High Bank Charge for transfer!!

elisebutt65

Just bought some coffe pods from holland for my Senseo and they are offering bank transfer as an option. Having used this with no problem on EBay, with online banking, i thought I'd save the company a few quid and do it this way rather than Paypal.

Abbey want £25!!! Flippin 'eck!!! Gone straight back to Paypal. How can they justify £25 for doing a TT -I used to do these all the time when I was working and it took 10 minsmax to fill in the forms back then. Now it probably takes even less with the internet and it still takes 3 working days to get to them. At least they get it straight away with paypal.

jonesMUFCforever

Hi Elise how 's the comping going. Do you still visit urc?
Your bank has to purchase the foreign exchange to pay for your transaction and ask their agent in Holland to pay it on to the beneficiary.
Although most of this is done electronically the actual keying in of the payment details is still done manually. This all costs unfortunately and the bank will want to make a profit on top.
You have probably been quoted for a standard euro transfer. There is an Economy scheme whereby a lot of banks will send money cheaper (around £6 or so) but it is restricted to the currency of the country you are sending to and there is a maximum of around £3000 equivalent. It also takes longer to get to its destination.It might be that Abbey do not do this type of transfer.

Not many banks will accept international transfers by internet.

elisebutt65

Aaaahh thats why it costs so much then - Pity all the banks in the world don't communicate the same way really.Make life easeir for the consumer.

Still doing the comping but not posting much on urc as most of the comps i find have already been posted - Usually post the odd one like the holiday to Dubai via destinations site.

Haven't won anything major for 2 years now though

jonesMUFCforever

Same here just the odd cd and books!

innovate

sorry, ejones999 - the banks cannot possibly justify these high charges for small amounts, they are making an absolute killing from such transactions! The banks' charges can be economical for higher amounts, but for smaller amounts the likes of Paypal and Moneybookers prove that it can be done much cheaper - and still at a good profit!

jonesMUFCforever

innovate wrote:

sorry, ejones999 - the banks cannot possibly justify these high charges for small amounts, they are making an absolute killing from such transactions! The banks' charges can be economical for higher amounts, but for smaller amounts the likes of Paypal and Moneybookers prove that it can be done much cheaper - and still at a good profit!

It is exactly the same procedure for sending £100 as for sending £10000!
I have explained for smaller transactions that an Economy method of payment exists.

innovate

LOL, do you own a bank, or why are you getting so defensive?

With Moneybookers, sending £100 or £10,000 is a mere 50p max, and the receiving end pays a flat £1.30. Ok, the transfer takes a few days but so do bank transfers that cost several times this amount.

jonesMUFCforever

innovate wrote:

LOL, do you own a bank, or why are you getting so defensive?

With Moneybookers, sending £100 or £10,000 is a mere 50p max, and the receiving end pays a flat £1.30. Ok, the transfer takes a few days but so do bank transfers that cost several times this amount.

There is no way that Moneybookers or anyone else for that matter can send transfers of £100k for 50p UNLESS they are getting it back another way ie through the exchange rate that they offer.