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UK Bank Acccounts

UK Bank Acccounts

Old Jan 9th 2021, 12:00 pm
  #121  
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Default Re: UK Bank Acccounts

Originally Posted by Geordieborn View Post
It seems a bit vague at the moment, but as far as I can see the UK has not, and will not be, exiting SEPA. Therefore I suspect banks are incorrectly charging people.
I think you are right. With interest rates so low they look for new money making schemes.
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Old Jan 9th 2021, 4:34 pm
  #122  
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Default Re: UK Bank Acccounts

Originally Posted by malcom1970 View Post
When is that going to happen? I have no news that the UK will exit from SEPA. Or was this in the Brexit deal?
Received 03/12/2020
c Informazioni importanti relative alla Brexit.
" ..(dopo) 31 dicembre 2020 ... il Regno Unito manterrá la propria participazione ai Paesi dell'Area SEPA, ma non è piú applicabile il regolamento che determina commissioni comuni sui pagamenti all'interno dell'Unione."

​​​So, UK is still in SEPA but in a separate category.
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Old Jan 9th 2021, 5:32 pm
  #123  
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Default Re: UK Bank Acccounts

Originally Posted by Geordieborn View Post
Well I’m not too sure how often they have changed their fees over the time, but they are certainly different from when we used them. So now they have a fixed charge of £0.26 per transaction and 3.5% of the amount. So basically you have to know the amount to be sent. Last I looked CurrencyFair had a flat £3/trans.

In answer to the specific question, there are certainly UK banks that don’t charge for SEPA transfers, but even then it depends rates and/or your external Euro account charges whatever that is these days…. It is not known yet if the UK will remain in SEPA land..
UK has remained in SEPA.
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Old Jan 15th 2021, 7:52 pm
  #124  
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Default Re: UK Bank Acccounts

I’ve been charged multiple times by UniCredit which doesn’t make sense considering the UK has remained in SEPA.
Has anyone found anything out? Would having an N26 account enable me to receive money into this account and avoid the charges?

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Old Jan 15th 2021, 8:08 pm
  #125  
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Default Re: UK Bank Acccounts

Originally Posted by tpw21 View Post
I’ve been charged multiple times by UniCredit which doesn’t make sense considering the UK has remained in SEPA.
Has anyone found anything out? Would having an N26 account enable me to receive money into this account and avoid the charges?
See post #122 (just 2 above yours )
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Old Jan 15th 2021, 8:10 pm
  #126  
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Default Re: UK Bank Acccounts

Originally Posted by Serrano View Post
See post #122 (just 2 above yours )
There were posts wondering if the charges were being levied wrongly....I just wanted to know if anyone had found something out...

Last edited by tpw21; Jan 15th 2021 at 8:29 pm.
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Old Jan 15th 2021, 8:22 pm
  #127  
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Default Re: UK Bank Acccounts

And quite correctly as that's a bank saying things have changed...
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Old Jan 16th 2021, 5:17 am
  #128  
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Default Re: UK Bank Acccounts

Sepa zona euro have always been free, but internatinal sepa I have alway paid for - I would be very surprised if the banks didnt think of a way to make yet more money out of Brexit.
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Old Jan 16th 2021, 7:04 am
  #129  
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Default Re: UK Bank Acccounts

Originally Posted by modicasa View Post
Sepa zona euro have always been free, but internatinal sepa I have alway paid for - I would be very surprised if the banks didnt think of a way to make yet more money out of Brexit.
I used to receive payments as the recipient without charges but that’s changed now - €11 with UniCredit.
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Old Jan 16th 2021, 10:06 am
  #130  
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Default Re: UK Bank Acccounts

UK is nominally within SEPA but it is no longer fully part of the system so it is in a separate category which is why charges are being levied
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Old Jan 16th 2021, 2:57 pm
  #131  
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Default Re: UK Bank Acccounts


Unicredit charges on receipt of UK payments
(per their communication dated 31 Dec 20)

I believe that FairFX are looking into the possibility of routing their EU payments via a German entity, thereby avoiding charges that are being levied on EUR payments from the UK.
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Old Jan 16th 2021, 8:00 pm
  #132  
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Default Re: UK Bank Acccounts

Originally Posted by Plan B View Post

Unicredit charges on receipt of UK payments
(per their communication dated 31 Dec 20)

I believe that FairFX are looking into the possibility of routing their EU payments via a German entity, thereby avoiding charges that are being levied on EUR payments from the UK.
Thanks for that Unicredit detail; I was charged more. Re routing via Germany, I discovered in checking my own transfers that Lloyds have been routing my transfers to Unicredit via Deutschebank (quoting the Berlin address but that may not be relevant) but the odd fact is that pre 31/12/2020 the transfers are described as "non SEPA"!
Another excuse to travel to another Comune!
​​​​​
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Old Jan 17th 2021, 9:15 am
  #133  
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Default Re: UK Bank Acccounts

Or as I and others have pointed out look at it a different way and use Transferwise cross border accounts ,Revolut ,N26 etc ......
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Old Jan 17th 2021, 9:17 am
  #134  
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Default Re: UK Bank Acccounts

Originally Posted by Listen Very Carefully View Post
Or as I and others have pointed out look at it a different way and use Transferwise cross border accounts ,Revolut ,N26 etc ......
Is it possible for businesses to pay into those types of accounts?
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Old Jan 17th 2021, 9:37 am
  #135  
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Default Re: UK Bank Acccounts

Well both Transferwise and CurrencyFair have a personal and business menu, so do both. That would suggest to me (used only personally) they likely charge differently (more?). I should add they have always (well before Brexit) said some receiving banks may charge and it is outside of their control. To quote Transferwise:-

Some banks, mostly Italian or Spanish, will still find ways to charge you extra. So, you can try paying for your transfers a different way — for example, by debit card or Trustly.

So there is a surprise !

Just below the above on their site they say:-

TransferWise has two EUR accounts, based in Estonia and Belgium. They are both SEPA-compliant.

But perhaps some banks will still charge? We used both a while back and were never charged on our old Poste a/c.
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