Euro Bank Accounts Help

lasor

Hi All

I wonder if somebody could help me, I am trying to sort out my sons financing and I have a little problem.

My son is in the Army and was based in Germany (he is now back in the UK or at least he will be when he returns from his tour of afghanistan..)

While in Germany he took out a bank loan from a German bank to buy a car, during this process he was stiched up by the German Garage but thats another story.

Anyway to cut a long story short he got into prooblems with payments and now a UK debt recovery agency (Cloud Managment) They have told him they want £342 per month which at todays conversion is 409 Euros. His actual agreement with the bank was 385 Euros per month. which means he will be paying 24 Euros more each month.

Is there a bank account I can set up for him in the UK that will allow me to pay this company 385 Euros each month by standing order, regardless to current exchange. I just want to pay them the 385 Euros. or even byepass the debt recovery agency and set up a standing order direct to the bank in Germany. Hopefully one that will not charge a conversion charge each time...

I hope this makes sense to somebody and they could advise me..

lasor

wrangler5 wrote: »

Probably seems a silly question but why are you sorting this out for him? Can he not sort it out himself when he returns?

Not really important ??? But I suppose you could call it parental instinct. Also being in Afghanistan im guessing he might just have a few other things on his mind at the moment...so one less problem when he arrives home will be a bonus..

jonesMUFCforever

In the UK it costs money to send money to ant Euro bank.

If it has gone as far as a debt recovery firm you have absolutely no chance of reducing the amount or paying directly to the lender.

System

lasor wrote: »

Is there a bank account I can set up for him in the UK that will allow me to pay this company 385 Euros each month by standing order, regardless to current exchange. I just want to pay them the 385 Euros. or even byepass the debt recovery agency and set up a standing order direct to the bank in Germany.

If your own financial standing is good, and if you are able to enter into a dialogue with the German bank, you could ask them to call off the debt collection agency if you guarantee to pay them 385 euro a month on your son's behalf. If they agree to this, you could then open euro and GBP accounts with Citibank. This would enable you to convert GBP to euro from time to time at the going rate, and to transfer euro to the German bank by SEPA Credit Transfer. I don't know what Citibank is currently charging for SEPA Credit Transfers; a few months ago they were (temporarily?) doing them free.