| Pages in topic: < [1 2] | Bank transfers from UK to EU - fees Thread poster: Ines Burrell
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Russell Jones 
United Kingdom
Local time: 07:26
Italian to English
I am not very happy with Lloyds charges for bank transfers abroad but their charges and rates for incoming payments seem reasonable to me, compared with some quoted here.
Two recent examples have given me net rates of 1.196% and 1.199% on incoming € payments.
I do wonder whether my clients have opted to pay all charges; perhaps that might be a point worth exploring.
| | | | Ines Burrell
United Kingdom
Local time: 07:26
Member (2004)
English to Latvian
+ ...
TOPIC STARTER | I could be mistaken, of course | Jul 16, 2009 |
But I know that that usually the difference in euro and pound figures is rather small when I get my money in. Since the fall of pound the amount I get in pounds is very close to euro amount. I suppose, the easiest it to try and force different banks to divulge how much you would receive in pounds if you were paid, lets say, 750 euros. Compare the amounts and choose the bank. I am not sure they will answer though, but you can always try. I am really quite happy with this side of HSBC. Indian call... See more But I know that that usually the difference in euro and pound figures is rather small when I get my money in. Since the fall of pound the amount I get in pounds is very close to euro amount. I suppose, the easiest it to try and force different banks to divulge how much you would receive in pounds if you were paid, lets say, 750 euros. Compare the amounts and choose the bank. I am not sure they will answer though, but you can always try. I am really quite happy with this side of HSBC. Indian call centres are a pain in the... well, you know were. But euro payments are fine.
Ines ▲ Collapse
| | | | Helen Shiner
United Kingdom
Local time: 07:26
German to English
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The exchange rate for the above transaction quoted in my last post equates to 1.1799. One of the benefits for me of banking with HSBC is that for every such transaction they send me an advice of credit. It shows me the exchange rate which has been applied and crucially tells me exactly what my client has sent in euros. It saves me a lot of time having to check with the bank whether clients, especially direct clients, have, indeed, paid the requested charges for the transfer. Having struggled rep... See more The exchange rate for the above transaction quoted in my last post equates to 1.1799. One of the benefits for me of banking with HSBC is that for every such transaction they send me an advice of credit. It shows me the exchange rate which has been applied and crucially tells me exactly what my client has sent in euros. It saves me a lot of time having to check with the bank whether clients, especially direct clients, have, indeed, paid the requested charges for the transfer. Having struggled repeatedly with Nationwide on this score, it is something I value greatly for book-keeping/credit control purposes. I would be very interested to hear if any other UK banks offer the same or a similar service. ▲ Collapse
| | | | Ines Burrell
United Kingdom
Local time: 07:26
Member (2004)
English to Latvian
+ ...
TOPIC STARTER | Advice of credit | Jul 16, 2009 |
Yes, those are really great, mind you, they only arrive a couple of weeks after the payment is received but at least you know exactly what has been paid in and out and why.
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Claire Cox
United Kingdom
Local time: 07:26
French to English
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| Payment advices | Jul 16, 2009 |
Helen Shiner wrote:
The exchange rate for the above transaction quoted in my last post equates to 1.1799. One of the benefits for me of banking with HSBC is that for every such transaction they send me an advice of credit. It shows me the exchange rate which has been applied and crucially tells me exactly what my client has sent in euros. It saves me a lot of time having to check with the bank whether clients, especially direct clients, have, indeed, paid the requested charges for the transfer. Having struggled repeatedly with Nationwide on this score, it is something I value greatly for book-keeping/credit control purposes. I would be very interested to hear if any other UK banks offer the same or a similar service.
Yes Natwest does the same - it normally arrives a day or so after the payment and shows me the rate, NW commission charges and any sender's charges, if applicable. For some reason they've recently changed from showing the rate as 1.1799, to 0.8475, i.e. the other way round, but at least you can see what rate they've used. The NW website also clearly states the exchange rates, both for tourist and commercial rates.
Russell's account wouldn't suit me at all as I submit monthly invoices to certain clients which frequently come to several thousand euros and I would end up paying much more commission if they charged on a percentage basis rather than a flat fee. At least this way, I can always choose to add several smaller invoices together to make the £7 fee worthwhile.
| | | | Helen Shiner
United Kingdom
Local time: 07:26
German to English
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| Sending money abroad | Jul 16, 2009 |
I have investigated the HSBC site and find that they offer various ways of sending money abroad.
Worldpay
If your payment is for under £2,000 and in local currency to a Worldpay Country or to a Eurozone Country then the charge will be £9. All other payments, including all payments made by Sole Traders, will be charged at £17.
To qualify for a world pay payment you will need the following information:
the full name of beneficiary
the na... See more I have investigated the HSBC site and find that they offer various ways of sending money abroad.
Worldpay
If your payment is for under £2,000 and in local currency to a Worldpay Country or to a Eurozone Country then the charge will be £9. All other payments, including all payments made by Sole Traders, will be charged at £17.
