Bank payment question
Dec 31st 2012 | 12:54 pm
#31
BE Enthusiast
Joined: Nov 2010
Posts: 437
From: Coventry
Re: Bank payment question
I have a standard UK Halifax current account and have used it in the past to transfer money on line to Spain although i seem to remember that the exchange rate wasn't particularly good. Today i realised that I had left myself short in my Spanish bank and didn't quite have enough in to cover the mortgage payment. BIG PANIC. But i transferred €500 from my UK Lloyds bank to my Spanish La Caixa bank on line. It cost £10 and the exchange rate was just over €1.18 (bank rate being about €1.22) - the funds were credited to my Spanish bank within 3-4 hours. Not bad, i thought, and panic over.
Happy New Year to you all.
Kath
Happy New Year to you all.
Kath
Dec 31st 2012 | 10:47 pm
#33
Banned
Joined: Feb 2011
Posts: 19,367
From: Mallorca
Re: Bank payment question
Really? Well, the original comment was simply stating that UK (and US) banks are not well facilitated to provide foreign services, particularly when compared to the substantially more efficient and technologically advanced European banking system.
The answer from a few claims this is bollocks, yet even those who make that argument have consistently provided evidence that has enabled us to establish the following:
Lastly, I'm no big fan of European politics or regulation, but I've been living in Europe since the 80's, doing business in the UK the entire time, and I can very confidently say that the European banking system is far superior to the UK (or US) banking system - hands down.
Ironically, even you guys acknowledge that - yet claim everything I say is bollocks.
Well, OK.. Happy new year!
The answer from a few claims this is bollocks, yet even those who make that argument have consistently provided evidence that has enabled us to establish the following:
- UK banks tend to view transfers abroad to be some sort of "special" benefit. Not all offer it, and those that do usually only offer it subject to large minimum balances or other special provisions. Some UK banks (e.g., Santander) don't offer online transfers abroad at all. Several posters here even acknowledge that. (whilst virtually all European banks provide online transfers virtually anywhere as a basic function of any account).
- UK banks clearly charge more for transfers and offer much poorer exchange rates. Again even those arguing that the comparison is bollocks acknowledge that.
- 3rd, If UK banks are so delightfully happy to provide services abroad at reasonable rates, then why is it that the UK is home to the single biggest independent money exchange, foreign currency prepaid debit card offerings in the world. Jeezus, they jump over each other to get your business. I honestly am not aware of it working the other way (Europe --> Rest of the world). I can only reckon that's because it's cheap and cheerful to use your EU bank account and debit card anywhere in the world. I do, all the time, because unlike a UK bank, there's no reason not to.
Lastly, I'm no big fan of European politics or regulation, but I've been living in Europe since the 80's, doing business in the UK the entire time, and I can very confidently say that the European banking system is far superior to the UK (or US) banking system - hands down.
Ironically, even you guys acknowledge that - yet claim everything I say is bollocks.
Well, OK.. Happy new year!
Dec 31st 2012 | 11:03 pm
#34
Started off with nothing
Joined: Feb 2009
Posts: 4,987
Re: Bank payment question
I don't acknowledge any of your inane drivel. 
FYI: The UK is part of europe
Happy New Year
FYI: The UK is part of europe
Happy New Year
Last edited by missile; Dec 31st 2012 at 11:06 pm.
Dec 31st 2012 | 11:19 pm
#35
Started off with nothing
Joined: Feb 2009
Posts: 4,987
Re: Bank payment question
Even S........ Santander provide online international payments.
From their website:
From their website:
A range of options:
Sending payments
Electronic (SWIFT) payment
We can send payments for you via SWIFT into the bank account of an overseas company or individual.
We want to make it easy for our business customers to make and collect payments, with a range of cost-effective ways to keep your money moving. With our online banking service, you can securely manage a range of electronic payment options 24/7.
Customer options - a range of ways to pay and receive money
Making payments
- Choice of Bacstel-IP, Faster Payments and CHAPS - delivering payments to the beneficiary's bank on the day you specify
- Direct Debits - set up regular payments dates to third parties using the Bacs three day clearing cycle
- Standing Orders - perfect for fixed and regular payments to third parties
- International Payments - send money globally, for a fixed fee and at a competitive exchange rate
- Company Credit Card - We provide Company Credit cards for use by your staff, in partnership with our solution provider AirPlus
Sending payments
Electronic (SWIFT) payment
We can send payments for you via SWIFT into the bank account of an overseas company or individual.
