International payments
Make and receive international payments quickly, securely and cost effectively with our range of international payment methods.
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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).
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:
See all available currencies
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)
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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).
2.30pm through Business Online Banking
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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.
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How to make your international payment
You can find a step by step guide to making international payments in our help and support section.
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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.
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Please note: charges may apply for the transaction. Please check your account tariff for details.
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Exchange rates
We will convert international transfers from and to your account using our standard exchange rate. This changes to reflect the currency market movements and includes a margin of 4%.
If you are making a payment of £20,000 or more, you can book a rate in advance by calling us. To find out our current exchange rate, call us on on 03457 213 213. Lines are open Monday to Friday 8am to 6pm, Saturday 9am to 12pm. Call charges apply.
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.
Important information
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.
IBAN
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.
BIC
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.
Cutoff time
The latest time on any given day that we can process payment instructions.
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.