Cheapest bank to receive Euro transfers?

System

Mikhail wrote: »

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!

In my experience, no I can't. And Citi doesn't publish a tariff for doing so.
I have Citi euro and GBP accounts. At any one time, I can have my Citi Visa debit card linked to either the euro account, or the GBP account. (To switch, I phone the call centre, and the switch is instantaneous.)
With my card linked to my euro account, I have on several occasions done a test of trying it in a UK cash machine. I can change the PIN. I can't check the balance. I can't withdraw cash. The screen shows a message on the lines 'unable to process your transaction, please contact your card issuer.' On the other hand, I have used it to withdraw euro from the Ulster Bank euro cash machine in Bishopsgate, London.
I think Citi have deliberately programmed it this way, and I think they are right. If (which they don't) they quoted a tariff for withdrawing GBP in the UK from a euro account, it would, I believe, have an exchange rate markup and a fee. Instead, I can easily and instantaneously transfer euro from my euro account to my GBP account (approx 2% markup), link my card to my GBP account, and then use the card (free, obviously) to withdraw GBP.

bunberry

YoungNick wrote: »

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.

I could choose direct bank transfer or wire transfer; are either of these SWIFT?

Alan_M_2

Have a chat with Fair FX - they may be able to set up an arrangement that works.

http://www.fairfx.com/business

Mikhail

bunberry wrote: »

"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.

No, there is no commission. Problem with citibank all their fees and charges are on the same page. 2.75% ONLY applies to Sterling account making transactions in a different currency. Read the last sentence:

"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."

Mikhail

YoungNick wrote: »

In my experience, no I can't. And Citi doesn't publish a tariff for doing so.
I have Citi euro and GBP accounts. At any one time, I can have my Citi Visa debit card linked to either the euro account, or the GBP account. (To switch, I phone the call centre, and the switch is instantaneous.)
With my card linked to my euro account, I have on several occasions done a test of trying it in a UK cash machine. I can change the PIN. I can't check the balance. I can't withdraw cash. The screen shows a message on the lines 'unable to process your transaction, please contact your card issuer.' On the other hand, I have used it to withdraw euro from the Ulster Bank euro cash machine in Bishopsgate, London.
I think Citi have deliberately programmed it this way, and I think they are right. If (which they don't) they quoted a tariff for withdrawing GBP in the UK from a euro account, it would, I believe, have an exchange rate markup and a fee. Instead, I can easily and instantaneously transfer euro from my euro account to my GBP account (approx 2% markup), link my card to my GBP account, and then use the card (free, obviously) to withdraw GBP.

Very interesting. Have you tried the cash back option or purchase something in Sterling from your Euro account in the UK?

System

Mikhail wrote: »

Have you tried the cash back option or purchase something in Sterling from your Euro account in the UK?

Yes, I tried a purchase in the UK when my card was linked to my euro account. It worked, and Citi converted GBP to euro at the Visa rate plus a markup. Don't recall exactly what markup.

jno

Here's 2 specific questions for those with Citi bank EURO accounts

Q1) for those who HAVE used them abroad ....can you confirm or not if they are charged for cash withdrawals from EURO countries (e.g. Spain) if they do this at a non-Citi bank ATM there (e.g. any Spanish bank)?

Q2) I assume with the UK Citibank EURO account you get an IBAN/BIC number to allow those in the Eurozone to pay money INTO the account for free?

rosmersholm

1) I have not been charged ever (across non-citi banks in such locations Greece, Estonia, France). They put the terminology in such a weird way - but to protect themselves against fee-charging machines (e.g. convenience stores)

2) Never done this - but operates as a British account - so would have IBAN number (its traditional 6 x sortcode / 8 x account number format)

I truly love my Citibank € account.

Greygoose

Hi Bunburry,

I also get paid partly in Euros and have the same issue, so I'm reading this with great interest. In terms of being paid, as far as I'm aware it's the responsibility of the person/business making the payment to cover all transaction charges. Are you in a position to do this?
GG

bunberry

Greygoose wrote: »

Hi Bunburry,

I also get paid partly in Euros and have the same issue, so I'm reading this with great interest. In terms of being paid, as far as I'm aware it's the responsibility of the person/business making the payment to cover all transaction charges. Are you in a position to do this?
GG

From what I've read the sender does pay the transaction fees, but I think different banks use different exchange rates (not 100% sure) so I'm trying to find a bank with the best Euro exchange rate & lowest commission fees.

When I asked Nationwide I was quoted 1.14 whereas at the time it was 1.16 on xe.com; is this the best I'm going to get? On the bright side, Nationwide doesn't charge to receive SWIFT payments.