Can Nationwide current account receive USD transfer directly via SWIFT?

Footslog

I would like to move my current account from First Direct to a more ethical bank like Nationwide.  My son recently moved his to Triodos.

Occasionally I need to receive a USD transfer via SWIFT, as does my son.  Recently, and despite providing all the information specified by Triodos, the US sending bank (Morgan Stanley) were unable to make the transfer to his account.  My transfer was processed without a problem, as it usually is.

I wonder if this is due to Triodos using NatWest as an intermediary, but I don't know.  We are not in direct contact with Morgan Stanley ourselves but I understand they contacted Triodos about the problem, who wouldn't talk to them for security reasons even with my son's permission.

Due to this, I am now wary of changing to Nationwide or any challenger bank.  I've tried the more obvious Google searches on Nationwide, but the results all refer to sending, not receiving, an international payment.

Has anyone had specific experience of receiving  a SWIFT USD transfer to their Nationwide current account?

Many thanks for any info.

Brie

I have been told that RBS which is part of Nationwide can receive funds from Canadian accounts so I would have thought American ones would be the same as both countries use the same sort of processes for sending money.

I'm wondering if it's due to the amount of money being sent - could it be they think it is money laundering of some sort??  

Footslog

Hi Brie, thanks for your reply.

Actually RBS are a part of NatWest, not Nationwide, so I'm afraid it doesn't really help. 

The amount my son was due to receive is roughly half as much as I did, so I don't think it would be an issue unless there's some random "computer says no" type of thing happening...  

cx6

Could you keep your FD bank just for receiving the payments and open a new NWide account for your general banking?

born_again

Best bet would be to ask Nationwide. 

eDicky

If could be that Triodos is reliant on NatWest in that way, but I'm only guessing. There should be no reason why Nationwide cannot receive a SWIFT payment if all the details are correct, but to make sure you could easily open an account with them to try it and make sure before fully switching away from First Direct.

But even better would be to open an additional account with the transfer service Wise and have Morgan Stanley make simple domestic payments into the USD account details that Wise will provide you, then convert and send the GBP to your UK bank. This avoids all bank charges and adverse exchange rates that a direct SWIFT payment involves, and you would receive significantly more pounds for the dollars sent.

Brie said:

 RBS which is part of Nationwide

I don't think so, perhaps you're thinking of the other NW, NatWest.

Footslog

Thanks for the responses everyone. 

cx6 said:

Could you keep your FD bank just for receiving the payments and open a new NWide account for your general banking?

That would be the safe option.  I could do that, at least until I've tried receiving a transfer to Nationwide. 

born_again said:

Best bet would be to ask Nationwide. 

Yes, as long as I'm confident the person I'm talking to really knows. That's why I was hoping someone else has already been through this.  Triodos say they accept international transfers, but...

eDicky said:

But even better would be to open an additional account with the transfer service Wise and have Morgan Stanley make simple domestic payments into the USD account details that Wise will provide you, then convert and send the GBP to your UK bank. This avoids all bank charges and adverse exchange rates that a direct SWIFT payment involves, and you would receive significantly more pounds for the dollars sent

 Thanks for the idea, that's definitely worth looking into.   

Brie

All those NW banks look alike to me!

Footslog

Brie said:

All those NW banks look alike to me!

  

wmb194

In theory it's no problem but it uses HSBC* as an intermediary and IIRC there have been reports on this forum that if there's an issue with the payment it can be a pain managing the NW/HSBC interface to get NW to sort things out.

https://www.nationwide.co.uk/help/payments/bic-iban/

*Which is just FD in a different skin anyway!

sausage_time

Why not set up a Wise account for receiving the USD?  Might give a better rate than some of the other banks mentioned.  I sent some USD to RBS (aka NatWest) by mistake* and was shocked at the fees and rubbish rate.

*I clicked the wrong setting, and instead of my stockbroker doing the conversion and sending UKP I send USD.