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SEPA transfer from Netherlands to UK
eddiejones
Posts: 114 Forumite
Hi folks,
This is obviously my first post but hopefully people can help me out to quash any fears I have.
Basically I've been working in the Netherlands for a while but want to move my Euros back to the UK. I have investigated how to do this and read some reviews on this site and decided to use one of these currency transfer companies. Currencies.co.uk is the one I'll probably use (unless anyone has any strong warnings).
Anyway, to cut to the chase, does anyone have any idea whether I might get screwed over with the below process:
1. Transfer Euros using SEPA from my Dutch ABN Amro account to the currencies.co.uk Euro account in the UK. SEPA is meant to be free for me with ABN Amro and currencies.co.uk say receiving will be free. (I'm assuming ABN won't by default do something absurd like convert it to Pounds as the money is going towards to the UK)
2. This company will then convert to pounds at their rate (and take their cut) and send me the pounds.
3. If currencies.co.uk just decided to ignore me, is there anything I could do about it? To be honest, we haven't signed any contracts or anything...I am just going to transfer them some euros, and they'll send me pounds.
Does anyone have any experience with how long this sort of thing might take? Or have any experience at doing a similar thing?
Thanks a lot for your help and sorry for the awfully long message.
This is obviously my first post but hopefully people can help me out to quash any fears I have.
Basically I've been working in the Netherlands for a while but want to move my Euros back to the UK. I have investigated how to do this and read some reviews on this site and decided to use one of these currency transfer companies. Currencies.co.uk is the one I'll probably use (unless anyone has any strong warnings).
Anyway, to cut to the chase, does anyone have any idea whether I might get screwed over with the below process:
1. Transfer Euros using SEPA from my Dutch ABN Amro account to the currencies.co.uk Euro account in the UK. SEPA is meant to be free for me with ABN Amro and currencies.co.uk say receiving will be free. (I'm assuming ABN won't by default do something absurd like convert it to Pounds as the money is going towards to the UK)
2. This company will then convert to pounds at their rate (and take their cut) and send me the pounds.
3. If currencies.co.uk just decided to ignore me, is there anything I could do about it? To be honest, we haven't signed any contracts or anything...I am just going to transfer them some euros, and they'll send me pounds.
Does anyone have any experience with how long this sort of thing might take? Or have any experience at doing a similar thing?
Thanks a lot for your help and sorry for the awfully long message.
0
Comments
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As far as I know currency conversion companies have no FSCS protection and I can't find any mention of it on their webpage. That means if they were to bankrupt whilst holding your money, you would lose it. Although they seem to be regulated by the Financial Services Authority so you should be able to go to the Ombudsman should anything go wrong.0
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Sure, although I'm not so worried about them going bust as only waiting a couple of days (hopefully).
I was hoping someone might have any experience of the bank transfer from abroad thing but it's maybe a bit too specific.
Thanks though!0 -
Hi,
I worked in Netherlands for the past two years and also had an account with ABN Amro. I used HiFx for sending the money back several times up to 50k and never had any trouble.
You mentioned a contract, there technically is an agreement, when you agree the price online they issue you with a pdf contract. Whereby you agree to purchase a particular amount of euros in return for the agreed amount of pounds. There would be legal avenues to follow if they did not hold to this. Similarly, you have to get the money to them within 2 days, or they reserve the right many additional charges. I am afraid I dont know what happens if the company goes bust though. Given the rate charged by my UK bank for incoming Euro payments, it was a risk I was prepared to take.
I would have a look at different brokers, see how long they have been around etc. before deciding which one to use. The transfer time is not a problem when using ABN, I found the SEPA transfer takes 2-3 hours. ABN do not charge for sending EUR payments to the nominated account in the UK. Your broker will be expecting an incoming EUR payment.
If you are not up on Dutch, get someone in the ABN branch to assist you with setting up the payment, as the internet banking site can be quite confusing and you dont want to mess it up (!). You will need the e-dentifier and wereldpas.
James0 -
Great reply. Thanks a lot. This is basically what I was looking for. You can do the SEPA transfer quite easily online as they have most of the pages in English...I'm pretty sure I'm up to speed with everything.0
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