Thousands of RBS customers are to receive a share of compensation after being overcharged on international payments for four years.
The lender is to pay £40million in refunds to almost 750,000 customers - over a foreign exchange fees blunder in 2010.
The taxpayer-owned bank incorrectly adjusted its foreign exchange fees by 0.06% between March 2010 and May 2014, meaning those who sent money abroad were charged an extra 60p for every £1,000 sent than they should have been.
The total compensation figure includes 8% interest as well as the amount they were overcharged, and suggests the average customer will receive £54.80.
Of the 730,000 affected customers, 573,000 are personal account holders and the rest are business banking customers.
RBS said it expects to finish issuing refunds by the third quarter of next year.
It said those affected will receive refunds automatically, and do not need to contact the bank.
Those who have switched away or changed their details will receive a cheque, as the bank will still contact them.
"We are proactively refunding the difference, with interest, for incorrect foreign exchange rates that were applied to some international payments for certain customers between 2010 and 2014," an RBS statement said.
"We identified and addressed the source of the incorrect exchange rates in 2014, and put in place additional checks and controls to prevent this happening again.
"We apologise to those customers impacted."
