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  • FIRST POST
    • bery_451
    • By bery_451 17th Mar 17, 12:14 AM
    • 944Posts
    • 25Thanks
    bery_451
    SEPA or SWIFT bank transfer?
    • #1
    • 17th Mar 17, 12:14 AM
    SEPA or SWIFT bank transfer? 17th Mar 17 at 12:14 AM
    Local to me are:

    - Barclays
    - TSB
    - Royal Bank of Scotland
    - Tesco Bank

    Im looking to open a bank account at 1 of the bank's shown above.

    Which bank is the cheapest and fastest for SEPA?

    Which bank is the cheapest and fastest for SWIFT?

    Which is better, SEPA or SWIFT?

    Or is there any other cheaper/faster way to do SEPA or SWIFT in GBP?

    Cheers,
Page 1
    • PeacefulWaters
    • By PeacefulWaters 17th Mar 17, 3:37 AM
    • 6,709 Posts
    • 8,251 Thanks
    PeacefulWaters
    • #2
    • 17th Mar 17, 3:37 AM
    • #2
    • 17th Mar 17, 3:37 AM
    How much are you looking to transfer and how often? And where to?
    • grumbler
    • By grumbler 17th Mar 17, 6:37 AM
    • 51,388 Posts
    • 21,755 Thanks
    grumbler
    • #3
    • 17th Mar 17, 6:37 AM
    • #3
    • 17th Mar 17, 6:37 AM
    ... And where to?
    Originally posted by PeacefulWaters
    To Europe. Does it matter what country exactly?
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • mwarby
    • By mwarby 17th Mar 17, 7:32 AM
    • 801 Posts
    • 301 Thanks
    mwarby
    • #4
    • 17th Mar 17, 7:32 AM
    • #4
    • 17th Mar 17, 7:32 AM
    Local to me are:

    - Barclays
    - TSB
    - Royal Bank of Scotland
    - Tesco Bank

    Im looking to open a bank account at 1 of the bank's shown above.

    Which bank is the cheapest and fastest for SEPA?

    Which bank is the cheapest and fastest for SWIFT?

    Which is better, SEPA or SWIFT?

    Or is there any other cheaper/faster way to do SEPA or SWIFT in GBP?

    Cheers,
    Originally posted by bery_451
    Can you not Google and find out the charges and compare yourself ?

    As i understand it SWIFT is international (world wide) and SEPA is EU only. I think SEPA maybe euro only
    • PeacefulWaters
    • By PeacefulWaters 17th Mar 17, 8:01 AM
    • 6,709 Posts
    • 8,251 Thanks
    PeacefulWaters
    • #5
    • 17th Mar 17, 8:01 AM
    • #5
    • 17th Mar 17, 8:01 AM
    To Europe. Does it matter what country exactly?
    Originally posted by grumbler
    Your assumption that it's Europe.
    • Anthorn
    • By Anthorn 17th Mar 17, 8:29 AM
    • 3,081 Posts
    • 790 Thanks
    Anthorn
    • #6
    • 17th Mar 17, 8:29 AM
    • #6
    • 17th Mar 17, 8:29 AM
    Local to me are:

    - Barclays
    - TSB
    - Royal Bank of Scotland
    - Tesco Bank

    Im looking to open a bank account at 1 of the bank's shown above.

    Which bank is the cheapest and fastest for SEPA?

    Which bank is the cheapest and fastest for SWIFT?

    Which is better, SEPA or SWIFT?

    Or is there any other cheaper/faster way to do SEPA or SWIFT in GBP?

    Cheers,
    Originally posted by bery_451
    Within the E.U. SEPA, outside the E.U. Swift. It's likely but not certain that the bank will attempt to automatically use the best method as they do with FPS within the U.K. Transferwise offer several transfer methods including SEPA and Swift.
    • eDicky
    • By eDicky 17th Mar 17, 8:47 AM
    • 2,689 Posts
    • 1,159 Thanks
    eDicky
    • #7
    • 17th Mar 17, 8:47 AM
    • #7
    • 17th Mar 17, 8:47 AM
    way to do SEPA or SWIFT in GBP?
    Originally posted by bery_451
    Do you want the funds to arrive as GBP, or converted to the local currency? If the latter, avoid bank fees and their terrible exchange rates by using a service such as TransferWise, fast and efficient. Then SEPA, SWIFT and whoever you bank with are not relevant.
    • agrinnall
    • By agrinnall 17th Mar 17, 8:56 AM
    • 18,153 Posts
    • 13,855 Thanks
    agrinnall
    • #8
    • 17th Mar 17, 8:56 AM
    • #8
    • 17th Mar 17, 8:56 AM
    To Europe. Does it matter what country exactly?
    Originally posted by grumbler
    The only basis for you making that assumption is that the OP mentions SEPA. However, as SWIFT is also mentioned it's just as likely that transfers are outside Europe. My guess, which is all any of us can do, is that transfers may be to countries both inside and outside Europe, and that the OP is looking at which bank is 'best' for both. Although as the OP asks some very peculiar questions it could mean anything or nothing!
    • grumbler
    • By grumbler 17th Mar 17, 6:46 PM
    • 51,388 Posts
    • 21,755 Thanks
    grumbler
    • #9
    • 17th Mar 17, 6:46 PM
    • #9
    • 17th Mar 17, 6:46 PM
    Your assumption that it's Europe.
    Originally posted by PeacefulWaters
    Yes, because the OP asked about SEPA or SWIFT.

