which needs to be provided by the sender of the payment in order for the payment to be successfully credited to the beneficiary account. These are regulatory requirements within the beneficiary countries and failure to comply risks the payment being delayed or rejected. Find out the specific information needed for SWIFT payments to certain countries.

    Make a payment in branch

    Make a swift payment in branch

    You can make a SWIFT payment in branch. You will need to bring identification with you in the form of your Nationwide account card.

    The SWIFT form will ask you for the following details:

    • Receiving Bank Identifier Code (BIC)
    • Name of the receiving bank
    • Address of the receiving bank
    • The name of the person receiving the funds (beneficiary)
    • Beneficiary's IBAN or account number
    • Amount to be sent
    • Currency to be sent

    Important

    1.     Make sure you have all the correct details of the person receiving the money, including their name.
    2.     Check the country you're sending the payment to will accept the payment. 
    3.     Check if the bank receiving the money needs any additional information about the payee or payment before you send the money.
    4.     If you have a card reader with your account, make sure you have it to hand as you will need it to complete your transaction.

       

      Beneficiary IBAN

      IBAN stands for International Bank Account Number and it's issued in a standard internationally recognised format. It must be used to make payments to countries in the EU (European Union), EEA (European Economic Area) and Switzerland. Other countries including some which are outside of Europe (such as Brazil, Saudi Arabia and the United Arab Emirates) have also adopted its use for payment processing . An IBAN consists of a:


      • Country code - to identify the country the money is going to.
      • Check number - this is a 2 digit number calculated by the bank issuing the IBAN and is used to validate the IBAN.
      • Bank code - to identify the bank.
      • Sort code and account number - to identify the customer the money is going to:

      Examples of IBANs are DE89370400440532013000 (Germany) or ES0700120345030000067890 (Spain). There should not be any spaces in between any of the letters or numbers in an IBAN.

      Your IBAN number, BIC code and SWIFT intermediary bank identifier appears at the top of your paper/online statement, directly above the list of detailed transactions.

      BIC

      This stands for Bank Identifier Code and lets us know what bank, country and branch the payment is going to. The BIC is a universal method of identifying financial institutions in order to send overseas SWIFT payments. It is issued by SWIFT and should be used on all international payments. The BIC consists of eight or eleven characters comprised of the following:

      • Bank code - 4 alphabetic characters.
      • Country code - 2 letters.
      • Location code - 2 alphanumeric characters, except zero.
      • Branch code - 3 alphanumeric character.

      Examples of BICs are SABNESMM or BSABESB1085. There should not be any spaces in between any of the letters or numbers in a BIC.

      SWIFT payments will not be processed without a valid BIC and account number being provided. The beneficiary's bank will be able to provide all the information needed so that your payment beneficiary receives the money you're sending from your account.

      Additional requirements

      An increasing number of countries now require additional information on their payments which needs to be provided by the sender of the payment in order for the payment to be successfully credited to the beneficiary account. These are regulatory requirements within the beneficiary countries and failure to comply risks the payment being delayed or rejected. Find out the specific information needed for SWIFT payments to certain countries.

      Receive a SWIFT payment

      How to receive a SWIFT payment

      You will not be charged by Nationwide to receive a SWIFT payment into your account and where the payment originated from a country within the EEA, the sender cannot pass on any banking charges they incur to you.

      The transaction charge for sending a SWIFT payment from a current account is £20.

      We do not charge for receiving SWIFT payments into your current account.

      However, where the payment originated from a country outside of the EEA, the sender may decide to request any banking charges incurred before we receive the payment are paid in full by you.

      If this is the case, the charge will appear on your statement as ‘Cash Withdrawal’ for the value of this charge.

      Into your Current Account you will need:

      • Your account name
      • Account BIC – NAIAGB21
      • The SWIFT Intermediary Bank number: MIDLGB22
      • Account number or IBAN (this can be found at the top or your statement)

      SWIFT limits

      SWIFT Limit

      Providing there are sufficient cleared funds available to cover your transaction and fees, there is no minimum or maximum transfer limit.

