Monito.com

Royal Bank of Scotland: Foreign Currency Exchange, International Wire Transfer & ATM Fees explained

May 14, 2019
Advertiser disclosure

Travelling or sending money abroad? Discover RBS's fees for International Wire Transfers, Currency Exchange and for using your credit or debit card abroad (incl. ATM fees). You'll learn how to save money and how to make smarter decisions about currency exchange.

Royal Bank of Scotland international wire transfer - all you need to know

The Royal Bank of Scotland provides comprehensive international money transfer services to send funds overseas. You can transfer money online via your banking service, over the phone, on a branch, or through the mobile app.

There is a limit on how much you can send through RBS, with a maximum transfer value of £10,000 a day.

What are RBS’s  international money transfer fees and how fast are they?

The fee for sending UK pounds to another country depends on where you’re sending money to and how quickly you want it to arrive.

Sending UK pounds to Europe in Euros

  • The “Standard” service costs £10 and will get the money into the beneficiary’s bank account on the next business day, provided you start your transfer before 4 PM, UK time
  • The “Urgent” service costs £30 and will get the money into the beneficiary’s bank account on the same business day, provided you start your transfer before 1:30 PM, UK time

Sending UK pounds to Europe in a currency other than Euros

  • The “Standard” service costs £22 and will get the money into the beneficiary’s bank account within two to four business days, provided you start your transfer before 4 PM, UK time
  • The “Urgent” service costs £30 and will get the money into the beneficiary’s bank account within one to two business days, provided you start your transfer before 4 PM, UK time

Sending UK pounds outside Europe

  • The “Standard” service costs £22 and will get the money into the beneficiary’s bank account within two to four business days, provided you start your transfer before 4 PM, UK time
  • The “Urgent” service costs £30 and will get the money into the beneficiary’s bank account within one to two days, provided you start your transfer before 4 PM, UK time

RBS exchange rates

Here’s an example of how much you’ll pay through RBS in exchange rates when you’re transferring between UK pounds and Euros, compared to the best rate you could get:

  • RBS will convert £1,000 to 1,124 euros
  • The best exchange rate you can get would be £1,000 to 1,151 euros
  • With the £10 RBS fee, the beneficiary will actually receive 1,113 euros
  • So sending money through RBS means you’ll pay around 3.3 percent more in fixed and hidden fees

This is why it is generally not recommended to send money internationally with RBS if you’re looking for the cheapest way to send money abroad, but to compare all providers with Monito and find cheaper alternatives.

Find out more with our complete guide on how banks and money transfer operators make money with hidden fees.

How long does an RBS international wire take to arrive at the recipient bank?

Depending on the service you choose, an international money transfer with RBS could arrive the same day (in Europe) or take up to four business days to other parts of the world.

If you’re in a hurry, try finding the fastest way to send money abroad by comparing all international money transfer services with Monito.

How to make an RBS international wire transfer?

The process for sending money internationally through RBS differs by how you’re making the transfer. However you’re sending money, you will need to setup the beneficiary’s (payee’s) details first.

Setting up the beneficiary’s details

  • Go to the relevant section in your online banking or mobile app
  • Choose to add a new payee
  • Enter the name of the payee
  • Enter their details including:
  • Name and address
  • Bank branch name and address
  • Bank routing code and account number
  • SWIFT or IBAN code
  • Any special messages, references, notes or details
  • Check the details you've entered

Sending money through the RBS mobile app

  1. Log in to mobile banking
  2. Select the account that you wish to send your payment from
  3. Select ‘International payments’
  4. Select ‘Choose saved payee’
  5. Choose a payee from your list
  6. Select 'enter amount', enter the amount you want to send and press ‘Done’
  7. Then choose between the transfer types ‘Standard’ or ‘Urgent’
  8. Select the fee type
  9. Review and confirm your payment
  10. Read the terms and conditions and accept the transfer

Sending money through RBS online banking

  1. Select 'Payments and transfers' from the left hand menu
  2. Under the 'International payments' section select 'Make a Payment'
  3. Choose a payee that you’ve previously entered
  4. Enter a reference for the payment, the account you want it to leave from, and the date you want it to be sent. Once done, select ‘Next’
  5. Review the information you have entered
  6. Confirm your payment

Sending money through RBS telephone banking

  1. Make sure you’re setup for RBS telephone banking
  2. Call on: 03457 242424 Overseas: +44 (0) 131 549 8888
  3. Enter PIN and password
  4. Follow the instructions

What is RBS’s SWIFT Code?

