Advie Needed , Transferring Money To A Uk Bank Account from ireland

brian_723

Okay hear goes a family member is due to receive compensation from Ireland in Euro of course, the amount is 50k Euro .I have tried to find out before coming to a web board as i am just trying to get the best deal for her .


Now she has a Uk Barclay's bank account,so is it best for her to have the money sent in Euro from Ireland and get converted this end when it hits her bank by Barclays or is it best to let the Irish bank do the conversion and then have it sent in sterling .Or would opening a nationwide account be a good idea as i think they give good rates and have no fees .Would the rate be like the inter bank rate if changed by either Barclay's or nationwide .


I have heard from a friend that sends money to Thailand if sending money from the uk always let the Thai bank convert it ,would the same apply for having money sent form Ireland to let the Uk receiving bank do the conversion .

advice and experiences would be very much appreciated .

I am desperate from this person to receive her compensation and benefit the most from it .


Thanks in advance

brian

brian_723

really could do with advice here please

dazza.mk

I can't find the details on the charges from the Barclays current account, but for peace of mind you can see the below on the 'charges sheet' for their Euro account.

Per EU regulations as long as certain 'rules' are followed Banks are not allowed to charge more for intra - EU Euro (or Swedish Crown, the British Govt chose not to opt Sterling into this policy) than they would for internal country payments (to send or receive)

1. Send payment in Euros
2. Use the BIC & IBAN for the Barclays account do NOT use GB Account Number and Sort Code. (You should be able to find these on the Barclays statemnet)
3. If the option is shown on Irish forms choose share charges (do NOT choose sender pays or receiver pays)
4. Split the transfer so that it is a maximum of 50,000 Euros.


http://www.personal.barclays.co.uk/PFS/A/Content/Files/9955376_Jun09.pdf

If you check on the forum you will find there is a Barclays Manager who often posts, if you PM him he should be able to confirm this is the case (if you want additional confirmation)

Extant

If you don't have a statement, you can generate an IBAN for your sort code and account number here: https://www.business.barclays.co.uk/BRC1/jsp/brcscontrol?task=IBANGenerate&target=_self&site=bbb

The SWIFT/BIC is BARCGB22 for all.

As for sending in pounds or euros, it's worth asking the Irish bank what rates and charges they apply, and the same from Barclays. Once you've done that, you can then best choose which way round to do it.

brian_723

thanks very much guys .

DesG

For that amount, you would be mad to do it through the banks.

Use an FX broker who will usually give you a much beter exchange rate.

There is a feedback thread here somewhere for FX brokers, so check that out.

Cheers, Des.

dazza.mk

BarclaysManager wrote: »

As for sending in pounds or euros, it's worth asking the Irish bank what rates and charges they apply, and the same from Barclays. Once you've done that, you can then best choose which way round to do it.

As mentioned you should only use Euros + details as mentioned above if you accept a transfer in Pounds both Irish Bank & Barclays will charge you to send/receive.

Again I can't find the Barclays charges detailed for receiving foreign payments, but there International Payments form itself defaults to the options I mention above (for upto 50,000 Euros)

http://www.business.barclays.co.uk/BBB/A/Content/Files/Making_a_Barclays_International_Payment.pdf

dazza.mk

http://ec.europa.eu/internal_market/payments/docs/reg-2001-2560/reg-2001-2560-article3_en.pdf

Impact of making the transfer in £

"When the account of the originator (or of the recipient) is not in euro, the financial
institution of the originator (or of the recipient) may perceive an exchange fee

(currency conversion) in addition to the service fee."

Impact of making a transfer in $
[FONT=TimesNewRoman,Bold]

"Scenario 3a) from €-zone to non-€-zone

A customer in Belgium ordering a credit transfer in € to a beneficiary in the UK. This
UK beneficiary may be content to keep the €-credit transfer in his € account or to put
it in his £ account. In the latter case, the conversion takes place at the beneficiary’s
bank, the transfer itself is executed in €.
The customer in Belgium is charged by the bank in Belgium the same fee as for a
transfer within Belgium[FONT=TimesNewRoman,Bold].

[/FONT]

The beneficiary in the UK may be charged by the bank in the UK the same fee as for a
transfer in € within the UK[FONT=TimesNewRoman,Bold]. [/FONT]He may also be charged by the bank in the UK with a

conversion fee."

The 'conversion fee' will already be factored into Barclays Exchange rates, hence DesG's comment that you might be better with an Fx broker.
[/FONT]