We want to make it easy for our business customers to make and collect payments, with a range of cost-effective ways to keep your money moving. With our online banking service, you can securely manage a range of electronic payment options 24/7.
Customer options - a range of ways to pay and receive money
Making payments
- Choice of Bacstel-IP, Faster Payments and CHAPS - delivering payments to the beneficiary's bank on the day you specify
- Direct Debits - set up regular payments dates to third parties using the Bacs three day clearing cycle
- Standing Orders - perfect for fixed and regular payments to third parties
- International Payments - send money globally, for a fixed fee and at a competitive exchange rate
- Company Credit Card - We provide Company Credit cards for use by your staff, in partnership with our solution provider AirPlus
Last edited by missile; Dec 31st 2012 at 11:27 pm.
Dec 31st 2012 | 11:48 pm
#36
Banned
Joined: Feb 2011
Posts: 19,367
From: Mallorca
Re: Bank payment question
In contrast, I have several accounts in Spain and Germany, all at the most basic level, no minimum balance, no other restrictions, yet all of them offer international transfers online, for under €5.00 flat, and excellent exchange rates. Also, they all offer multiple languages.
But that's the point. European banks are just more sophisticated at even the most basic level. You just can't expect that in a UK bank.
Jan 1st 2013 | 12:03 am
#37
Retired and loving it!
Joined: Sep 2007
Posts: 5,211
From: Ontinyent - Valencia region (campo)
Re: Bank payment question
Apparently only with a premium account, requiring a minimum balance and some number of payments per month minimum. My Santander retail account makes no mention of transfers abroad, and if you ask, they will tell you to visit a UK branch to fill out the forms to initiate the transfer.
In contrast, I have several accounts in Spain and Germany, all at the most basic level, no minimum balance, no other restrictions, yet all of them offer international transfers online, for under €5.00 flat, and excellent exchange rates. Also, they all offer multiple languages.
But that's the point. European banks are just more sophisticated at even the most basic level. You just can't expect that in a UK bank.
In contrast, I have several accounts in Spain and Germany, all at the most basic level, no minimum balance, no other restrictions, yet all of them offer international transfers online, for under €5.00 flat, and excellent exchange rates. Also, they all offer multiple languages.
But that's the point. European banks are just more sophisticated at even the most basic level. You just can't expect that in a UK bank.
Finally, I still don't think you've got the message that the UK is in Europe! How, then, can you differentiate European banks and UK banks - they are NOT mutually exclusive.
Perhaps you mean continental or mainland Europe?
Jan 3rd 2013 | 2:04 am
#38
BE Forum Addict
Joined: Jan 2008
Posts: 2,624
From: The Charente - still smiling.
Re: Bank payment question
UK Banks in many respects are streets ahead of European - but are segmented and unnecessarily complex. And in personal money transfers undoubtedly expensive.
I traded across Europe for 30 years and always found it far easier transferring from the UK than from Paris or Amsterdam. What I did not appreciate was that generally these were quite large amounts, and when smaller I was using the International part of Natwest, not Natwest High Street.
I have not had problems since I moved, simply because I was not prepared to pay the High Street bank charges, nor give them 6 percent each side of every currency transaction. So I use a currency broker, but am concerned at the increased level of risk this requires.
One needs to bear in mind is that there is a cost to these transfers (not least the inherent insurance element). You can bet your bottom dollar that when the bak is not recovering it on the transfer charge, it is taking it somewhere else.
http://www.telegraph.co.uk/finance/p...30-please.html
I traded across Europe for 30 years and always found it far easier transferring from the UK than from Paris or Amsterdam. What I did not appreciate was that generally these were quite large amounts, and when smaller I was using the International part of Natwest, not Natwest High Street.
I have not had problems since I moved, simply because I was not prepared to pay the High Street bank charges, nor give them 6 percent each side of every currency transaction. So I use a currency broker, but am concerned at the increased level of risk this requires.