If someone needs to send you money from abroad, they’ll need a SWIFT Code. The SWIFT Code for RBS is: RBOSGB2L

Which RBS address and details should someone use when sending me money from abroad?

  • Bank address: Premier Place, Devonshire Square, London, EC2M 4XB, Kingdom
  • Beneficiary Account Number: RBS bank account number, including leading zeros

What Monito Likes About RBS

  • If you’re an RBS customer, you can send money internationally simply from your online banking, in a branch, over the phone, or via their app
  • Secure transfer with a bank you already trust with your money

What Monito Dislikes About RBS

  • Fixed fee for money transfers, which can be expensive if you want to send money quickly
  • Hidden fees in the currency exchange rate margin
  • No visibility on the exchange rate applied to your transfer beforehand
  • You can only send money to a bank account
  • It takes up to four business days

Find the cheapest way to send money abroad

Royal Bank of Scotland currency exchange service

If you’re travelling abroad and want to exchange UK pounds to a foreign currency before your travel,  you have several options:

  • You can order any amount between £100 and £2,500
  • There are no fixed fees for buying currency, but the exchange rates are worse than you could get elsewhere
  • You can order foreign currency up to 10 days before you need it and choose a delivery date
  • Foreign currency will be delivered to your closest RBS branch for free
  • You can also have currency delivered to your home for free (£5 charge applies if order is under £500)
  • You can go into a branch to order travel money or call RBS on 0345 300 1278

Exchange rates for RBS foreign exchange services

Here’s how much RBS provides when you buy a foreign currency.

  • RBS will convert £1,000 to 1,100 euros
  • The best exchange rate you can get would be £1,000 to 1,151 euros
  • So sending money through RBS means you’ll pay around 4.5 percent more in hidden fees

You can find much better deals, and pay much less, by comparing international money transfer providers.

Compare travel money services for any major currency

Using your Royal Bank of Scotland credit card abroad

In general, the foreign fees applied for using your RBS credit card abroad will depend on your credit card. You can learn about innovative multi-currency cards here.

What are the fees for using RBS credit or debit cards at an ATM abroad?

Foreign currency withdrawal from any UK cash machine (ATM)

Foreign Cash Fee of 2 percent of the value of the transaction (minimum £2, maximum £5) plus a Non-Sterling Transaction Fee of 2.75 percent of the value of the transaction.

Currency withdrawal at an ATM outside the UK

Foreign Cash Fee of 2 percent of the value of the transaction (minimum £2, maximum £5) plus a Non-Sterling Transaction Fee of 2.75 percent of the value of the transaction.

What are the fees for paying in foreign currencies online or at a shop with RBS credit or debit cards?

RBS typically charges a foreign purchase fee of three percent of the total transaction amount (minimum £3) for credit cards. For debit cards they charge a foreign purchase Fee of 2.75% of the value of the transaction (minimum £1).

What you need to know when withdrawing money/paying abroad?

The ATM or Point of Sale device will often ask you if you want to use your card’s currency (UK pounds if you’re banking with RBS) or the local currency (let’s say Euros if you’re in Paris).

💡 Tip
You always want to pay in the local currency! If you pay in your home currency (UK pounds), you’re getting a dynamic currency conversion (DCC) which is often a very bad rate (we’ve seen 5-18% currency exchange margin).

Save money now and find the cheapest way to send money abroad

Monito.com

Global Impact Finance Ltd
Rue du Pont 22
1003 Lausanne
Switzerland

Affiliate Disclosure
Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.