Cheapest bank to receive Euro transfers?

bunberry

What is the best bank with the cheapest fees/best exchange rates for incoming international transactions? In particular receiving Euros from a French bank, and I would like to convert the Euros to £ afterwards.

Thank you for any advice

bunberry

I'm not sure that would work as for security reasons (sender's policy) they want to transfer to a verified bank account, and to do that they need to see a statement with my address on it, plus possibly a dummy transaction.

A currency broker account sounds like a good idea, but is it possible to verify it this way?

Mikhail

bunberry wrote: »

What is the best bank with the cheapest fees/best exchange rates for incoming international transactions? In particular receiving Euros from a French bank, and I would like to convert the Euros to £ afterwards.

Thank you for any advice

Open Citibank euro current account (Free) get a debit card and withdraw money at any ATM in the UK, fee free, using visa exchange rate (the most competitive exchange rate you can find).

bunberry

It will be around 2000 Euros per month, so an Euro account looks like an attractive option, but it would have to be a UK based.

Mikhail wrote: »

Open Citibank euro current account (Free) get a debit card and withdraw money at any ATM in the UK, fee free, using visa exchange rate (the most competitive exchange rate you can find).

There are no fees whatsoever for exchanging Euro for £? Sounds a little too good to be true to me, is there a catch?

System

bunberry wrote: »

There are no fees whatsoever for exchanging Euro for £? Sounds a little too good to be true to me, is there a catch?

In my experience, when my Citibank debit card is linked to my euro current account, I can't use it to withdraw GBP from UK cash machines. Typically, Citi do not make this clear on their website, or anywhere else.

However, I can instantly transfer euro to my GBP account. For such transfers, Citi apply a 2% or so mark-up on the interbank rate.

bunberry

Hmmm so Citibank won't be of any use since I'll want it all to be in £ eventually and have no need for Euros.

Right now I bank with Nationwide, who charge 2% for outgoing foreign transactions and as I can't find any information on their incoming transaction commission, I'm assuming it to be around the same.

Am I stuck with a 2% commission fee wherever I go?

System

bunberry wrote: »

Right now I bank with Nationwide, who charge 2% for outgoing foreign transactions and as I can't find any information on their incoming transaction commission, I'm assuming it to be around the same.

Nationwide current accounts can't receive SEPA Credit Transfers, which are what your French payer will expect to use.
http://www.europeanpaymentscouncil.eu/content.cfm?page=sepa_credit_transfer
Nationwide can only receive legacy SWIFT transfers, which would cost your French payer a lot, in the unlikely event that it can be bothered to instruct its bank to make them.
http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1572
From 1 January 2012, if Nationwide continues to receive transfers in euro, it will have to credit them in 24 hours. That means, I think, that they will have to be SEPA-compliant, but they are being their usual muddle about confirming that to me.

Mikhail

bunberry wrote: »

It will be around 2000 Euros per month, so an Euro account looks like an attractive option, but it would have to be a UK based.



There are no fees whatsoever for exchanging Euro for £? Sounds a little too good to be true to me, is there a catch?

See yourself: http://www.citibank.co.uk/personal/banking/international/eurocurrent.htm?merchant=citi

The account is in the UK.

T&C: http://www.citibank.co.uk/personal/banking/customerinfo/otherinformation/documentlibrary/allrates.pdf?merchant=citi

2.75% exchange fee only applies on non-Sterling withdrawals from Sterling accounts. p.10

Mikhail

YoungNick wrote: »

In my experience, when my Citibank debit card is linked to my euro current account, I can't use it to withdraw GBP from UK cash machines. Typically, Citi do not make this clear on their website, or anywhere else.

However, I can instantly transfer euro to my GBP account. For such transfers, Citi apply a 2% or so mark-up on the interbank rate.

What do you mean you can't withdraw GBP? It is a VISA debit card, if your current account is in Euros you can withdraw money anywhere!

bunberry

"Using your Citibank Card overseas If you use a Citibank Card to make payments or ATM withdrawals (other than through a Citi!operated ATM) in currencies other than the currency of the Account, the amount of the transaction will be converted into Sterling using our reference exchange rate (which is Visa’s exchange rate on the date it processes the transaction, plus a commission of 2.75%). This rate may not be the same as the rate that applied on the date the transaction was made, if the payment is processed by Visa after that date. If your Account is in a currency other than Sterling, the Sterling amount will then be converted by us into the currency of the Account using the Citibank UK exchange rate applicable at the time.

In addition, a charge of 2% (minimum £2 maximum £5) is applied to all ATM cash withdrawals made using your Citibank Card (other than through a Citi!operated ATM or LINK ATM), in a currency other than Sterling, from a Sterling Account. This charge will be applied to the Sterling amount debited from your account, after the amount of the foreign currency transaction has been converted.

When making cash withdrawals through a Citi!operated ATM in a currency other than the currency of your account, the amount of the transaction will be converted into Sterling using the Citishare reference exchange rate on the date we process the transaction. If your account is in a currency other than Sterling, the Sterling amount will then be converted by us into the currency of the Account using the Citibank UK exchange rate applicable at the time."

So if I don't use a Citi operated ATM for withdrawals, there is a commission of 2.75%. The only Citi ATMs in the UK appear to be in London, which is around 2 hours from me making it not very convenient.

I'm probably best off finding a bank with the lowest commission fees/most favorable exchange rates.

dazza.mk

First Direct/HSBC:- No charges for payments received upto €50,000 as long as the BIC and IBAN are quoted (rather than sort code and account number)