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Paying a euro bill from UK current account

WatlingA5
Posts: 168 Forumite


I did do a search but couldn't find what I needed :think:
Never had to do this so would appreciate advice on the most efficient (cheapest!) way of doing this. NatWest account, recipient is in Belgium.
If they agree to provide their account details, can I just use the transfer system I use for paying bills in this country? Would the exchange rate be calculated automatically?
Or could I send travellers' cheques which would give me some control over exchange rate?
Never had to do this so would appreciate advice on the most efficient (cheapest!) way of doing this. NatWest account, recipient is in Belgium.
If they agree to provide their account details, can I just use the transfer system I use for paying bills in this country? Would the exchange rate be calculated automatically?
Or could I send travellers' cheques which would give me some control over exchange rate?
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Comments
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I think sending Traveller's Cheques would be contrary to the issuer's T&Cs as normally only the person who purchased them is allowed to cash them, although you might get away with it if the bank where the recipient takes them doesn't check. The exchange rate is unlikely to be particularly good. Paying by SWIFT transfer will use a much better rate but NatWest will make a charge for doing it, which is usually in the region of £20 - £30. It may be possible to initiate this online, I have done it with Nationwide, although their's is not a fully online system. The amount of the bill that you have to pay will determine which is the most cost effective for you by comparing cost of exchange vs charges.0
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NatWest account, recipient is in Belgium.
http://www.natwest.com/personal/travel-international/g2/international-payments/send-money-abroad.ashx
Belgian bank is unlikely to charge for receiving euro into a euro account. In practice, if Natwest does it right, funds arrive same day.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Belgium are a part of the worldpay system for electronic payments, so should be cheaper than sending it through Swift if you're sending under £2k. My bank charges £9, and you need the same details, that is the IBAN and the swift/BIC code. Again, I'm not sure if you'll be able to do it from Nat West online. Depending on the size of the payment you're sending using paypal or moneybookers may be more suitable if your beneficiary will accept it.
Basically what Nick mentioned while I was typing my answer! ^^^DFW - DEBT FREEEEEE!
Total - 10762/10762
Every silver lining has its cloud.0 -
Thank you both for quick and detailed replies. Just checked the Nationwide site, where I also have a current account, and they charge 2% of the transaction amount so that would be 20 euros. NatWest charge £20 so looks like Nationwide would save us a quid or two
Ta muchly :beer:0 -
Natwest is currently quoting an 'indicative' exchange rate of 1.1634.
So Natwest would charge you £1719 for €2000, plus a £10 fee for a SEPA Credit Transfer.
Nationwide aren't members of the SEPA Credit Transfer scheme. They only offer classic slow transfers via the misnamed 'SWIFT' interbank messaging system, using HSBC as their agent. HSBC's exchange rate will probably be similar to Natwest's. But Nationwide charge a punitive £25 for an outgoing SWIFT transfer.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Natwest is currently quoting an 'indicative' exchange rate of 1.1634.
So Natwest would charge you £1719 for €2000, plus a £10 fee for a SEPA Credit Transfer.
Nationwide aren't members of the SEPA Credit Transfer scheme. They only offer classic slow transfers via the misnamed 'SWIFT' interbank messaging system, using HSBC as their agent. HSBC's exchange rate will probably be similar to Natwest's. But Nationwide charge a punitive £25 for an outgoing SWIFT transfer.
Plus, to Agrinnall, I'd forgotten the rules on travellers' cheques - long time since I used them0 -
For small transfers I tend to use http://www.globalwebpay.com/ - not the cheapest but still cheaper than my bank and it's all online and very easy to use.
For larger amounts I tend to use an FX broker like http://www.thefxfirm.co.uk/
Either way you need the IBAN, BIC etc.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
Is there a list anywhere of which UK banks support SEPA? Would be very useful.
I thought that it was a requirement for banks within EU member states to support SEPA - at least this is what my German friends tell me.0 -
Is there a list anywhere of which UK banks support SEPA? Would be very useful.0
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All banks in the UK have to support SEPA.
Brilliant info, thanks very much! I suppose that Nationwide doesn't support SEPA because it is a building society. I called the Cooperative Bank however and they also said that they don't support SEPA, and they don't have any plans to do so either (I spoke to the international transfers department).
I already have an account with NatWest (unfortunately) so I'm going to see if they support SEPA. If they don't, is there anything that I can do to force them to, given the legal requirements that you state above?0
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