Sending money abroad doesn’t have to be complicated. Whether you’re supporting family overseas, paying for international services, or managing business transactions, Cooperative Bank international transfer services offer a reliable solution. The Co-operative Bank UK provides flexible options for international money transfers, including online and in-branch methods.
In this guide, we’ll explore everything you need to know about Cooperative Bank international transfers, including how to send, receive, and cancel an international transfer with Cooperative Bank UK. We’ll also cover fees, exchange rates, delivery times, and step-by-step instructions.
Table of contents
- What is a Cooperative Bank International Transfer?
- How to Make a Cooperative Bank International Transfer
- Cooperative Bank International Transfer Charges
- Methods of Payment in Cooperative Bank for International Transfers
- Information Required for a Cooperative Bank International Transfer
- Delivery Times for Cooperative Bank International Transfers
- How to Cancel Cooperative Bank International Transfer?
- How to Receive Cooperative Bank International Transfer?
- Pros and Cons of Cooperative Bank International Transfers
- Tips for Cooperative Bank International Transfer
- FAQs on Cooperative Bank International Transfer
What is a Cooperative Bank International Transfer?
A Cooperative Bank International Transfer allows customers to send money securely to individuals or businesses worldwide. The bank offers two primary methods: online banking and in-branch transfers, giving you flexibility based on your needs.
These international transactions are processed through secure networks such as SWIFT, SEPA, or US Structured Payments, ensuring that your funds reach their destination safely and efficiently.
But how exactly does a Cooperative Bank international transfer work? What fees, exchange rates, and delivery times should you expect? Let’s break it down.
How to Make a Cooperative Bank International Transfer
Making an international payment with Cooperative Bank UK is straightforward. You can choose between online banking for convenience or visiting a branch for personalized assistance. Here’s how to make Cooperative Bank international transfer:
Online Banking Steps
- Log In: Access the Cooperative Bank UK online banking portal or mobile app.
- Navigate to Payments: Select “Payments and Transfers” from the dashboard menu.
- Choose International Option: Click “Pay Someone Else”, then select “International”.
- Select Account: Pick the account you want to transfer money from.
- Add Payee: Choose an existing payee or enter new recipient details (more on this below).
- Specify Amount and Currency: Enter the amount and select the desired currency.
- Choose Charging Method: Decide who pays the fees—sender, recipient, or shared.
- Intermediary Bank (if applicable): Select “Use Bank to Bank Information” and input third-party bank details if required.
- Confirm: Review and submit the transaction using your security token.
In-Branch or Phone Option
- Visit your nearest Co-operative Bank branch or call 03457 212 212 (Monday-Friday 8 AM-6 PM, Saturday-Sunday 9 AM-5 PM).
- Provide the same recipient details and follow staff instructions.
Cooperative Bank International Transfer Charges
The cost of a Cooperative Bank International Transfer depends on several factors: the destination country, transfer amount, and method used. Here’s what you need to know:
- Transfer Fees:
- SWIFT transfers: 0.25% of the transfer amount (minimum GBP 13, maximum GBP 35) plus additional agent or intermediary bank charges.
- SEPA transfers (in euros to EEA countries): No specific transfer fee, but exchange rate markups apply.
- US Structured Payments: GBP 8 for USD transfers to the USA, with potential agent fees.
- Investigations or cancellations: GBP 20 plus transmission costs, waived if the error is due to the bank.
- Exchange Rates: The Co-operative Bank applies its standard exchange rate, which includes a 4% markup over the mid-market rate. This markup can significantly increase the overall cost, especially compared to alternatives like Wise, which uses the mid-market rate with no markup.
For example, sending GBP 1,000 to Australia might cost GBP 13-GBP 35 in fees with Cooperative Bank, plus an additional GBP 40 (4% of GBP 1,000) hidden in the exchange rate. Always compare the offered rate with the mid-market rate using an online currency converter to understand the true cost.
Check the latest fees and rates on the Co-operative Bank website or call their customer service at 03457 212 212.
Also Read: Discover Bank International Wire Transfer
Methods of Payment in Cooperative Bank for International Transfers
Understanding the methods of payment for Cooperative Bank international transfers can help you save time and money. Cooperative Bank UK supports several methods for processing international transfers, each suited to different regions and currencies. Here’s an overview of how your overseas payment is handled:
- SWIFT: Used for global transfers, involving a network of correspondent banks.
- SEPA: For low-cost euro payments within the Single Euro Payments Area (EEA, Monaco, Switzerland).
- US Structured Payments: A cost-effective option for sending USD to the USA, taking up to 5 days.
Each method may incur additional agent fees, especially for SWIFT wire transfers outside the EEA and USA.
Information Required for a Cooperative Bank International Transfer
To ensure a smooth transfer, you’ll need to provide the following details:
- Transfer Amount and Currency: Specify how much you’re sending and in which currency.
- Recipient’s IBAN: The International Bank Account Number of the receiver.
- SWIFT/BIC Code: The recipient bank’s unique identifier (e.g., Cooperative Bank’s SWIFT code is CPBKGB22 for incoming transfers).
- Recipient’s Full Name and Bank Details: Including bank name and address if requested.
For transfers involving intermediary banks (common outside the EEA and USA), additional routing details may be required.