      Important information

      Important information

      Charges

      There is a charge for this service.

      If you are making a payment outside of the EEA, you can choose whether to pay the recipient’s bank’s charges yourself or to get the recipient to pay these. You will always have to pay the Nationwide Transaction Fee.

      If you are making a payment within the EEA you must pay our charges yourself and the recipient will have to pay their bank’s charges.

      We will use our standard outbound exchange rate to convert your payment from Sterling to your choice of currency.  This will affect what is received by the recipient.

      You can make a payment to a country in the Single Euro Payments Area (SEPA) in Euros, it will be sent by a SEPA Credit Transfer rather than SWIFT.  There will be a £9 transaction charge.  We will use our standard outbound exchange rate to convert your payment from Sterling to Euros.  This will affect what is received by the recipient.  You can ask us to make a SEPA Credit Transfer now or check the All about SEPA Credit Transfers page.

      Nationwide Exchange Rates

      Nationwide is able to offer the conversion of sterling to a number of currencies before a payment is made, for a full list of currencies check the foreign-exchange-rates page.

      The actual exchange rate that will apply will be printed on the Transfer Request Form. By signing the form you authorise this payment plus any applicable transaction charge and accept the exchange rate.

      Timescales

      If we receive your payment instruction on a working day and your payment is in an EEA currency and to an EEA country, your payment will normally arrive at the recipient’s bank within 1 working day.

      If you ask us to make a payment to a country within the EEA that isn’t in an EEA currency, your payment will normally arrive within 4 working days.

      Payments outside the EEA will take longer – please ask us for details. Payments to India can take up to 3 months and occasionally longer to reach the recipient’s bank.

      Important details we need to be able to send your payment

      Bank Identifier Code (BIC) – To ensure we send your SWIFT payment to the correct bank, we need a BIC.  Failure to supply a correct BIC will result in your payment being rejected. Please check the BIC Information page for more information.

      International Bank Account Number (IBAN) or national bank code – This number is used to identify the recipient’s bank account.  Please check carefully that the number you enter is correct.  If it isn’t, your payment may go to the wrong account and we may not be able to get your money back.

      Daytime contact telephone number – We may need to contact you if there is a problem with your payment.  If you do not provide us with your contact details and we are unable to contact you, your payment may be delayed.  Please also check your online secure messages regularly because we may send you a message requesting further information.

      Further information on SWIFT payments (including exclusions and restrictions) can be found in Nationwide's Sanctions Policy Statement - Payments.

      SWIFT FAQs

      We will not be able to process your request.  Banks across Europe do not have to accept payments which aren't complete. This means they can reject requests which do not include the IBAN.

      An IBAN or International Bank Account Number is the customers' bank account number in a standard, internationally recognised, format. Used with a Bank Identifier Code (BIC), it helps international payments to be processed automatically, making them more secure and faster. It also helps prevent payments being rejected, delayed or sent incorrectly - which could involve additional charges being applied.

      Payments in to your account

      Your IBAN, BIC and SWIFT intermediary bank identifier appear at the top of your paper/online statement, directly above the list of detailed transactions.

      Payments out of your account

      IBAN details can be provided by the person receiving the money (beneficiary) and BIC details can be provided by the beneficiary bank or the beneficiary.

      Nationwide must process all CHAPS and SWIFT payment, and SEPA Credit Transfer instructions in a manner which ensures they comply with all legal and regulatory requirements for inbound and outbound payments. In order to meet these responsibilities, Nationwide may need to contact internal or external parties for additional information and clarification with regard to CHAPS and SWIFT payment, and SEPA Credit Transfer instructions and therefore payments are not guaranteed to be released or received on the same day.

      Investigating payments

      If you require us to investigate a payment processed by us, please be aware that agent banks may levy charges for their parts in this service. These charges are not within Nationwide’s control and will usually be passed on to you.

      Use of your information

      To complete the payment and comply with applicable legal obligations and prevent crime, the details of your CHAPS & SWIFT payments and SEPA Credit Transfers (including personal information relating to individuals named on the form) may be provided to overseas authorities.

      SEPA Credit Transfers