Large International Money Transfers Discussion area

Launch_Pad

Sorry if this is misplaced but this has been narking me for some time:

If I do a bank transaction from a UK Euro account to a Euro Euro account why do I have to pay about 40 Euro transfer costs....I dont believe such charges are allowed within the Euro zone, so why can the UK banks get away with it.
I have Euro accounts on the continent that I regularly make transfers through without any charges applied.
Note: Used to be charged for Euro credit card transactions but that stopped about 2 years ago - I suspect there was a law change but cannot be sure.

Would this come under banking service costs, and as such they can charge what they like ?
I make around 4 transactions a month so to be losing around 100Euro a month does begin to hurt.
I have the UK Euro account as most of my income is from Europe, and this I was led to believe would save considerably in charges, which it doesnt seem to..., and exchange rate "robbery" which obviously it does.

What is the learned experts opinion.

jonesMUFCforever

Only applies to countries that have signed up for the Euro.
We haven't so the rules do not apply.

Launch_Pad

I attach something I found on the following site:

http://www.euro.gov.uk/crossborder.asp

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REGULATION ON CROSS-BORDER PAYMENTS IN EURO
(EC Regulation 2560/2001)
GUIDANCE NOTE

The Regulation on cross-border payments in euro was adopted in December 2001 and came into force on 31st December 2001. As a regulation it is directly applicable in all Member States, including the UK, and does not need transposing into UK law.

The Regulation:
Article 3 of the Regulation requires that the charges levied by an institution for certain small value cross-border non-cash payments in euro within the EU (up to €50,000) are the same as the charges levied by that institution for corresponding domestic payments in euro. Article 3 of the Regulation takes effect from 1 July 2002 in relation to cross-border electronic payment transactions. This covers, for example, debit card payments, ATM cash withdrawals and payments using cards that store credit. Article 3 is also effective from 1 July 2003 in relation to cross-border credit transfers. This would cover, for example, a person wiring money from one member state to another.

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So I guess the comment above is not strictly true, but I have to find out what charges will be applied by making a euro transfer inside the uk.
I can check this out - so will get back to you.....

sashanut

Not sure if I am on the right thread here or not - please point me in the right direction if not!! My difficulty is that one of my substantial debts is to someone in Switzerland. In the past I have ordered large denomination (1000CHF) notes from my bank (Lloyds) & sent money via the International signed for mail - risky although so far it always got there OK, I also have used bank transfer but that was also expensive via Citibank. Is there a more economical way to send the cash or any good ideas? The amount is around £15,000 altogether but I usually send approx £5,000 at one time.

TIA if anyone can help with advice or suggestions!

danchloe

redrose001 wrote:

We bought a property in Spain. As we bank with Halifax in UK we opened an account with Banco Halifax Hispania. It's been fine, all transfers of money to our account in Spain are free and quite fast. When we bought our house over there, we got the higher rate of exchange and did all our transactions for buying the property thru' Halifax. The exchange rate was very competative.

I wondered when you say Halifax provided All Transfers Free- Does that include say chaps, bacs etc. Because i am with IF (part of Halifax) and they say that bacs is Free but Chaps not.

ta

robledouk

adycooney1 wrote:

I have heard that any payment over £7000 is flagged by the bank and reported to the Inland revenue for investigation.

can anyone comfirm this? I thought it was more like 15-20k?

I am thinking about investing money abroad in a property and will probably need to transfer approx 20k. Will this be flagged by Inland Revenue?

irish_angel

Can anyone give me the latest update on monthly transfers to Spain ie the most economical and convenient method?
Thanks

ikqureshi

I will need to wire around £25,000 pounds (coverted from UAE Dirhams) to my Abbey National bank Account. I know there will be a MASSIVE charge and hidden costs in the transfer. Also there is this mention of Inland Revenue being notified which i would like confirmation on. Can anyone recommend a broker which can offer this service.

valantine

redrose001 wrote:

We bought a property in Spain. As we bank with Halifax in UK we opened an account with Banco Halifax Hispania. It's been fine, all transfers of money to our account in Spain are free and quite fast. When we bought our house over there, we got the higher rate of exchange and did all our transactions for buying the property thru' Halifax. The exchange rate was very competative.

:beer:I Have property in tenerife is there a halifax there ? I have asked customer service all to no avail,thanks David

valantine

I also have property in tenerife, I have asked customer services Halifax for a link up with spanish arm, all to no avail.They are charging me £26 50 per transfer,