    SEPA stands for Single Euro Payments Area, so payments to all countries in this area cost the same for the given bank.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • agrinnall
    • By agrinnall 17th Mar 17, 6:55 PM
    • 18,153 Posts
    • 13,855 Thanks
    agrinnall
    Yes, because the OP asked about SEPA or SWIFT.

    SEPA stands for Single Euro Payments Area, so payments to all countries in this area cost the same for the given bank.
    Originally posted by grumbler
    You're relying on the semantics of a single word to justify your assumptions? I think you should stop digging and wait until the OP clarifies.

    And you're being a bit condescending if you think PeacefulWaters doesn't understand what SEPA is.
    • bery_451
    • By bery_451 17th Mar 17, 8:27 PM
    • 944 Posts
    • 25 Thanks
    bery_451
    Thanks for all the replies. Yes to clarify its sending to a GBP bank account in Europe.
    • mgdavid
    • By mgdavid 18th Mar 17, 1:34 AM
    • 5,184 Posts
    • 4,349 Thanks
    mgdavid
    Thanks for all the replies. Yes to clarify its sending to a GBP bank account in Europe.
    Originally posted by bery_451
    That doesn't clarify - as not all countries in Europe are part of SEPA.
    It would help you obtain a correct answer if you were specific with the question.
    A salary slave no more.....
    • grumbler
    • By grumbler 18th Mar 17, 8:01 AM
    • 51,388 Posts
    • 21,755 Thanks
    grumbler
    Come on... It's very clear now. £-->£ transfer from UK to a country in SEPA.

    My question is why it is a £ account outside UK, not a € account. What's the point?
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • bery_451
    • By bery_451 20th Mar 17, 5:26 PM
    • 944 Posts
    • 25 Thanks
    bery_451
    Its a £ account in europe so customers from england can transfer £ into it without involving foreign exchange fees.
    • PeacefulWaters
    • By PeacefulWaters 20th Mar 17, 5:39 PM
    • 6,709 Posts
    • 8,251 Thanks
    PeacefulWaters
    Yes, because the OP asked about SEPA or SWIFT.
    Originally posted by grumbler
    And? When the OP asked "which is better?" I thought it reasonable to ask a question to try and establish what is trying to be achieved. Much safer than making an assumption don't you think?

    SEPA stands for Single Euro Payments Area, so payments to all countries in this area cost the same for the given bank.
    Yes, I recall being part of an implementation team for a bank when it was set up.
    • grumbler
    • By grumbler 20th Mar 17, 5:46 PM
    • 51,388 Posts
    • 21,755 Thanks
    grumbler
    And? When the OP asked "which is better?" I thought it reasonable to ask a question to try and establish what is trying to be achieved.
    Originally posted by PeacefulWaters
    This would be a reasonable question, not about the country - unless there is essential difference between some countries in SEPA.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • bery_451
    • By bery_451 21st Mar 17, 7:47 PM
    • 944 Posts
    • 25 Thanks
    bery_451
    Ok which is the cheapest/fastest for SEPA into a £GBP account?
    • grumbler
    • By grumbler 21st Mar 17, 7:55 PM
    • 51,388 Posts
    • 21,755 Thanks
    grumbler
    I think nobody knows the answer simply because nobody transfers ££ to a £ account in Europe.
    I can only ask again: why does it have to be a £ account on the other side, not €?
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • eDicky
    • By eDicky 21st Mar 17, 9:17 PM
    • 2,689 Posts
    • 1,159 Thanks
    eDicky
    You can use Revolut, no fees but can take a few days.

    https://revolut.com
    • Anthorn
    • By Anthorn 21st Mar 17, 9:25 PM
    • 3,081 Posts
    • 790 Thanks
    Anthorn
    I think nobody knows the answer simply because nobody transfers ££ to a £ account in Europe.
    I can only ask again: why does it have to be a £ account on the other side, not €?
    Originally posted by grumbler
    The OP has already said it's to allow people to send GBP abroad without incurring exchange fees. But using a bank branch for the transfer will be expensive. For example a non-urgent SEPA payment sent at a Lloyds Bank branch costs £19. But online with transferwise it's free but only to local currency accounts.

    https://transferwise.com/help/article/1663579/euro-transfers/what-are-sepa-transfers

    Grumbler is correct, can't send GBP. Need a local currency account.

    Paypal would simplify the process but you'll still need an account in the local currency.
    Last edited by Anthorn; 21-03-2017 at 9:34 PM.
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