transferring money between two EU accounts

davidsonmick

Hi,
I'm British but am resident in Holland. I work at home for a UK company, consequently, I get paid in sterling into my British bank. I have a Dutch bank account and want to transfer my salary into it every month, preferrably without having to do it by hand after it's been set up. This is very important as I now have a mortgage and want to know that's been paid without me having to think about it.
I'd like advice about how to do this and the costs.
So far both banks have said they'll charge me at least £25 each and then of course there's the conversion rate. Someone told me that if i have an IBAN and BIC number, then transferring is free, apart from the exchange rate. Is this true (sounds too fantastic to me:rotfl:) and if so, how do I set it up?
Cheers,

jonesMUFCforever

No it is not true.
Britain has not signed up for single currency.
You could do an Economy transfer for about £10. (max of around £3k)

davidsonmick

I find this odd as people I know transfer money between Belgium and Holland and another couple who transfer money between Peru and Holland. I don't think it's a single currency/Euro issue. Can you tell me more about Economy transfer as I've not heard of this before?
Cheers,
mick

jonesMUFCforever

Most banks have an economy no frills system of transferring money electronically but is restricted to around £3000 or equivalent.
Charges vary between £6.50 and £10. Normally takes between 4 - 6 days.

Alfie_E

ejones999 wrote:

No it is not true.
Britain has not signed up for single currency.

It’s a little bit more subtle than that. Within the EU, the charge for transferring euros between countries has to be the same as transferring them within the country. This is why it’s free between, say, Belgium and the Netherlands. It also applies just as much to the accounts held in euros in the UK. However, UK financial institutions simply charge £25+ for transferring euros within the UK, as well as cross-border transfers.

davidsonmick

OK, thanks. that's very disappointing. I finally got some sense out of the Abbey this morning who are quite categorical that they won't let me do an online transfer between countries. Do UK banks not understand they are in the EU? I find this very annoying so they'll be getting a very shi**y letter from me about it. Surely this infringes my rights as an EU citizen?, mutter, mutter, mutter...

Thanks for your help, :eek:

naughtybits1uk

Hi,

I was in a similar situation, when i worked in Gibraltar and was living in Spain. My salary was paid into my woolwich account but i also had a spanish account. I used Currencies Direct, they make a small charge of about £5.00 per transaction and it takes around 4 days to clear, but once it was set up i knew that each month the transfer would be made with no hassle. Hope this helps.

davidsonmick

naughtybits1uk,
Thanks for the info, I'll have a look for them on the net. I too was in Gib - working for VCI, do you know them? I used to live in La Linea and had an apartment overlooking the bay, Gib, Spain and North Africa, aaah, the good old days... (actually 1999/2001!)
Cheers,

M_Thomson

davidsonmick wrote:

Do UK banks not understand they are in the EU?

Yes they are, but we are not part of the Euro thank god! The Euro is a foreign currency like any other.

davidsonmick wrote:

I finally got some sense out of the Abbey this morning who are quite categorical that they won't let me do an online transfer between countries.:

I think you will find that even with countries in the Euro Zone you cannot just go online, and do a straight forward transfer between each country. Even though they share a currency the banking systems are still different. It would have to be actioned by phone or in a branch.

davidsonmick wrote:

Surely this infringes my rights as an EU citizen?, mutter, mutter, mutter

How so? Don't be so silly. Next you'll probably say it is against your human rights.

davidsonmick wrote:

I find this very annoying so they'll be getting a very shi**y letter from me about it.

Read my second answer. You won't get very far. It is the same with all banks in the UK. As the Euro is a foreign currency, why should they just do instant transfers for free?

naughtybits1uk

Hi,
I worked for partygaming (partypoker) from 2004/2005 and lived in Manilva. Had a great time but glad to be back in the UK now. Missed my family too much and the tax was very high in Gib, 45% is a bit much.

davidsonmick

I think I know or knew someone who worked/works there. I didn't miss the UK at all and all my friends and relations were more than happy to come and stay. I'd be there now if it wasn't for a certain Dutch woman.
Tax is high in Gib but it is progressive and there are other advantages. The main one being tax savings on mortgages and money back from the government. But property prices are the same as in London, so it wasn't an option for me.
I had a look at the people you suggested, and it looks promising. From what I saw on their website the amount payable could be variable, was that your experience? One big advantage is that you can set up a DD and so forget about it once it's done.
Hasta luego