Sending money overseas discussion area

jonesMUFCforever

Economy International moneymover at all good banks - cost about £10.( as long as you have an account with them)

The only cheaper way you will find is if they accept visa or Mastercard.

Katie_Bairdie

What about buying euros and posting them with insurance from the post office? I did this last year to France and it worked beautifully. One other possibility is Paypal.

little_2

Hi

We need to transfer money into our French bank account from our English one, not huge amounts, just enough to pay household bills etc. We have been doing this using internation money transfers but this is £30 a time so would like a cheaper way of doing this. I have seen through other posts that some of you use paypal but are not really sure how to do this. I understand that I would need two accounts, (we have one already) but my main query is can I register the same address for them both, or does the foreign one need the foreign address, if this makes sense. Any help would be greatly appreciated.

Many Thanks in advance.

rufus99

Ever since july 2003, most of cross border european union payment transactions between european banks are processed and validated by means of IBAN account numbers. The significant advantage of sending payments using IBAN, the payment transaction between these countries are considered domestic and it would cost you less, but under the following conditions...

The Payment is made in EUR currency.
The total amount is less than EUR 12'500.
IBAN account number is specified along with BIC/SWIFT code of institution.
All you need is IBAN, SWIFT or BIC code and Account number of the beneficiary you pay for. If you dont quote your IBAN number and you submit only SWIFT code in the payment form, then the transaction will be considered foreign wire transfer and your bank will charge you the foreign transfer rate, eventhough it involves the banks in two neighbouring european countries. Some banks will charge USD 45.- or EUR 20.- for initiating a foreign transfer, which indeed is very expensive say if you want to pay somebody just EUR 10 to a person in neighbouring EU country like from France to Germany.


...Not that I've actually tried it yet,and I'm assuming that (a) the cost is limited to,say,a standard service charge of £1.50 for currency conversion and (b) all bank names are not euphemisms for a non-discriminating Robin Hood without the redistribution bit.

jonesMUFCforever

rufus99 wrote: »

Ever since july 2003, most of cross border european union payment transactions between european banks are processed and validated by means of IBAN account numbers. The significant advantage of sending payments using IBAN, the payment transaction between these countries are considered domestic and it would cost you less, but under the following conditions...

The Payment is made in EUR currency.
The total amount is less than EUR 12'500.
IBAN account number is specified along with BIC/SWIFT code of institution.
All you need is IBAN, SWIFT or BIC code and Account number of the beneficiary you pay for. If you dont quote your IBAN number and you submit only SWIFT code in the payment form, then the transaction will be considered foreign wire transfer and your bank will charge you the foreign transfer rate, eventhough it involves the banks in two neighbouring european countries. Some banks will charge USD 45.- or EUR 20.- for initiating a foreign transfer, which indeed is very expensive say if you want to pay somebody just EUR 10 to a person in neighbouring EU country like from France to Germany.


...Not that I've actually tried it yet,and I'm assuming that (a) the cost is limited to,say,a standard service charge of £1.50 for currency conversion and (b) all bank names are not euphemisms for a non-discriminating Robin Hood without the redistribution bit.

This has been discussed on these boards before. It is only the countries that have signed up to the Euro that it applies. Happily the UK is not one.

peter999

ejones999 wrote: »

This has been discussed on these boards before. It is only the countries that have signed up to the Euro that it applies. Happily the UK is not one.

I assume you mean Unhappily/Unfortunately regarding high money transfer fees.

I wanted to send some money last year, someone mentioned this EU legislation. I phoned HSBC, they insisted there was no cheap way to send money & minimum fee was £21.

Bank rip-off, or what !!

This should be the next target for Government legislation, as it restricts trade with EU.

So it looks like there is no cheap way, other than sending Euros in Cash.

peter999

peter999

Katie_Bairdie wrote: »

What about buying euros and posting them with insurance from the post office? I did this last year to France and it worked beautifully. One other possibility is Paypal.

That's what I'm thinking of doing.
But it's always risky sending cash in post.

If you're dealing with businesses, they prefer bank transfer, but they don't know of extortionate UK transfer fees. They're obviously used to lower transfer fees regulated between countries in the Euro zone.

peter999

jonesMUFCforever

Most banks have Economy payments starting at around £10.
I am most suprised that you are saying that HSBC does not offer this or did you not ask the right questions?

peter999

ejones999 wrote: »

Most banks have Economy payments starting at around £10.
I am most suprised that you are saying that HSBC does not offer this or did you not ask the right questions?

I have never seen anything like £10 Economy Transfer service with HSBC & also First Direct.

Even £10 is a lot to send £40.
There's not a lot you can do if the bank insists their fee is fixed at £21.

Which bank charges £10 for "Economy Transfer" ??

peter999

Bargain_seeker_5

£7 here https://www.ozfoex.com