Also Read: Fifth Third Bank International Transfer
Delivery Times for Cooperative Bank International Transfers
Timing matters when sending money abroad, especially for urgent payments. Delivery times for a Cooperative Bank international transfer vary depending on the destination, currency, and method used. Here’s what to expect:
- Euro Payments to EEA/EU Countries: Arrive by the end of the next business day (within 24 hours) if submitted before the 2 PM GMT cutoff.
- Non-Euro Payments to EEA Countries: Up to 3 working days.
- Payments to Non-EEA Countries (e.g., USA, Australia): Up to 5 business days, depending on intermediary banks and local processing.
Online transfers are typically faster than branch requests, but weekends and bank holidays may delay processing. For urgent transfers, confirm the cutoff time with the bank.
How to Cancel Cooperative Bank International Transfer?
Mistakes happen, and sometimes you need to stop a payment. Canceling a Cooperative Bank International Transfer isn’t always straightforward, as success depends on the recipient bank’s cooperation. Here’s what you need to know if you want to recall or amend a transfer:
- Request a cancellation by calling 03457 212 212 as soon as possible.
- Cancellation Fees: GBP 20 plus transmission costs apply, unless the bank made an error.
- Exchange Rate Loss: If the payment is recalled, currency fluctuations may reduce the refunded amount.
Act quickly, as the bank can only intervene before the funds are credited to the recipient.
How to Receive Cooperative Bank International Transfer?
Given below are steps to receive money through Cooperative Bank international transfer in a Cooperative Bank UK account. The fastest method of receiving a transfer from abroad is through an electronic transfer. To receive an international transfer, the recipient must provide the following information to the sender:
- Bank Address: The Co-operative Bank plc, PO Box 101, Balloon Street, Manchester, M60 4EP.
- SWIFT/BIC Code: CPBKGB22.
- Your IBAN: Found on your bank statement, online banking, or mobile app.
- Account Number: Required if the sender’s bank doesn’t use IBAN.
Electronic transfers typically arrive within 1-5 days, depending on the sender’s location and method.
Pros and Cons of Cooperative Bank International Transfers
Wondering if Cooperative Bank UK is the right choice for your overseas payments? Evaluating the Cooperative Bank International Transfer service involves weighing its benefits against potential drawbacks to make an informed decision. Here’s a clear breakdown of what works in your favor and where you might face challenges.
Pros
- Flexible options: Online, phone, or in-branch transfers.
- Wide reach: Send money globally via SWIFT.
- Trusted institution: Ethical banking with a strong reputation.
Cons
- High costs: 4% exchange rate markup plus fees can add up.
- Slower delivery: Up to 5 days for non-EEA transfers.
- Limited transparency: Hidden costs in exchange rates.
For cheaper and faster alternatives, consider services like Wise or Revolut, which offer mid-market rates and lower fees.
Tips for Cooperative Bank International Transfer
Sending money abroad can be costly and time-sensitive, but a few smart moves can make a big difference. With a Cooperative Bank International Transfer, you can maximize efficiency and minimize expenses by following practical strategies. Here are some expert tips to streamline your next international payment.
- Compare Rates: Check the bank’s exchange rate against the mid-market rate to avoid overpaying.
- Choose Online Transfers: They’re faster and more convenient than branch visits.
- Plan Ahead: Submit transfers before cutoff times to avoid delays.
- Explore Alternatives: Specialist providers often beat bank fees and rates for overseas payments.
FAQs on Cooperative Bank International Transfer
A Cooperative Bank International Transfer is a service offered by The Co-operative Bank UK to send money abroad. It supports online and in-branch transfers via networks like SWIFT, SEPA, and US Structured Payments, catering to both personal and business needs.
A recipient residing in any EU/EEA country receives the international transfer within 3 working days if the transaction is made in non-EEA currencies. A receiver staying in non-EEA/EU nation receives an overseas transfer within 5 business days.
Yes. The fastest method of receiving a transfer from abroad is through an electronic transfer.
Log in to the Cooperative Bank UK online banking portal. Choose the ‘Payment and Transfers’ option from the drop-down menu on the left-hand side of the dashboard. Select ‘International’ in the subsequent steps. Enter the SWIFT/BIC Code. IBAN, Transfer Amount, and other mandatory details to complete the transfer.
Fees vary by destination and method: SWIFT transfers cost 0.25% (min GBP 13, max GBP 35), SEPA has no direct fee but includes exchange rate markups, and US transfers are GBP 8. A 4% markup on exchange rates also applies.
Log in to the online banking portal, go to “Payments and Transfers,” select “Pay Someone Else” and “International,” then enter the recipient’s details, amount, and currency before confirming the transaction.
You’ll need the recipient’s IBAN, the bank’s SWIFT/BIC code, the transfer amount, currency, and sometimes intermediary bank details for non-EEA transfers.
Yes, but it’s not guaranteed. Contact the bank at 03457 212 212 to request cancellation, which incurs a GBP 20 fee plus potential exchange rate losses if the funds are recalled.
Provide the sender with your IBAN, the bank’s SWIFT code (CPBKGB22), and the bank’s address (PO Box 101, Manchester, M60 4EP). Funds typically arrive in 1-5 days.
Not always. The bank adds a 4% markup to the mid-market rate, making it pricier than alternatives like Wise or Revolut, which offer mid-market rates with lower fees.
To learn more about international money transfers, stay tuned to Fly Finance.
