Wire transfer is the fastest mode of receiving money in your Santander Bank account from abroad. You can receive money into your Santander Bank 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 Santander Bank
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 Santander Bank account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||Santander Bank UK|
|SWIFT BIC Code for Santander Bank:||For Santander Bank UK, this code is ABBYGB2L|
|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 Santander Bank 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.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your Santander Bank account, You need to know the following information about the person or company receiving the money:
1. The recipient’s account name and address
2. The recipient’s IBAN or account number
3. The name and address of recipient’s bank – including the BIC (Business Identifier Code) / SWIFT code / clearing code
Incoming Wire Transfer Fees for Santander Bank UK
International Incoming Wire Transfer Fees for Santander Bank is as follows:
|International Payment from abroad||No Charge (Charges may be deducted from the transmitted funds by any intermediary bank used. Santander has no control over these charges.)|
Outgoing Wire Transfer Fees for Santander Bank UK
International Outgoing Wire Transfer Fees for Santander Bank is as follows:
|Santander International Payments Services|
|Sterling outside UK||£25|
|Foreign Currency abroad||£25|
|Single Euro Payments Area (SEPA) Credit Transfer|
|SEPA Credit Transfer||£15|
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.
Incoming Wire Transfer Cutoff Time for Santander Bank UK
1. For Incoming International Wire Transfer Cutoff time for Santander Bank UK is 5:00 pm.
The funds will normally be credited to your account on the same day. If it is an International Payment the bank will credit your account providing the bank receive the payment by no later than 5pm.
Outgoing Wire Transfer Cutoff Time for Santander Bank UK
|Currency||Destination||Cut-off time||Settlement Date|
|GBP||Within the EEA||3:00 pm||1:00 pm||Same day|
|EUR||Within the EEA||11:30 am||11:30 am||Same day|
|SEPA – euro transfers||Within the EEA||2:30 pm||1:00 pm||Next business day|
|USD||Within the USA||3:00 pm||1:00 pm||Same day|
|All other currencies||Any country||3:00 pm||1:00 pm||Usually within four business days|
Any requests received after cutoff time will normally be processed the next working day.