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International payments

Make and receive international payments quickly, securely and cost effectively with our range of international payment methods.

Making international payments

Receiving international payments

Exchange rates

Enquiries, amendments and cancellations

Glossary

I need more help with international payments

  • Making international payments

  • Please note: charges may apply for making international payments. Please check your account tariff for details.

Ways to pay

There are four ways of making international payments. You can use the one that best suits your business.

SWIFT

You can use The Society for Worldwide Interbank Financial Telecommunications (SWIFT) to make an electronic payment in several different currencies to almost anywhere in the world.

SEPA

You may be able to use a Single Euro Payments Area (SEPA) Credit Transfer to make a non-urgent euro payment to a payee in the SEPA.

Real Time Euro Payment (TARGET2)

This is the quickest but most expensive option for making urgent euro payments within the Eurozone.

Structured USD payment

This is a low cost service to send US dollars to the United States of America (USA).

Example transfer costs

Depending on the transaction type we’ll also charge a fixed or variable processing fee. Here are some numbers using example exchange rates, so you can see how it all adds up. A margin of up to 4% is included in the currency exchange rate.

By telephone

You want to send £100 to a bank account abroad, in dollars.

Our fee for this is 0.25% of the value of the transaction – with a minimum of £13 or maximum of £35. So, for this transfer, you’ll pay £13.

The amount will be converted at our current exchange rate, for example, 1 pound to 1.26 dollars.

So, you’d pay £113 and they would receive $126.

Using online banking

You want to send £100 to a bank account abroad, in dollars.

Our fee is fixed at £10.

The amount will be converted at our current exchange rate, for example, 1 pound to 1.26 dollars.

So, you’d pay £110 and they would receive $126.

You can find out more about SWIFT payments here.

By phone

You want to send £100 to a bank account in GBP.

Our basic fee for this is 0.25% of the value of the transaction – with a minimum of £13 or maximum of £35. For this transfer amount, you’ll pay £13.

As this is a GBP transfer there’s no exchange rate.

Instead, in this example, you'd pay an intermediary fee of £15.

Your total charges are £28.

So, you’d pay £128 and they would receive £100.

You can find out more about SWIFT payments here.

Using online banking

You want to send £100 to a bank account abroad, in GBP.

Our fee is fixed at £10.

As this is a GBP transfer there’s no exchange rate.

Instead, in this example, you'd pay an intermediary fee of £15.

Your total charges are £25.

So, you’d pay £125 and they would receive £100

You can find out more about SWIFT payments here.

By phone

You want to send £100 to a US bank account abroad, in dollars.

There’s a fixed fee for this transaction of £8.

The amount will be converted at our current exchange rate, for example 1 pound to 1.3 dollars.

So, you’d pay £108 and they would receive $130.

Using online banking

You want to send £100 to a US bank account abroad, in dollars.

There’s a fixed fee for this transaction of £5.

The amount will be converted at our current exchange rate, for example 1 pound to 1.3 dollars.

So, you’d pay £105 and they would receive $130.

You can find out more about US structured payments here.

By phone or online banking

You want to transfer £100 to a bank account in the EEA, in euros.

We don’t charge a fee for SEPA payments.

The amount will be converted at our current exchange rate, for example 1 pound to 1.13 euros.

So you’d send £100 and they would receive 113 euros.

You can find out more about SEPA payments here.

There may also be other external costs like postage, transmission and agent’s fees to pay. The person you’re transferring to would pay these fees. They’d be deducted from the final amount they receive. We have more information on these here.

What you’ll need

To make an international payment, you’ll need to know:

  • The payee’s name
  • The payee’s IBAN
  • The payee’s BIC or SWIFT code, unless you’re sending a SEPA payment
  • The type of currency you want to transfer in

You can see a full list of eligible currencies here:

Australian Dollar (AUD)

Canadian Dollar (CAD)

Swiss Franc (CHF)

Danish Krone (DKK)

Euro (EUR)

Hong Kong Dollar (HKD)

Japanese Yen (JPY)

Norwegian Krone (NOK)

New Zealand Dollar (NZD)

Polish Zloty (PLN)

Swedish Krona (SEK)

Singapore Dollar (SGD)

U.S. Dollar (USD)

South African Rand (ZAR)

  • We may ask you for further information when sending payments to some countries.

Timescales

The time it takes for your payment to arrive depends on the location of the payee’s account, the currency you’re paying in and the type of payment you’re using.

The table below shows how long payments usually take to arrive after we’ve received your request to make the payment and taken the money from your account. All times mentioned relating to international payments are given in Greenwich Mean Time (GMT).