One needs to bear in mind is that there is a cost to these transfers (not least the inherent insurance element). You can bet your bottom dollar that when the bak is not recovering it on the transfer charge, it is taking it somewhere else.
http://www.telegraph.co.uk/finance/p...30-please.html
Jan 3rd 2013 | 2:58 am
#39
Started off with nothing
Joined: Feb 2009
Posts: 4,987
Re: Bank payment question
UK owned banks have streamlined their systems and have significantly reduced their charges for international payments. I don't understand what you mean by segmented and unecessarily complex? I cannot agree with you, that they are (all) undoubtedly expensive.
The article you quote focuses on two foreign owned banks: HSBC and Santander. I am dubious of the survey quoted in this article. Travelex are not exactly independent are they? Who regularly pays £40+ transaction fee? As stated in the article,
I have frequently used currency brokers and like you I am concerned at the risk e.g. http://www.moneysavingexpert.com/new...to-be-refunded
I was pleasantly surprised to find I got more € for my £2,000 via bank transfer when compared to a transfer via my broker.
The article you quote focuses on two foreign owned banks: HSBC and Santander. I am dubious of the survey quoted in this article. Travelex are not exactly independent are they? Who regularly pays £40+ transaction fee? As stated in the article,
With some banks it is possible to transfer money free of charge
I was pleasantly surprised to find I got more € for my £2,000 via bank transfer when compared to a transfer via my broker.
Last edited by missile; Jan 3rd 2013 at 3:49 am.
Jan 3rd 2013 | 5:47 am
#40
Lost in BE Cyberspace
Joined: Aug 2006
Posts: 5,426
From: Velez-Malaga
Re: Bank payment question
I have a standard UK Halifax current account and have used it in the past to transfer money on line to Spain although i seem to remember that the exchange rate wasn't particularly good. Today i realised that I had left myself short in my Spanish bank and didn't quite have enough in to cover the mortgage payment. BIG PANIC. But i transferred €500 from my UK Lloyds bank to my Spanish La Caixa bank on line. It cost £10 and the exchange rate was just over €1.18 (bank rate being about €1.22) - the funds were credited to my Spanish bank within 3-4 hours. Not bad, i thought, and panic over.
Happy New Year to you all.
Kath
Happy New Year to you all.
Kath
I never had any problems with the transfer service provided by my bank, First Direct, but they charge at least £9 and the rate, like your Lloyds Bank, is much worse. With the amount I will transfer during the course of the year, the difference will more than cover my electricity bill!
Jan 4th 2013 | 5:19 am
#41
BE Enthusiast
Joined: Nov 2010
Posts: 437
From: Coventry
Re: Bank payment question
For my regular payments i use Foreign Currency Direct and last month I got an exchange rate just above 1.20 and no fee payable. I only used my bank because i needed money transferred urgently and although the exchange rate wasn't the best you could get i didn't think it was too bad especially as the money was transferred within hours. I wouldn't use the bank for regular payments but for an emergency it was very useful and I could stop panicking about not having enough money in the Spanish bank to cover the mortgage payments.
Kath
Kath
Jan 4th 2013 | 7:25 am
#42
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 6,172
Re: Bank payment question
I used my Currency Fair account for the first time yesterday evening to transfer £1,000 to my Banco Popular account in Spain. I got 1.2276 to the pound (mid market rate at the time was 1.2330) and paid €3 for a standard transfer which they said could take 1-3 business days - the fee for a priority same day transfe is €8. The money is in my Spanish account today, so I am very happy with the service and will be using them regularly.
I never had any problems with the transfer service provided by my bank, First Direct, but they charge at least £9 and the rate, like your Lloyds Bank, is much worse. With the amount I will transfer during the course of the year, the difference will more than cover my electricity bill!
I never had any problems with the transfer service provided by my bank, First Direct, but they charge at least £9 and the rate, like your Lloyds Bank, is much worse. With the amount I will transfer during the course of the year, the difference will more than cover my electricity bill!
Jan 11th 2013 | 4:50 am
#43
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 6,172
Re: Bank payment question
I see the £ looks to be on a bit of a downward trend gone below 1.21 today and expected to go lower. May have to hang on a while to make an exchange now.
Jan 11th 2013 | 5:03 am
#44
Lost in BE Cyberspace
Joined: Aug 2006
Posts: 5,426
From: Velez-Malaga
Re: Bank payment question
Jan 11th 2013 | 6:42 am
#45
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 6,172
Re: Bank payment question
yes and me lol
