RBS International Money Transfer

When students decide to study abroad, they not only get ready for their exciting journey but also for a variety of different challenges that they may encounter as foreign students throughout their academic journey. When studying abroad, one of the main worries is how to send and receive money. Even the parents of the students are constantly worried about providing money to their children so as to avoid putting a strain on their daily costs. Are you one of them then? Planning to send money abroad while studying or traveling abroad? We will highlight how RBS international money transfer can make the entire process simple through this blog.

Also Read: HNB International Money Transfer

Royal Bank of Scotland International Money Transfer: All You Need to Know

About RBS Bank

The Royal Bank of Scotland (RBS) has about 700 locations in the UK, with the majority of those being in Scotland. Its personal and business banking services, which are offered by a completely different organization from the Bank of Scotland, are available to more than 19 million customers. The 1727-founded Royal Bank of Scotland (RBS), together with Ulster Bank and NatWest, is a part of the NatWest Group. Despite having most of its operations in the UK, the bank recently established a presence in the US thanks to a number of acquisitions made at the turn of the 20th century. RBS offers over 60 additional currencies in addition to the US dollar, British pound, and euro.

Also Read: KVB International Money Transfer

RBS International Money Exchange Rates

RBS charges additional costs in addition to the mid-market rate when sending money abroad.

Depending on the currency being converted, a different exchange rate margin will be imposed to each foreign currency transfer. However, RBS consistently charges significant exchange rate margins; you should prepare to pay exchange rate margins of at least 4.5 percent. As an illustration, the margin for converting GBP to EUR is 4.58%.

RBS International Money Transfer Fees 

With Faster Payment, RBS offers free domestic money transfers. Expect to pay £15 when sending money internationally, and up to £30 when using telephone or in-branch banking.

Additional Costs

Customers of RBS are charged 2.75% of the transaction value when they withdraw cash in foreign currency from locations outside of the UK. Additionally, it will cost consumers between £1 and £7 to receive overseas transactions that are not in Euro into their RBS accounts.

Also Read: MIZUHO Bank International Money Transfer

How to Make RBS International Money Transfer and How Much Time Does it Takes?

Setting Up Beneficiary (Payee’s Details)

Depending on the way you’re sending the funds, the procedure for doing so through RBS varies. Regardless of how you send money, you must first set up the beneficiary’s (payee’s) information.

• Navigate to the appropriate portion of your mobile app or online banking.
• Select to include a new payee.
• Type the payee’s name.
• Enter the following information about them:
• Name and location
• location of the bank branch
• Routing number and account number for a bank
• IBAN or SWIFT codes
• Any specific remarks, citations, notes, or information
• Verify the information you provided.

A global money transfer with RBS could arrive the same day (in Europe) or take up to four business days to reach other areas of the world, depending on the option you select.

RBS’s SWIFT Code

A SWIFT Code is required if someone wants to transfer your money from another country. RBS’s SWIFT code is RBOSGB2L.

FAQs

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