To qualify for a world pay payment you will need the following information:
the full name of beneficiary
the name of their bank and the city or town of their branch
the national bank code (this is the equivalent of your branch sort code)
the beneficiary account number
Payments in Euros to the EU must quote an IBAN. Failure to quote an IBAN in the EU may result in a payment being returned or incurring a penalty charge
Then they mention:
Priority payments
HSBC Priority payments are normally £30 per transfer and £17 online.
and international bankers' drafts
a means of sending money to friends and family.
I have not pursued the costs of the latter ▲ Collapse
| | | | Helen Shiner
United Kingdom
Local time: 07:26
German to English
+ ...
| Advice of credit statements | Jul 16, 2009 |
Contrary to what Burrell says, I tend to find that these arrive 2 or 3 days after the payment.
| | | | Russell Jones
United Kingdom
Local time: 07:26
Italian to English
I wasn't suggesting they charge me on a percentage basis. I've just compared the invoice amount in € with the amount received in £.
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Williamson
United Kingdom
Local time: 07:26
Flemish to English
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For those living in London and its surroundings :
You could open a bank-account in Brussels, Lille or Paris, jump on the Eurostar and get your money yourself. One round-ticket, tax-deductible, costs as much as two or three times the transfer costs.
[Bijgewerkt op 2009-07-16 13:13 GMT]
| | | | | My experience | Jul 17, 2009 |
When I lived in the UK I had a bank account with LLoyds, but I also had a Dutch bank account with free cash withdrawal, so I would just go to a cash machine in the UK and withdraw the money form my Dutch account and deposit it on my English bank account. I never paid anything. Perhaps this works the other way around as well.
I now live in Holland and my English clients usually pay on my Dutch bank account and don't seem to be charged anything for that, I always receive the exact amount I ... See more When I lived in the UK I had a bank account with LLoyds, but I also had a Dutch bank account with free cash withdrawal, so I would just go to a cash machine in the UK and withdraw the money form my Dutch account and deposit it on my English bank account. I never paid anything. Perhaps this works the other way around as well.
I now live in Holland and my English clients usually pay on my Dutch bank account and don't seem to be charged anything for that, I always receive the exact amount I have on my invoice and wouldn't accept anything else. One client pays on Moneybookers, it costs me 1,80 euro's to withdraw the money and the client pays that. Only one client recently insisted on paying on PayPal, which I dislike, but they haven't paid yet so I don't know how much that will cost, but I won't work for that agency again because of this weird policy (but that's another subject). ▲ Collapse
| | | | lawrencetx
Germany
Local time: 08:26
German to English
| EU - UK money transfer bank fees | Jul 17, 2009 |
It is a year or two since I last sent money to the UK from my German bank, but they had already set up the simple inter-EU money transfer system, which was the same kind of very simple form used for German internal transactions. As I recall, I sent euros to my HSBC bank in Jersey, who did not charge a fee, only the conversion rate. My own German bank charged a small fee - ca 4 euros for a few hundred euros transferred.
You can decide on the form who pays the fees, even split them b... See more It is a year or two since I last sent money to the UK from my German bank, but they had already set up the simple inter-EU money transfer system, which was the same kind of very simple form used for German internal transactions. As I recall, I sent euros to my HSBC bank in Jersey, who did not charge a fee, only the conversion rate. My own German bank charged a small fee - ca 4 euros for a few hundred euros transferred.
You can decide on the form who pays the fees, even split them between UK and Germany.
Hope this helps/ gives a clue!
PS - HSBC just upped my visa interest rate 1.25% - just for fun, because they would not tell me why. I'd think twice before getting an account with them - but maybe the rest are just as bad! ▲ Collapse
| | | | Tom in London
United Kingdom
Local time: 07:26
Member (2008)
Italian to English
| Thanks but... | Jul 20, 2009 |
lawrencetx wrote:
I sent euros to my HSBC bank in Jersey, who did not charge a fee
Thanks, Lawrence, but Jersey is a particular situation, very different from mainland UK....
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Russell Jones
United Kingdom
Local time: 07:26
Italian to English
| To be absolutely clear | Jul 21, 2009 |
The 1.196% and 1.199% figures I gave above were not charges, they were effective exchange rates achieved on Euro payments received in £ sterling.
| | | | Kate Chaffer
Italy
Local time: 08:26
Member (2009)
Italian to English
Russell Jones wrote:
The 1.196% and 1.199% figures I gave above were not charges, they were effective exchange rates achieved on Euro payments received in £ sterling.
Maybe you need to remove the % symbol. Did you mean that €1.196 got you £1?
| | | | Russell Jones
United Kingdom
Local time: 07:26
Italian to English
| I stand corrected | Jul 30, 2009 |
Yes Kate; that was not at all clear was it. I should have said that €1 invoiced resulted in a payment of about 83.5p
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