Wire transfer is the fastest mode of receiving money in your Royal Bank of Scotland Plc account from abroad. You can receive money into your Royal Bank of Scotland Plc 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 Royal Bank of Scotland Plc
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 Royal Bank of Scotland Plc account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||Royal Bank of Scotland Plc UK|
|SWIFT BIC Code for Royal Bank of Scotland Plc:||For Royal Bank of Scotland Plc UK, this code is RBOSGB2L|
|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 Royal Bank of Scotland Plc 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 Royal Bank of Scotland Plc account, You need to know the following information about the person or company receiving the money:
1. Your name, address, sort code and account number
2. A contact number and email address (email optional)
3. The amount and currency the payment should be sent in
4. The payment type (standard/urgent) and date the payment should be sent
5. The beneficiary’s name and address
6. The beneficiary’s bank details (IBAN/BIC etc.) plus name and address
7. Any messages or references
8. Signatures of account holder(s)
Incoming Wire Transfer Fees for Royal Bank of Scotland Plc UK
International Incoming Wire Transfer Fees for Royal Bank of Scotland Plc is as follows:
|Payments up to and including £100||£1|
|Payments of over £100||£7|
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 Royal Bank of Scotland Plc UK
The Wire Transfer Cutoff Time for Royal Bank of Scotland Plc will depend on the currency of your payment.
1. For Euro and Sterling cutoff time is 1:30 pm.
2. For all other currencies cutoff time is 4 pm.
3. Any requests received after cutoff time will normally be processed the next working day.