Foreign exchange rates
Information:
The exchange rates shown here are only for funds being transferred out of your Nationwide account.
Current exchange rates
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Making a payment
When you make a SWIFT or SEPA payment in a foreign currency from your Nationwide current account, you’ll be given the current exchange rate for your specific payment before you submit your request.
Our international payments and currency conversion services are carried out by a third party provider.
If you make an international payment from your Nationwide account, you can choose to send it in foreign currency or in pound sterling.
If you make an international payment in foreign currency, we will convert the money from pound sterling to the foreign currency before sending it. We use the latest standard outbound exchange rate, which is updated throughout the day. The standard outbound exchange rate includes a currency conversion mark-up of 2.2%. The mark-up is added by the third party processing the currency conversion. We receive a share of this mark-up. The standard outbound exchange rate shown on your statement includes the currency conversion mark-up of 2.2%.
If you choose to send your payment in pound sterling the receiving foreign bank will convert the currency. They will use their own exchange rate and may apply their own charges to the transaction.
Example transaction
The exchange rate and figures below are only an example.
You send $100 to a foreign bank account.
Nationwide uses a third party to convert pound sterling into dollars using an exchange rate of: $1 = £0.8392.
This exchange rate includes a currency conversion mark-up of 2.2%. For $100 this mark-up equals £1.81.
The mark-up amount and calculation will not appear on your statement as it is included in the exchange rate.
The amount of pound sterling converted is £83.92.
A £20 SWIFT transaction charge is applied.
The total amount taken from your Nationwide account is £103.92.
Our international payments and currency conversion services are carried out by a third party provider.
When a foreign bank sends money to Nationwide, they will either convert the money into pound sterling before sending it to us, or they will send it as foreign currency.
When we receive an international inbound payment in foreign currency, we use the standard inbound exchange rate to convert the currency into pound sterling. A currency conversion mark-up of 0.5% is included in the standard inbound exchange rate. This percentage is set by the third party and is not an additional charge from Nationwide. The standard inbound exchange rate shown on your statement includes the currency conversion mark-up of 0.5%.
If a foreign bank converts the money to pound sterling before sending it to us, the 0.5% mark-up will not apply. However, the sending bank may apply their own charges.
Example transaction
The exchange rate and figures below are only an example.
$100 is sent to your Nationwide account.
Nationwide uses a third party to convert the dollars into pound sterling using an exchange rate of $1 = £0.8253.
This exchange rate includes a currency conversion mark-up of 0.5%. For $100 this mark-up equals £0.41.
The mark-up amount and calculation will not appear on your statement as it is included in the exchange rate.
The total amount received into your Nationwide account is £82.53.
Comparing costs for sending payments in an EU or EEA currency within the UK and EEA
When you ask us to make a payment to an account in a European Economic Area (EEA) country in euros or another EU or EEA currency, we will also provide you with our charges for carrying out the currency conversion calculated by comparing our standard outbound exchange rate against the latest euro foreign exchange reference rates issued by the European Central Bank (ECB).
Both our standard rate and the ECB rate vary and so the latest rates available to us will be used to calculate the total currency conversion charge. Our standard outbound exchange rate will be displayed at the point that you request the payment within the Internet Bank and the effective date of the ECB rate that will be used will also be displayed, as these rates are updated every working day at 3pm.