Sabadell now charging to receive payment from UK
Jan 15th 2021, 8:47 am
#31
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Re: Sabadell now charging to receive payment from UK
The first half of this article on This is Money talks about this:
British expats in the EU face financial headaches as European banks hike international payment fees and British ones close their accounts
The main bit is this:
British expats in the EU face financial headaches as European banks hike international payment fees and British ones close their accounts
The main bit is this:
'The charges vary per bank, and even per customer, so are very hard to predict. Some Spanish banks have been particularly quick to apply charges, but there have been similar reports in other EU countries too.
'It is our understanding that these charges should not be applied.
'However, local regulators and the European Payments Council, who run the SEPA scheme, may not be motivated to argue the case for UK financial institutions and their customers over EU banks, now that the UK is no longer an EU member.'
This is Money contacted the European Payments Council for clarification.
It told us that while the UK was still a member of SEPA, there was 'no indication' that EU rules limiting the cost of cross-border payments applied after Brexit.
It referred us to a July 2020 statement from the European Commission which stated that: 'After the end of the transition period, the EU rules in the field of banking and payment services... will no longer apply to the United Kingdom', including ones governing cross-border payments.
It added complaints should be made to banking regulators in individual member states.
'It is our understanding that these charges should not be applied.
'However, local regulators and the European Payments Council, who run the SEPA scheme, may not be motivated to argue the case for UK financial institutions and their customers over EU banks, now that the UK is no longer an EU member.'
This is Money contacted the European Payments Council for clarification.
It told us that while the UK was still a member of SEPA, there was 'no indication' that EU rules limiting the cost of cross-border payments applied after Brexit.
It referred us to a July 2020 statement from the European Commission which stated that: 'After the end of the transition period, the EU rules in the field of banking and payment services... will no longer apply to the United Kingdom', including ones governing cross-border payments.
It added complaints should be made to banking regulators in individual member states.
Jan 15th 2021, 10:18 pm
#33
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Re: Sabadell now charging to receive payment from UK
This is nearly exactly what I do but I wasn't charged for my 5th Jan transfer. The only difference is that I make the Revolut payment manually, whereas I'm guessing you have a standing order. Could this be the difference?
Jan 15th 2021, 11:52 pm
#34
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Re: Sabadell now charging to receive payment from UK
I have N26 euro account with Spanish IBAN, which I use to transfer from my UK sterling account using Transferwise. Have done a transfer in euro in January and no extra charge was levied by N26.
Jan 18th 2021, 8:14 am
#35
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Re: Sabadell now charging to receive payment from UK
I'm going to wait and see what happens when I make my first transfer via Currency Fair this year, and if Sabadell do charge to receive it then I'll definitely set up a Transferwise account. I wonder what will happen for those who have their state pensions paid directly into their Spanish accounts - are the banks going to charge them too?
Jan 18th 2021, 4:29 pm
#36
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Re: Sabadell now charging to receive payment from UK
Not sure, i do or did have a monthly payment set up with Revolut so that's where it differs from you, are you a UK resident? , I am and that does make a difference as if you are not UK resident you will have a Latvian IBAN and not be charged by the receiving bank
Jan 19th 2021, 10:59 am
#37
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Re: Sabadell now charging to receive payment from UK
Is there a difference between a "push" transfer and a DD. Sabadell set up a regular Direct Debit from my UK account and I haven't noticed an additional charge yet, although it's early days.
Jan 19th 2021, 12:24 pm
#38
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Re: Sabadell now charging to receive payment from UK
Is the charge definitely for the transfer?
Jan 19th 2021, 1:01 pm
#39
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Re: Sabadell now charging to receive payment from UK
My wife has said she was charged the 18euro fee in December and again in January this was on her pension payed direct. In January she made two transfers from Smart currency Sabadell charge 18 x 2= 36 euro and pension 15 euro = 51 euro. She is currently in negotiations with Sabadell and is not a happy bunny!
Jan 19th 2021, 1:07 pm
#40
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Re: Sabadell now charging to receive payment from UK
My wife has said she was charged the 18euro fee in December and again in January this was on her pension payed direct. In January she made two transfers from Smart currency Sabadell charge 18 x 2= 36 euro and pension 15 euro = 51 euro. She is currently in negotiations with Sabadell and is not a happy bunny!
Go via transferwise - as this goes via Belgium, there are no additional (non-EU) charges levied.
Jan 19th 2021, 6:29 pm
#41
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Feb 1st 2021, 3:55 pm
#42
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Re: Sabadell now charging to receive payment from UK
What happened next???
I looked at Sabadell's T&Cs today:
Transfers received originating outside Spain
- Received from EEA = Exempt
- Otherwise = 0.35%, minimum 18€
Was it easy to open the transferwise account?
I looked at Sabadell's T&Cs today:
Transfers received originating outside Spain
- Received from EEA = Exempt
- Otherwise = 0.35%, minimum 18€
Was it easy to open the transferwise account?
Feb 1st 2021, 4:00 pm
#43
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Re: Sabadell now charging to receive payment from UK
Very easy I am a big fan and a regular user of Transferwise. Have not had any problems over a couple of years.
Have your ID scanned and ready to upload.
Have your ID scanned and ready to upload.
Feb 1st 2021, 4:11 pm
#44
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Feb 1st 2021, 11:02 pm
#45
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Re: Sabadell now charging to receive payment from UK
Was easy for me as well, just a passport or driving licence and a selfie, it says wait 48 hours for your approval but mine and i expect for most was instant, rate is city rate, not as competitive as Revolut as they charge a small fee but much cheaper than a €18 Sabadell charge