Payment type
Cutoff time
When the payment will reach the payee
Payment type International payments in euro to any European Economic Area (EEA) country, Monaco and Switzerland.
Cutoff time 2.30pm through telephone banking 3.30pm through Business Online Banking
When the payment will reach the payee The next business day
Payment type International payments in euro by TARGET2
Cutoff time 2pm through telephone banking
2.30pm through Business Online Banking
When the payment will reach the payee Same day
Payment type International payments to accounts within the EEA in EEA currencies other than euro (EEA currencies include sterling)
Cutoff time 2.30pm through telephone banking 3.30pm through Business Online Banking
When the payment will reach the payee By the end of the fourth business day after you tell us to make the payment
Payment type International payments to accounts outside the EEA in any currency
Cutoff time 2.30pm through telephone banking 3.30pm through Business Online Banking
When the payment will reach the payee Four business days

  • Please note: if we don’t receive your payment request before the cutoff time on a business day, we’ll treat your request as received on the next business day. The timings set out in the table above will begin then.

Please refer to the terms and conditions of your account for more information about international payments and timescales.

  • How to make your international payment

    You can find a step by step guide to making international payments in our help and support section.

Find out how to make an international payment

  • Receiving international payments

    The fastest and most secure way of transferring funds into your account is through an electronic transfer. To receive a payment, you will need to provide your customer with:

    • our name in full, The Co-operative Bank p.l.c
    • our BIC or SWIFT code, CPBKGB22
    • your account name, IBAN or account number.

    Payments received in a foreign currency will be converted into sterling and credited to your account. We will let you know when payments are received through our cross-border payments system. We will show you the amount received and any deductions made.

  • Please note: charges may apply for the transaction. Please check your account tariff for details.

  • Exchange rates

    We’ll convert international transfers to and from your account using our standard exchange rate. We can give you an estimated rate at the time when you contact us to make the payment. This rate is affected by market movements, so it may change by the time your transfer is processed.

    For payments up to £20,000 we’ll apply a margin of up to 4%, this is included in the currency exchange rate. Over £20,000 our margin will be up to 4%, and you can book a rate in advance by calling us.

    You can check our current exchange rates by calling 03457 213 213. Mon to Fri 8am - 6pm, Sat 9am – 12pm. Call charges apply. For currencies the Co-operative Bank does not deal in, the currency conversion will be made by a third party.

    If you are making a SWIFT payment in GBP, you may be charged fees from intermediary banks for processing the transaction. You can find out more about these here.

Enquiries, amendments and cancellations

Before you make an enquiry, amendment or cancellation

Please read the important information below before you amend, cancel or make an enquiry about international payments you have made.

Please note:

  • You will be charged £20 plus postage, transmission and agent’s charges where applicable. You will also be charged these fees if a bank outside the UK makes an enquiry about your payment instructions to us. However, we will waive these fees if the investigation has resulted from an error by The Co-operative Bank or one of its agents.

  • We can only conduct an enquiry into a foreign payment that you have authorised 10 days after the payment was sent due to international banking agreements. If this causes problems for you, please call us on 03457 213 213. Lines are open Monday to Friday 8am to 6pm and Saturday 9am to 12 noon. Call charges apply.
  • We cannot stop your international payment once it has been sent. We cannot guarantee that the funds can be recalled or that the payment instructions can be amended, as the beneficiary bank is not obliged to return the funds.

  • If the transfer was sent in a foreign currency, you may be subject to an exchange rate loss if the payment is recalled and paid back into your account.

Make an enquiry, amendment or cancellation

If you have read the important information above and would like to proceed with an enquiry, amendment or cancellation, call us on 03457 213 213. Lines are open Monday to Friday 8am to 6pm and Saturday 9am to 12 noon. Call charges apply.

Glossary

IBAN stands for International Bank Account Number. An IBAN is always used with a Bank Identifier Code (BIC) when sending or receiving international payments. You can find your IBAN on your bank statement.

The Bank Identifier Code (BIC), also known as a SWIFT code, is a standard identifier for banks internationally. It should be used on all international payments, unless you are making a non-urgent euro payment via the Single Euro Payments Area (SEPA). In this case, the bank will derive the BIC from the IBAN provided.

The Co-operative Bank’s BIC is CPBKGB22.

The latest time on any given day that we can process payment instructions.

If you are making a SWIFT payment in GBP you may incur fees from intermediary banks for processing this transaction. These fees can either be paid by you or the beneficiary depending on what you have agreed with the recipient of your payment. If you’re unsure we recommend that you consult with the payment recipient before completing this transaction as the fees can differ across different currencies and intermediary banks

I need more help with international payments

Call us on 03457 213 213. Lines are open Monday to Friday 8am to 6pm and Saturday 9am to 12 noon. Call charges apply.