The Co-operative bank international transfer: Fees, rates and transfer time

The Co-operative Bank refers to itself as the UK’s “original ethical bank”,¹ founded in 1872 and has over 2 million customers.²

Like most UK banks, the Co-op offers a service for international money transfers. This means sending money to a bank account in another country. It could be useful if you have friends or family living in another country, or you live or work abroad yourself.

In this guide, we’ll walk you through how to make a Co-operative Bank international transfer. We’ll cover it all - including the details you’ll need and how much it costs.

We’ll even show you an alternative - Wise, which offers fast, secure worldwide money transfers with great exchange rates and for low fees*.

What are the fees for an international payment with the Co-operative Bank in the UK?

The exact fees you’ll be charged depend on the transfer details, including where the money is heading to.

But here are the main Co-op Bank international transfer fees you need to know about:³

Co-operative Bank international transfer	Regular fees
Sending an international transfer - SWIFT	0.25% (min. £13 to max. £35)
Sending an international transfer - SEPA (payments in EUR between EU member states)	No charge
Sending an international transfer - Real Time Euro Payments (sending EUR out of the UK)	£25
Sending Structured USD payments (sending USD to the US)	£8
Receiving international payments4	No charge for payments of £100 or less. £6 for all other payments
Additional fees	Postage, transmission and agents charges may apply

The Co-operative Bank exchange rates

The Co-op Bank uses its standard exchange rate to convert your GBP into the recipient’s local currency.

This rate includes a margin (mark-up) of 4% on the mid-market exchange rate. This also applies to payments in other currencies that you receive into your Co-op Bank account.³

Under some circumstances, such as SWIFT payments where a number of other banks are involved, it’s also possible that an agent or correspondent bank, or the recipient’s bank, will apply its own exchange rate to the transfer.

As these intermediary banks don’t need to worry about keeping their customers happy, they generally don’t offer a great deal.

A quick cost comparison - Co-op Bank vs. Wise

To help you understand how both the fee and exchange rate affect the overall cost of your international transfer, let’s run through a quick example.

Let’s imagine you want to send £1,000 from the UK to a family member in Australia (who has an account denominated in Australian dollars or AUD).

Below is a comparison of how much this transfer will cost you using the Co-operative Bank, and using a money transfer specialist like Wise.

Provider	Fee	Exchange rate	Total cost
The Co-operative Bank3	0.25% (min. £13 to max. £35)	Exchange rate + 4% markup	£13-£35 + 4% exchange rate markup
Wise5	£4.02	The mid-market exchange rate (with no mark-up)	£4.02

As you can see from this example, making international transfers with the Co-operative Bank can be much more expensive. And that’s not even factoring in the 4% mark-up on the exchange rate.

This margin is how banks and some money transfer providers make a profit, while providers like Wise use only the mid-market rate with no mark-up.

So, it’s always a good idea to compare the exchange rate you’re offered with an online currency converter to find out how much your international transfer is really costing you.

In addition, nearly all transfers sent internationally are sent via SWIFT. Which means there are often 1-3 intermediary banks in addition to the recipient bank that may levy fees of their own. Whether it’s you or the recipient that pays these fees, they do add up.

How do you make an international bank transfer with the Co-operative Bank?

It used to be the case that you could set up international transfers within your Co-op Bank online banking. However, the bank now advises that the only way to send money overseas is to call.

Making sure you have all the right details to hand (we’ll cover what you need in just a moment), you’ll need to call the bank on 03457 212 212. This line is available from 8am to 6pm Monday to Friday, and 9am to 5pm on Saturday and Sunday.⁶

You’ll need to provide the details of the transfer, including recipient information and the amount. If the payment isn’t in a Single Euro Payment Area (SEPA) or Structured USD payment, it’ll automatically be sent via SWIFT.

You’ll be asked whether you want to cover all of the charges for this, or share them with the recipient (or alternatively, have the recipient pay all charges).

It’s important to note that you can’t schedule international payments for a date in the future. Once you’ve confirmed the details over the phone, the transfer will be processed immediately (or the next working day).

What do I need in order to make an international money transfer?

You’ll need the following to make an international money transfer with the Co-operative Bank:⁶

• The full name of the person you’re sending the money to
• The recipient’s IBAN number (International Bank Account Number) and bank account number
• The relevant SWIFT/BIC code, or routing code if you’re transferring to the USA
• The amount you’d like to transfer and the currency you’d like to transfer the funds in.

You might also be asked for additional details, such as the recipient’s bank name and address, but it depends on the destination.

What do I need in order to receive an international bank transfer?

If someone in another country wants to send money to your Co-op Bank Account in the UK, you’ll need to hand over a few details.

To make sure you get your money safely, here’s what you’ll need to provide:⁶

• Your full name and address
• The Co-operative Bank’s registered address, which is - The Co-operative Bank plc, 1 Balloon Street, Manchester, M4 4BE.
• Your IBAN - use our IBAN checker and we’ll tell you if it’s the right format.
• Your account number and sort code if the person is sending from a country that doesn’t use IBANs
• The correct Co-operative Bank SWIFT code or BIC - this is CPBKGB22.
• The amount being transferred and the currency to be used. Don’t forget to take into account any charges you’re liable for.

You’ll find your Co-operative Bank IBAN number on any bank statement, and you can use this handy tool to find or check your SWIFT/BIC code.

Co-op Bank transfer times - how long does it take?

It can take a few days to make your transfer, depending on where you’re sending money to.

Here’s an idea of timescales for each type of international transfer:⁶

• EUR payments send to an EU/EEA country should reach the recipient by the close of the next working day
• Payments sent in other EEA currencies should arrive within 4 working days
• Non-EE/EEA payments can potentially take up to 4 working days.

Is there any way to make a faster transfer for an extra fee?

Unfortunately, the Co-operative Bank doesn’t currently offer a way to speed up international transfers.

However, if you need a EUR payment to be sent to Europe more quickly, you can arrange a Real Time Euro Payment (TARGET) for £25.³

This can potentially be received on the same day if processed by 2pm, but there’s an outside chance that it actually takes 1-3 days if there are any issues on the recipient’s side.³

Need help with your transfer? Here’s how to contact the Co-operative Bank

• Call 03457 212 212⁷
• Send a secure message by logging into online banking
• Pop into your nearest Co-op Bank branch.

A cheap and transparent alternative: Wise

Whatever your reason for needing to send or receive money from abroad, you could get a better deal with Wise.

Wise doesn’t work the same way as banks do. For starters, we only use the mid-market exchange rate - so there are no mark-ups or hidden fees to worry about. There’s only a small transparent fee per transfer*.

All payments are sent quickly and securely and if you need to move money internationally often, the Wise account could be the perfect money-saving solution. You can hold your money in 40+ different currencies, and convert it using the mid-market rate when you need it the most for only a small fee*.

And if you live in one country but have work, clients, family or friends overseas, your Wise account gives you access to local account details so you can get paid in the local currency for low to no fees*.

Even better, there are no intermediary banks involved, so no extra fees to worry about.

Open your Wise account 🚀

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Sources used:

1. The Co-operative Bank - About Us
2. The Co-operative Bank - Current Account
3. The Co-operative Bank - Exchange Rates
4. The Co-operative Bank - Account Charges
5. Wise - Send Money
6. The Co-operative Bank - International Payments
7. The Co-operative Bank - Contact Us

Sources last checked on date: 21-July-2024