NS&I launches International Payments Service

NS&I has launched a new service for NS&I customers to enable them to have payments from NS&I made directly to an international bank account in their own name.

The service is targeted at those NS&I customers who are resident in another country (for instance, ex-pats) or those who have a second home abroad.
 
At present, NS&I customers who live overseas (or have second homes overseas) can only have payments made directly to a UK bank account or have a paper warrant (like a cheque) in pounds sterling sent to them by post to their overseas address, which they typically then have to pay a fee to deposit in a foreign bank.
 
In setting the spread rate (or margin) for international payment services, NS&I has ensured that it offers a fair rate to customers while still ensuring NS&I competes fairly with other service providers in the market.
 
Julian Hynd, Retail Director, NS&I, said: “NS&I’s new International Payments Service will offer overseas customers greater flexibility in how they transact with us and we expect it will be a popular service”.