Business Account Overseas Money Transfer Options – RBS Bank
RBS overseas business payments may have associated charges and fees which you can avoid when making corporate money transfers. If your business has overseas payments to manage, a regular foreign payroll to make, or overseas earnings to repatriate, RBS business clients should consider using a currency transfer specialist to help save money and automate these processes.
| RBS (ROYAL BANK OF SCOTLAND) | MIN. TRANSFER | SPEED | *GUIDE RATES | INFORMATION |
|---|---|---|---|---|
| GBP £ - to EUR | NO MINIMUM | 5/7 DAYS | €1.143 | MORE DETAILS |
| GBP/EUR (BROKER RATES) | FROM £100 | 1 DAY | €1.194 | MORE DETAILS |
| EUR € - to GBP | NO MINIMUM | 5/7 DAYS | £0.791 | MORE DETAILS |
| EUR/GBP (BROKER RATES) | FROM £100 | 1 DAY | £0.826 | MORE DETAILS |
| GBP £ - to CHF | NO MINIMUM | 5/7 DAYS | Fr 1.065 | MORE DETAILS |
| GBP £ - to CZK | NO MINIMUM | 5/7 DAYS | Kc 28.947 | MORE DETAILS |
| GBP £ - to DKK | NO MINIMUM | 5/7 DAYS | kr 8.53 | MORE DETAILS |
| GBP £ - to HUF | NO MINIMUM | 5/7 DAYS | Ft 470.599 | MORE DETAILS |
| GBP £ - to NOK | NO MINIMUM | 5/7 DAYS | kr 13.193 | MORE DETAILS |
| GBP £ - to PLN | NO MINIMUM | 5/7 DAYS | zl 4.955 | MORE DETAILS |
| GBP £ - to SEK | NO MINIMUM | 5/7 DAYS | kr 13.15 | MORE DETAILS |
Transfer exchange rates are calculated and updated hourly (Monday to Friday) from 8 am to 4 pm UK – GMT
RBS Business Account – General Fees
The RBS Business Account is a popular choice for businesses looking for a reliable banking service. However, like any other bank account, it comes with a range of fees that businesses need to be aware of. Some of the general fees associated with the RBS Business Account include monthly maintenance fees, transaction fees, and overdraft fees. The exact fees will depend on the type of account you have and the services you use. It’s essential to carefully review the fee schedule to ensure you understand all the charges and how they may impact your business’s finances. With proper planning and management, you can minimise the impact of these fees and save money when sending or receiving funds overseas.
RBS Business Account – International Charges
The RBS Business Account is a popular choice for businesses looking for a reliable and efficient banking solution. However, it’s important to be aware of the international charges that may apply when using this account outside of the UK. These charges can include currency conversion fees, overseas transaction fees, and international transfer fees.
To help minimise these costs, it’s recommended to use international payment methods such as SWIFT or SEPA transfers, and to consider using a foreign currency account if conducting regular business in another currency. Overall, the RBS Business Account remains a popular and convenient choice for many businesses, but it’s important to factor in the potential international charges when managing finances across borders.
RBS Bank – International Business Exchange Rates
RBS Bank offers quite competitive exchange rates for various currencies to help businesses effectively manage their international transactions. With a team of experienced foreign exchange specialists, RBS Bank provides solutions to meet the unique needs of each business. The bank also offers a range of tools and resources to help businesses monitor and manage their currency exposure.
Overall, RBS Bank is a reliable partner for businesses looking to manage their international currency transactions, however, business owners may want to explore alternative options if they frequently conduct international business and want to minimise their exposure to the foreign exchange markets.
RBS Bank and SEPA (Single Euro Payments Area)
SEPA (Single Euro Payments Area) rules are written around the euro currency, general EU banking laws and do not take into account the actual currency conversion or money transfer exchange rates, which is what happens when money is transferred into or out of the euro zone. European banks including RBS Bank can still charge anything they like for that service, irrespective of SEPA.
The aim of SEPA is to make payments in euro and across Europe as fast, safe and efficient as UK payments are today. On the downside, all banks (RBS Bank included) will still charge their own foreign exchange margin rate to the transaction.
Example: RBS Bank SEPA Business Transfer
A RBS Bank SEPA business currency transfer (RBS Bank to an external bank brand) from UK pounds to the euro has a commission fee capped at £2.00 on the actual transaction, however the transfer amount sent has a 4.9 percent exchange rate margin applied, which is deducted on the total amount received. This is far from the best business money transfer deal on the market. Moreover, SEPA payments can take longer to complete than transactions via a currency transfer specialist.
For businesses who transfer regular amounts overseas to make payments in the euro or other popular European currencies, using a currency broker is a money saving decision if your monthly transfers exceed £250. For smaller amounts you’ll have to continue using RBS Bank service.
For further information regarding RBS Bank overseas business exchange rates, business account international payment fees, charges and SEPA, you could ask a currency transfer specialist which options you have available for your business payment requirements, or contact your local branch’s RBS Bank Business Manager directly.
