SEPA transfer

alanf1314

So RBS now say its £20 to transfer the amount in pounds or £10 to transfer in Euros?

Does this sound right? Can they charge for a Euro to Euro transfer?

Confused...

jonesMUFCforever

alanf1314 wrote: »

So RBS now say its £20 to transfer the amount in pounds or £10 to transfer in Euros?

Does this sound right? Can they charge for a Euro to Euro transfer?

Confused...

Yes as we are not in Euro Zone.

System

jonesMUFCforever wrote: »

Yes as we are not in Euro Zone.

More precisely, because there is no longer a cheap method of transferring euro within the UK. There was once, BACS euro, but the banks abolished it, ostensibly because it was little used. If BACS euro transfers still existed, then UK banks would have to charge the same to transfer euros from (say) Liverpool to Frankfurt as they did for a BACS euro transfer from Liverpool to Manchester: in practice, cheap for business customers, and free for private customers, if a private customer could find anyone who admitted BACS euro transfers existed and knew how to do them.
If the current government dared to do anything that would annoy the banks, they could apply the EC regulation to transfers in GBP (as the Swedish government did for transfers in kronor.) UK banks would then have to charge the same for transfers of GBP to other EU countries as they do to transfer GBP within the UK, ie, little or nothing. Receiving banks in the EU could still charge what they like to convert GBP to euro, but they would have to make their exchange rate explicit to their customer.