Transfer to bank abroad


T

transfer

I wanted to transfer 30 gbp to a Dutch bank. My bank wanted to charge me 8
quid to do this - I had all the IBAN details. Is this a typical charge?

How much would it actually cost the UK bank to transfer either pounds or euros
to ING in Holland? Is there no "free" reciprocal arrangement?

Type in the IBAN details, type in the amount, press send. Job's a good 'un.


(I see that http://transferwise.com/ charge about a quid : and they are doing
it to make a profit :) rather than to keep long standing customers happy)
 
Ad

Advertisements

C

cl

transfer said:
I wanted to transfer 30 gbp to a Dutch bank. My bank wanted to charge me 8
quid to do this - I had all the IBAN details. Is this a typical charge?
Yes, it's about typical.

How much would it actually cost the UK bank to transfer either pounds or euros
to ING in Holland? Is there no "free" reciprocal arrangement?
No. Within the Euro zone charges are only a few cents, even across
borders. However from outside the Euro zone charges are exorbitant even
if transferring from Euro account to Euro account.

For that sort of amount I'd stick some Euro notes in an envelope.
Type in the IBAN details, type in the amount, press send. Job's a good 'un.


(I see that http://transferwise.com/ charge about a quid : and they are doing
it to make a profit :) rather than to keep long standing customers happy)
Xetrade are even cheaper if you do it the right way, it costs nothing
except any loss in the exchange rate and their rates are usually within
1% of the inter-bank rates.

It's a bit of hassle to set up an account with Xetrade but once done
transfers are simple. You also have to work out how to get it done for
free rather than paying for a 'wire transfer', you have to set up a UK
account on their site as well as a destination account.
 
S

Stephen Wolstenholme

I wanted to transfer 30 gbp to a Dutch bank. My bank wanted to charge me 8
quid to do this - I had all the IBAN details. Is this a typical charge?

How much would it actually cost the UK bank to transfer either pounds or euros
to ING in Holland? Is there no "free" reciprocal arrangement?

Type in the IBAN details, type in the amount, press send. Job's a good 'un.


(I see that http://transferwise.com/ charge about a quid : and they are doing
it to make a profit :) rather than to keep long standing customers happy)
XE Trade Money Transfers do it for free. See
http://www.xe.com/xetrade/ for details.

Steve
 
C

cl

transfer said:
so how can they do it for free but uk banks can't?
They make money on the 1% or so either side of the interbank rate. The
system is pretty automated too, once you have an account set up with
them it's all on-line and no effort on their part at all.

You may then ask why the UK banks *can't* do the same, I have no good
answer to that one!
 
O

Optimist

They make money on the 1% or so either side of the interbank rate. The
system is pretty automated too, once you have an account set up with
them it's all on-line and no effort on their part at all.

You may then ask why the UK banks *can't* do the same, I have no good
answer to that one!
You could try Skrill.
 
Ad

Advertisements

C

cl

Adrian said:
Thanks for this, guys.

However, having just had a look at the two websites, XETrade seems to be
one almighty ball-ache to register with. For a quid, TransferWise seem to
be much easier to use.
Yes, XETrade is quite a lot of hassle to set up. Once set up it's dead
easy to do transers though. However it is probably only worth it if you
think you're going to do a few transfers every year.
 
Ad

Advertisements

F

Flop

Thanks for this, guys.

However, having just had a look at the two websites, XETrade seems to be
one almighty ball-ache to register with. For a quid, TransferWise seem to
be much easier to use.

Anybody know of any others?
I have used Transfermate:

http://www.transfermate.com/en/contact_us.html

However, this was for Eire to UK.

The Irish company seems to have a lot of hoops to jump through.

But they happily ignore them and transfers are painless.

Fees are low - see their ready reckoner and compare with market exchange
rates and other currency exchanges.


Whatever you do - do not let a bank get involved.

Flop
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Large Transfer of Money Abroad 4
ways to transfer money abroad 1
Abroad 5
Living abroad 8
Retiring Abroad 0
LOANS TO ABROAD 1
sending money abroad online using internet banking ? 2
incapacity abroad? 8

Top