NatWest foreign currency account: an overview

Regularly send or receive money internationally? You might be a business owner with clients or suppliers overseas, or have friends and family in other countries. Or perhaps you just travel a lot.

Whichever is the case, a foreign currency account could be just what you need to save on high currency conversion costs.

In this handy guide, we’ll give you the full lowdown on NatWest foreign currency accounts. This includes features, fees and how to open an account.

Plus, a quick look at an alternative that lets you manage 50+ currencies and send money worldwide for low fees and the mid-market exchange rate - the Wise multi-currency account.

But first, let’s put NatWest’s foreign currency accounts under the microscope.

Does NatWest have a foreign currency account?

Yes, in fact NatWest offers more than one foreign currency account. There’s the International Select Account and the Cash Management Account.

Both are multi-currency accounts designed for expats. However,they’re available for residents of the UK along with other countries including the US, Canada, Hong Kong, South Africa and a number of European countries¹.

We’ll look at the main features of each account next, along with the eligibility requirements you need to know about.

Key account features

Let’s run through a few of the main features of NatWest’s two foreign currency accounts.

NatWest Cash Management Account

This account lets you manage your savings in more than one currency, as well as making foreign currency transactions online.

It’s an instant-access savings account, so you can use it for everyday transfers if you like. Or, you can take your pick from fixed term savings pots of between 3 and 12 months, and earn interest on your money instead.

• Hold up to 25 currencies from one account, including USD, GBP and EUR².
• Manage your money using online banking, the NatWest mobile app, telephone banking or written instruction.
• Interest rates vary depending on currency.

Eligibility

To open this account, you’ll need to be 16 or over and live in one of the listed countries. This includes the UK, but the full list is here. You’ll also need a minimum deposit of £25,000, or pay in a salary of £40,000 a year².

NatWest International Select Account

The second foreign currency account from NatWest is its International Select Account. This works in harmony with the Cash Management Account, but offers many more features. In return, there’s a monthly fee to pay.

• Manage multiple accounts and currencies through the app
• Move up to £100K a day between accounts¹
• Lock and unlock your debit card.

Eligibility

The International Select Account is open to applicants aged 18+ who live in one of the listed countries, which includes the UK. Just like with the Cash Management Account, you’ll need to either deposit £25,000 upfront or have a salary of £40,000 a year to pay in¹.

Are there any fees with NatWest foreign currency accounts?

Now we come to the crucial bit - how much does it cost you to have a foreign currency account with NatWest? Here are the fees and charges you need to know about:

Fee	NatWest Cash Management Account³	NatWest International Select Account⁴
Monthly fee	None	£8
Sending international transfers	SWIFT - 0.30% + £10 agents charge where applicable / SEPA - no fee / Digital payments - no fee	SWIFT - 0.30% + £10 agents charge where applicable/ SEPA - no fee / Digital payments - no fee
Receiving international transfers	Under £100 - no fee / Over £100 - £7.50 + agents charge where applicable	Under £100 - no fee / Over £100 - £7.50 + agents charge where applicable
Card payments and ATM withdrawals	2.75% if in foreign currency	2.75% if in foreign currency

How to open a NatWest foreign currency account

Meet the eligibility requirements for your chosen account? Great, now you’re ready to start the application process. Here’s how to get started.

To open the NatWest Cash Management Account you’ll need to scan a QR code on this page.² This will take you through to a page where you can upload photos of required documents so that your identity and address can be verified. You’ll also need to take a photo of yourself during this process for fraud prevention purposes.

You can open the International Select Account online, or using the Current Account Switch Service. If you’re doing it online, the same process of scanning a QR code applies¹. Head here and have your phone ready, along with documents such as your passport/driving licence, recent utility bill or other proof of address.

To save you time, you can open both accounts during the same application if you want to.

Save money on international transfers with Wise

If you want to manage your money in even more currencies, without the need for a hefty initial deposit, check out Wise.

Open a Wise multi-currency account and you can send, spend, receive and convert a huge 50+ currencies at once. You can send money worldwide for low fees and the mid-market exchange rate, and even receive it for free in certain currencies.

All transfers are fast, secure and easy to set up online or in the handy Wise app.

What’s more, you can get a Wise debit card for convenient, low-cost spending in 200+ currencies. This clever international card automatically converts currency at the best rate, with just a tiny conversion fee to pay. And if you already have the currency in your account, there’s nothing to pay.

There are no monthly fees to worry about with Wise, and it’s fast and free to sign up online. Get started here.

Join Wise today

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Sources used for this article:

1. Natwest - eligibility information
2. Natwest - cash management account
3. Natwest - terms and fees
4. Natwest - fee information document

Sources checked on 15-Jul-2022.