Transfer GBP to German Bank Account

snute2008 · 28 October 2014 at 3:44PM

Hi, I could do with some advice please. I recently booked a German artist for a concert, a charity concert. I have received the invoice for the performance and need to make a payment by bank transfer for £850 to a German Bank Account.

I have the IBAN and the BIC but Barclays wants to charge me £25. Is this right?

Are there any better options please?

Many thanks for your help.

grumbler · 28 October 2014 at 4:00PM

snute2008 wrote: »

Hi, I could do with some advice please. I recently booked a German artist for a concert, a charity concert. I have received the invoice for the performance and need to make a payment by bank transfer for £850 to a German Bank Account.

I have the IBAN and the BIC but Barclays wants to charge me £25. Is this right?

Yes. Also, if German account is in € the recipient will be charged for currency conversion. Is this what was agreed?
UK banks typically charge 2.5-3%.

Are there any better options please?

https://www.fxcompared.com/Content/money-transfer-from-UK-Germany-below-3000-amount-850https://www.fxcompared.com/Content/money-transfer-from-UK-Germany-below-3000-amount-850
http://www.mycurrencytransfer.com/money-transfer-to-Germany/850-GBP

Motormad · 28 October 2014 at 4:12PM

Last year we paid for a let of an apartment in Austria through Western Union with the IBAN and BIC details.I think it was done fee free but obviously they make something on the exchange rate.You need the name and place of the receiving bank and also the recipients name.
Yes, just found the receipt and no fee and a rate of 1.1172 euro to pound but that was around a year ago.

snute2008 · 28 October 2014 at 4:23PM

Thanks for the info. I am in the process of qetting a quote.

Thanks for your help.

jonesMUFCforever · 28 October 2014 at 9:50PM

grumbler wrote: »

Yes. Also, if German account is in € the recipient will be charged for currency conversion. Is this what was agreed?
UK banks typically charge 2.5-3%.

https://www.fxcompared.com/Content/money-transfer-from-UK-Germany-below-3000-amount-850https://www.fxcompared.com/Content/money-transfer-from-UK-Germany-below-3000-amount-850
http://www.mycurrencytransfer.com/money-transfer-to-Germany/850-GBP

If the payment is a SEPA one ie € to € then there will be no charges at the German end.

grumbler · 28 October 2014 at 10:03PM

jonesMUFCforever wrote: »

If the payment is a SEPA one ie € to € then there will be no charges at the German end.

Yes, but there will be similar charges in UK, and the OP said "transfer £850".

henm2 · 31 October 2014 at 10:52PM

In comparison if it was done through personal internet banking with HSBC as a Euro payment to Germany the charge would be £4-00 at the HSBC end and nothing at the German end as it would be a SEPA payment.

Archi_Bald · 31 October 2014 at 11:20PM

What exchange rate would HSBC use?

Transfer GBP to German Bank Account

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