BPI account Euro transfer
Jul 16th 2018, 12:15 pm
#1
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BPI account Euro transfer
Hi just wonder if anyone here has BPI account and used it to transfer Euro back to UK using transferwise? Transferwise’ Euro account is supposed to be in SEPA scheme, but to my surprise BPI still charged me a commission. I thought transfer between EU bank account is commission free? Anyone here had same experience?
Many thanks!
qianh
Many thanks!
qianh
Jul 16th 2018, 12:37 pm
#2
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Re: BPI account Euro transfer
It may just be a normal transaction charge - are other normal transactions free of charge on your account? Did you make the transfer online or ask someone in a branch to do it for you?
Jul 16th 2018, 12:42 pm
#3
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Re: BPI account Euro transfer
I did it online. I transfered to another EU account before and it was free. So I am surprised that there is fee this time. Although I noticed it won’t let me do the normal transfer (supposedly SEPA) and I had to use IBAN transfer. I thought it was odd, after contacting transferwise, they swear their Euro account in Germany is SEPA compliant. It should be I would imagine!
Jul 16th 2018, 2:29 pm
#4
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Re: BPI account Euro transfer
I've just made two small transfers to my Euro Borderless account. One straight to my personal account details in Germany and the other 'adding funds' to the central TransferWise account in Estonia. Both were described by my Portuguese bank as 'Domestic interbank transfers' and no commissions were added, which would seem to support that they are SEPA compliant. The only recipient account details I provided were the relevant IBAN (and my TransferWise account for the Estionian transfer).
I'm interested to see which is the faster.
I'm interested to see which is the faster.
Jul 16th 2018, 4:10 pm
#5
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Re: BPI account Euro transfer
Just out of curiosity, is your German bank account IBAN start with DE22? Transferwise euro account is DE 93, and according to the SEPA list on their website, it's not listed -https://transferwise.com/help/article/1716080/euro-transfers/sepa-countries-and-ibans
I wonder if that's the reason BPI online banking doesn't let me do the SEPA transfer but indicates using IBAN transfer in Europe.
Since I am not in Portugal now and I can't really go to the branch to ask or do it myself. it only charged me 1 euro but it's a small transfer and I need to do a much bigger ones later, I think I will hold to use Transferwise before this is sorted.
I wonder if that's the reason BPI online banking doesn't let me do the SEPA transfer but indicates using IBAN transfer in Europe.
Since I am not in Portugal now and I can't really go to the branch to ask or do it myself. it only charged me 1 euro but it's a small transfer and I need to do a much bigger ones later, I think I will hold to use Transferwise before this is sorted.
Jul 16th 2018, 4:12 pm
#6
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Re: BPI account Euro transfer
OK, just got reply from BPI - since June 1, they start charging online transfers, it's one euro per transfer. hmmm.
Jul 16th 2018, 6:07 pm
#7
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Re: BPI account Euro transfer
My personal one begins DE32 - I think the 22 is the number of characters in a German IBAN.
It's also possible to credit a TransferWise account using a debit card - I had to create a virtual MB Net card to do that as my Visa Electron card was no use for an online transaction. But maybe BPI will charge for either of those too.
It's also possible to credit a TransferWise account using a debit card - I had to create a virtual MB Net card to do that as my Visa Electron card was no use for an online transaction. But maybe BPI will charge for either of those too.
Jul 16th 2018, 6:21 pm
#8
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Re: BPI account Euro transfer
Thanks, I am going to check with bpi if they charge for transferring within PT too, it can all add up if you do regular transfer. I probably think other solution or switch bank account in future. I am working temporality in Germany now, when my employer paid Euro to my UK account the rate is so bad I am still way better off using transferwise with 1€ fee!
Jul 17th 2018, 10:21 am
#9
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Re: BPI account Euro transfer
Sounds to me like using a TransferWise Borderless Account would be useful to you for receiving your income in euros and then you can transfer it (free) to another euro account or transfer it (free) to a Sterling account (after paying the 0.3% cost of changing EUR to GBP). Or you can spend it directly in either currency using their Mastercard debit card.
Incidentally both yesterday's transfers arrived at the same time.
Incidentally both yesterday's transfers arrived at the same time.
