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Sending money to a German bank account

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I need to make a regular monthly payment to a bank account in Germany.

My UK bank will charge £9.50 per transfer and the transfer is done in two days.

I like the speed and security of using my bank but over time all those £9.50 payments add up. What other options are available to me?

Thanks in advance.

Comments

  • System
    System Posts: 178,352 Community Admin
    10,000 Posts Photogenic Name Dropper
    As far as I know, all UK banks make a similar rapacious charge of around £10 and upwards for sending a SEPA Credit Transfer (of euro) to an account in the EU. They get away with this because there is no cheap means of transferring euro within the UK.
    xe.com has a somewhat mysterious claim here (click on Free Transfers)
    http://www.xe.com/fx/benefits.php
    that will they do an 'electronic funds transfer' (via an Automated Clearing House) free to several countries including Germany. Possibly this means that xe.com do a SEPA Credit Transfer from an account they have with a bank in the eurozone which (as is common) does SEPA Credit Transfers free. If so, xe.com are wrong in stating that it will take longer than a legacy 'wire' (so-called 'SWIFT') transfer. Or possibly xe.com have a German bank account and use a slow (and obsolescent?) domestic transfer within Germany.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Sceptic001
    Sceptic001 Posts: 1,111 Forumite
    The Post Office offer a "fee-free" international payment service (minimum amount £250). Has anyone any experience of it?
    http://www2.postoffice.co.uk/finance/making-payments/post-office-international-payments
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why pay monthly - can you not send quarterly or half yearly?
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