recieving money from abroad using SEP

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hassanen
hassanen Posts: 5 Forumite
in Budgeting & bank accounts
hey is there a bank that does not charge feed when receiving payment!! i just received 200 euros went throught my bank and the rate wasnt that good compare that with xe.com is there any bank that can give same rate

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  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Do you mean SEPA?
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    If you like xe.com's rate then why not just use them?
  • hassanen
    hassanen Posts: 5 Forumite
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    yes SEPA.
    I just received a payment from eurozone 200 euro received by my bank and i got £162? looking at XE it shows £174 about 12 pounds bellow why is that? its Natwest current account? each bank has different fees? so if i go switch to sandander wouold i get lower fee or somehow same rate as XE. please help.

    another thing so i send 200 eurio and received 12 pounds bellow the market what if i get like 4k wil the fee decrease?
  • hassanen
    hassanen Posts: 5 Forumite
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    how? how does it work? to get paid i need to give IBAN BIC to get money from work
  • hassanen
    hassanen Posts: 5 Forumite
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    would it make any different going to sandander lloyds bank or i will get same fees, i dont like to be ripped
  • eDicky
    eDicky Posts: 6,575 Forumite
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    You will not find a UK bank that gives the mid-market rate that you see on XE.com when euros arrive to your GBP account. Any bank will take ~3%. Are you expecting further such payments?
    Evolution, not revolution
  • Marchitiello
    Marchitiello Posts: 1,266 Forumite
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    I think in both this thread and in your other post in the SEPA thread you are confusing the issue. They have not "charged" you £12, you have simply received £12 less then the market rate. A solution would be for the sender to exchange at source and send you the GBP amount of the rate/charges at source are more favourable or ask the sender to use TransferWise using the latter to make the conversion to GBP

    I have just used TransferWise in my business for a large invoice payment in the Euro Zone and have saved quite a lot compared to what I was quoted by my bank.
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