Receiving payments
Services for electronic and paper-based payments
NatWest offers a range of services for companies receiving cross-border payments.
Electronic payments provide the quickest, most reliable method. We can also clear drafts or cheques in foreign currencies or drawn on overseas banks, either by negotiation or collection.
Electronic payments is the fastest and most secure way to receive currency and sterling payments from abroad and currency payments within the UK.
Benefits:
- Improved cash flow- funds are received from abroad as quickly as possible. This will be either on the value date requested or, if this is not possible, on the next best possible value date
- Cost effective- only £1 for payments up to £100 (or currency equivalent) and £7 for payments over this amount
- Paper work eliminated- cut the administration involved in handling paper-based payments
- Automatic currency conversion- payments can be automatically converted to the currency of the destination account
Electronic international payment information
- Our name in full: National Westminster Bank Plc
- Our SWIFT address: NWBKGB2L
- Your account name and IBAN are included in your statement.
Payment by negotiation can be used if the draft or cheque is in the local currency of the country on which it is drawn (e.g. US dollars payable in the US) – though it we may still have to send it for payment by collection.
Foreign currency cheques will be credited to your sterling or currency account within 4-5 working days of processing, once agreement to negotiate with recourse has been made.
We will normally pay you the value of the draft or cheque, less our charges, using a cheque-buying rate if conversion is necessary.
Payment by Negotiation fees:
0.25% per pay-in (Min £7 - Max £45)
If the payment is not honoured by the paying bank we will subsequently debit from your account the value of the draft or cheque plus a handling fee.
Payment by collection
Sometimes we will have to send a draft or cheque for collection.
This could happen where:
- The payment is coming from a country with a high risk rate
- It is not in the local currency of the sender's country (e.g. US dollars payable in Greece)
We will send the draft or cheque to the bank on which it is drawn and will not credit your account until we have received the money or have been assured that it will be paid.
The time taken will depend on the country the payment is coming from and the bank clearing the payment.
Sterling drafts drawn on a UK bank can be paid directly into your NatWest sterling account.
Payment by Collection fees:
Cheques sent abroad:
0.25% per item (Min £20 - Max £70) plus Agent's charges
Cheques sent to other banks in the UK:
£12.00 flat per item plus Agent's charges