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SEPA Transfer EUR > GBP with HSBC UK: complaint?
Comments
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in http://ec.europa.eu/internal_market/payments/crossborder/index_en.htm#complaints
there is no complaint body in the UK.0 -
is anybody aware of a bank in london where eur SEPA transfers are still free?0
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Yes, Citibank, provided you insist of reclaiming your £10, and sue them in the county court if necessary. Under Statutory Instrument 2003 No. 488
http://www.opsi.gov.uk/si/si2003/20030488.htm
Civil proceedings
3. - (1) Any contravention by an institution of --
(a) Article 3(1) of the Community Regulation; or
(b) Article 3(2) of the Community Regulation
This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Well, I just called my friends at Citibank, ready to quote the regulations, but it seems they have quietly and "temporarily" dropped the £10 charge. Hooray.0
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I am due to transfer some Euros back from my Spanish bank account to a Euro account in the UK. The Spanish Bank (Deutsche Bank) are telling me it will cost me 0.4% of the transferred amount to do the transfer. (for up to 50000). They also say that they can reduce the cost but it seems they are trying to get money out of me for doing something that can be done cheaply or even free by a SEPA transfer.
Having read this thread I have realised that Banks should not be charging to transfer Euros to a Euro account this way. Can I insist that my Spanish bank transfers my money using a SEPA transfer? This would save me some significant amount of money.0 -
puddytat44 wrote: »I am due to transfer some Euros back from my Spanish bank account to a Euro account in the UK. The Spanish Bank (Deutsche Bank) are telling me it will cost me 0.4% of the transferred amount to do the transfer. (for up to 50000). They also say that they can reduce the cost but it seems they are trying to get money out of me for doing something that can be done cheaply or even free by a SEPA transfer.
Having read this thread I have realised that Banks should not be charging to transfer Euros to a Euro account this way. Can I insist that my Spanish bank transfers my money using a SEPA transfer? This would save me some significant amount of money.
Not quite correct that Banks can't charge for SEPA payments. Deutsche Bank can (legally) charge for a SEPA payment to the UK the same as it would charge for a domestic Euro transfer in Spain (whatever that might be)0 -
I assume that the normal charge within the banks is not actually likely to be 0.4% of the total value. Otherwise no-one would ever move any cash around. Of course that may be what they want.
British banks transfer money around certainly within the UK without charging their customers to do it. I think the SEPA directive was to try to allow money to move more freely around within the Eurozone.
Should I be asking the Deutsche Bank if they participate in SEPA and if so what their charge is for using the SEPA transfer?0 -
Interesting, because Deutsche Bank in Germany charge no fee for a payment to any EEA country. See page 2 of Preis- und Leistungsverzeichnis der Deutsche Bank Privat- und Geschäftskunden AG und der Deutsche Bank AG where it says that "Überweisungen per Online-Banking (kein freier Auftrag), Bankingterminal und Telefon-Banking7) (Inland, EU- und EWR-Staaten)" are included in the account package.puddytat44 wrote: »I am due to transfer some Euros back from my Spanish bank account to a Euro account in the UK. The Spanish Bank (Deutsche Bank) are telling me it will cost me 0.4% of the transferred amount to do the transfer. (for up to 50000). They also say that they can reduce the cost but it seems they are trying to get money out of me for doing something that can be done cheaply or even free by a SEPA transfer.0 -
Deutsche Bank Spain does not seem to be a member of the European Payments Council, and possibly does not offer SEPA Credit Transfers.puddytat44 wrote: »Should I be asking the Deutsche Bank if they participate in SEPA and if so what their charge is for using the SEPA transfer?
http://www.europeanpaymentscouncil.eu/content.cfm?page=epc_members
However, under EC regulation 924/2009, any bank in Spain must charge the same to send euro from (say) Madrid to Birmingham as it does to send euro from Madrid to Toledo.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I frequently receive EURO payments from my German bank to my UK Bank account with the Halifax.
This used to be free with a decent exchange rate.
Now I have noticed that I am getting less in £ and when investigating fuurther I noticed that they have now introduced a charge of £2.- per incoming payment of less than the equivalent of £100.- and I think £7.- or something like that for equivalent of over £100.-
This charge is not shown separately but is simply deducted from the sterling amount that is being credited, hence I only just noticed, as the sterling amount for a smaller credit was quite low. It was only then I noticed I am being charged all of a sudden. I checked their fees and hey presto -- it's been added to their fees structure.
I was also under the impression that UK banks cannot charge any more for these incoming payments than they would for a domestic UK transfer. Haifax doesn't charge for domestic transfers...
I am about to challenge this charge with them.0
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