Wire transfer is the fastest mode of receiving money in your The Co-operative Bank account from abroad. You can receive money into your The Co-operative Bank account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.
International Wire Transfer to The Co-operative Bank
International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in UK) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.
Incoming International Wire Transfer Instructions
To receive international wire transfer in your The Co-operative Bank account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||The Co-operative Bank UK|
|SWIFT BIC Code for The Co-operative Bank:||For The Co-operative Bank UK, this code is CPBKGB22|
|Your International Bank Account Number (IBAN):||It’s on your statement or you can find it through online banking|
|Your Sort Code:||You can find it on your statement or through online banking|
|Beneficiary Account Number:||Your complete The Co-operative Bank account number (including leading zeros, if any)|
|Beneficiary Name:||The full name of your account as it appears on your statement|
|Beneficiary Address:||Your complete address|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees. We recommend services like TransferWise for getting best conversion rates and lower wire transfer fees.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your The Co-operative Bank account, You need to know the following information about the person or company receiving the money:
1. The recipient’s account name and address
2. The recipient’s IBAN or account number
3. The name and address of recipient’s bank – including the BIC (Business Identifier Code) / SWIFT code / clearing code
Incoming Wire Transfer Fees for The Co-operative Bank UK
International Incoming Wire Transfer Fees for The Co-operative Bank is as follows:
|Payments equivalent to £100 or less||£0|
|Payments over the equivalent of £100 and within the European Union (EU) or
European Economic Area (EEA)
|Payments over the equivalent of £100 from any country outside the European
Union (EU) or European Economic Area (EEA)
Outgoing Wire Transfer Fees for The Co-operative Bank UK
International Outgoing Wire Transfer Fees for The Co-operative Bank is as follows:
|Sterling or Foreign Currency||0.25% of the value of the payment,
min £13.00, max £35.00
|Structured USD payment||£8|
|SEPA Credit Transfer||£8|
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
Outgoing Wire Transfer Cutoff Time for The Co-operative Bank UK
|Payment type||Cut-off Time||When the payment will reach the payee|
|International payments in euro and sterling||2:30 pm||The next business day|
|International payments in euro by TARGET||2 pm||Same day||International payments to accounts within
the EEA in EEA currencies other than euro
|2:30 pm||Four business days|
Any requests received after cutoff time will normally be processed the next working day.