Bank of Scotland International Money Transfer

Bank of Scotland International Money Transfer

A Bank of Scotland international transfer outside of the UK can be processed through the Internet banking module and Mobile app of this financial institution. The overseas transaction can be made in any of the approved European Economic Area (EEA) and non-EEA currencies. The Bank of Scotland allows international funds transfer to two categories of countries- Zone 1 and Zone 2. All transactions in foreign currencies have bank fees associated with them. Just like every other foreign exchange (forex) transaction, exchange rates are also levied on any fund transfer outside of the United Kingdom. 

How to Make Bank of Scotland International Money Transfer?

Bank of Scotland customers with an Internet Banking account can simply log in to their account to send money internationally. The sender must input the name and address of the recipient, the name and address of the bank of the recipient, and the International Bank Account (IBAN) or account number of the recipient. To transfer funds to EEA countries, the sender must input the Bank Identifier Code (BIC)/ clearing code/ Society for Worldwide Interbank Financial Telecommunication (SWIFT code). 

Also Read: BOA International Wire Transfer

Internet Banking

If you are making Bank of Scotland international money transfer through Internet Banking, you can follow these steps:

  • Visit the official website of the Bank of Scotland.
  • Select the account you want to make the transfer from.
  • Choose the “More Actions” option.
  • Click on “Payments and Transfers”.
  • Choose the “Send money outside the UK” tab.
  • Select the “Pay someone new” option for paying to a new recipient and choose the “Select an international recipient” tab if paying to a person whom you have already transferred before.
  • Fill in the amount and currency you want to transfer.
  • Select the “Flag” icon if sending money in a currency other than EUR to the standard currency of the bank for the recipient’s nation.
  • Click on “Continue” and review the payment details.
  • Choose the “Confirm Payment” option to complete the payment. The bank asks for the sender’s Internet Banking password for security reasons, if money is being transferred to an old recipient. If the sender is sending funds to a new recipient, he/they/she has to verify the payment through a phone call. 

Mobile App

To make a Bank of Scotland international money transfer via the Mobile app of the bank, the sender needs to follow these instructions:

  • Go to the right-hand corner of the app and click on the ‘three dots’. Select the account from which you want to make the transfer.
  • Click on the “Send money outside the UK” option.
  • Click on “Select international recipient” to send money to an existing recipient. Select the “Pay someone new” option to transfer funds to a new recipient.
  • Mention the amount and currency to be transferred.
  • Choose the “Flag” icon if you are sending funds in a non-Euro currency to a standard currency of the Bank.
  • Click on “Continue” to review the details of the overseas transaction.
  •  Select “Confirm Payment” to finish the transaction. 

Transaction Limit

The transaction limit for Bank of Scotland international transfers is mentioned in the table below:

ChannelsTransaction Limits
Telephone BankingUp to £10,000
Online (Internet Banking and Mobile App)Up to £100,000 in one business day
BranchNo maximum limit

Accepted Currencies

The Bank of Scotland accepts payments for international transfers in the following currencies:

  • Euro (EUR)
  • British Pound Sterling (GBP)
  • Australian Dollar (AUD)
  • Japanese Yen (JPY)
  • United States Dollar (USD)
  • Swiss Franc (CHF)
  • New Zealand Dollar (NZD)
  • Singapore Dollar (SGD)
  • Canadian Dollar (CAD)
  • Norwegian Krone (NOK)

Also Read: HSBC Global International Money Transfer 

Time Limit

The delivery time of a Bank of Scotland international transfer depends on the currency and destination of the payment. Tabulated below are the transfer durations for different payment types:

Currencies DestinationsDelivery Times
EURUnited Kingdom, Monaco, EEA member nation, San Marino, SwitzerlandBy the next business day
EEA currencies other than EUR/GBP/CHFEEA CountryWithin 4 working days
Any CurrencyCanada, New Zealand, North America, the Middle East, South Africa, Japan, and other Far East nations Within 4 business days
Any currencyAny countryWithin 5 working days

Bank Fees

A Bank of Scotland customer has to pay the following charges for making an overseas transaction:

Payment TypeBank Fees
International Payments in EURNil
Other payments from the Bank account£9.50
International Transfer to Zone 1 (the USA, non-EEA nations, and Canada) £12
International Transfer to Zone 2 (Rest of the World)£20

Exchange Rates

The standard exchange rate of a Bank of Scotland international transfer is dependent on the amount being transferred. The standard exchange rate has a margin, which is the difference between the purchasing and selling price of a currency in the foreign exchange market. Here is the estimated margin for different payment values in GBP:

Payment ValueCurrent Margin for transferring funds outside the UK or in a foreign currency
0 to £10,0003.55%
£10,000 to £50,0002.40% to 3.55%
£50,000 to £100,0002.40% to 2.10%
£100,000 to £250,0002.10% to 1.50%
£250,000 and more1.50%

FAQs

Q1. How long does Bank of Scotland international payments take?

Ans. Bank of Scotland takes 24 hours to 5 working days to complete an overseas transaction. The delivery time depends on the currency in which you make the payment and the country in which the recipient is residing. 

Q2. How do I make a Bank of Scotland international transfer?

Ans. Bank of Scotland overseas money transfers can be made through the Internet Banking portal and Mobile App of this financial institution. Customers can also send funds outside the UK through the physical branch of the bank and via telephone banking.

Q3. How much does the Bank of Scotland charge for international transfers?

Ans. The bank charges no money for international transfers in EUR, £12 for transfers to non-EEA countries, USA, and Canada, and £20 for overseas transfers to the rest of the world. 

Stay connected with Fly Finance and Leverage Edu to know about international money transfer options while planning your study abroad journey. 

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