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Nationwide is the seventh-largest cooperative financial institution in the world. They specialize in household savings and mortgages in the UK. However, the company has an extensive offer of current accounts. With them, you can easily manage your finance through an online platform and send international payments quickly and safely.
Nationwide allows you to order both domestic and international payments. All you have to do is register a bank account and then fill out all of the necessary transfer information. To send your payment, the bank is using SEPA or SWIFT networks to transfer your money between the world’s banks. It’s worth noting that SWIFT payments and SEPA Credit Transfers can only be made from Nationwide current accounts. There is a variety of different account types you can set up.
It costs 9GBP to send EUR currency to SEPA-supported European countries, and the transfer is usually delivered within 2 days. If you want to send an international payment to other countries, you need to pay a fee of 20GBP, and they will be processed through a regular SWIFT network. With this transfer, you will need to wait at least 4 days or longer for the payment to be processed and delivered. Your recipient’s bank or other payment intermediaries may charge additional fees for processing your payment.
The markup on the exchange rates is set at around 2%-3% higher compared to the average market prices.
The regular limit is set at 10,000GBP per transactions. If you want to send more significant amounts, you need to pay an additional fee of 20GBP and set up “CHAPS” payment. All of it can be done through a Nationwide online platform.
The overall bank costs for transfers through regular payment networks like SWIFT, are still considerably too high compared to online payment processors. In most cases the independent competition is able to provide almost instant and cheap international money transfers. However, Nationwide’s offer seems to be quite reliable, and the costs don’t stand out from other financial mainstream institutions and other banks.
To send money through Nationwide you need to open a bank account with them. Then, fill out the information about your transfer. You will need your recipient's full name and address, their IBAN or account number, and the name and address of the recipient's bank and BIC or SWIFT codes. There are different costs and requirements for European transfers and International transfers.
It’s best to visit your local branch or contact their representative for the latest information about the offer and registration process. If you already have an account, you can connect it to the online banking platform easily through their webpage. Then, you will be able to access it through their mobile app wherever you are.
The bank needs to comply with all of the financial laws and regulations, and all of the payments are processed via secure SWIFT or SEPA systems. Moreover, they give each user unique login details, which they confirm with you every time you make a transaction. Each time you log in to their internet banking platform, you can check the details of your last session and activity to verify that no one else has access to your account. If the bank spots any suspicious activity or transactions, they call you to confirm if it’s really you. Also, if you comply with all of the security measures and your money is still stolen, they will refund you.
Surprisingly, compared to other UK’s mainstream banks, Nationwide managed to avoid any notable controversies and hasn’t violated any financial rules. Their credit ratings are mixed. It’s worth noting that they have issued a statement that they want to fight again modern slavery and human trafficking. This means the company will not cooperate with other companies who extort people in any way. You can read that: “We complete risk profile reviews of each service that our suppliers provide, so that we identify those suppliers that represent the greatest potential risk to us and our members. We’re committed to identifying these risks and making sure our supply chain is free of modern slavery and human trafficking. We complete enhanced due diligence where we feel necessary, and we also ask for assurance from our suppliers that they can follow our Third Party Code of Practice.”
While the Nationwide reviews seem to have mixed opinions, most of the customers, especially people who have been using the platform for many years, are enjoying the services and money transfers:
“Been with Nationwide for 42 years and have been very happy with their services over the years.” ~ Peter on Trustpilot
The majority of positive reviews focus on the convenient mobile app:
“I have been a nationwide customer for over 2 and half years and have been so far pretty pleased with their service. I hold a current account, a loan and a savings account. The online banking is okay and in all truthfulness could do with an update, however the mobile banking app is very good and this is my preferred method of choice when managing my finances.” ~ Carl on Trustpilot
“I would recommend this app to anyone. It is very easy to use and I love it. It saves me time and is very helpful when I am away from home and my bill is due. I can make a payment straight from my phone. I love this app” ~ Latonya on GooglePlay
When it comes to potential downsides, the customers are reporting that the online platform often doesn’t work or has technical breaks. Some of the transaction can also be delayed or canceled for one reason or another.
“I'm buying a flat and did a CHAPS payment late afternoon on Monday at a Nationwide branch. 24 hours after that it still hasn't arrived with my solicitor. We're talking thousands of pounds. The CHAPS team has apparently declined the payment due to insufficient funds. But it is clear to the people in the branch that I do have sufficient funds. The money has vanished from my account but it has not paid the recipient. Where is my money?” ~ Sandy on Trustpilot
There is a convenient contact section available on the webpage. You can choose the type of problem you have, and you will be redirected to a special department. Contact the team via a phone call, online chat, or email.
There is also a well-developed FAQ and help section, which can solve most of the initial and beginner questions on how to set up an account and send your first payment.
The bank seems to be quite reliable and secure, however, in terms of costs, there are better alternatives for international online payments. Compared to other banks, the transfer prices are quite similar and average. The payments are processed via regular SWIFT or SEPA networks and take a few days to process. The customers are praising Nationwide mobile app, as it’s convenient to use. The reviews, in general, are quite positive, and the user is satisfied with their banking offer.
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