Large International Money Transfers Discussion area

landyman_2

I live in England. As I visit Germany a lot, last year I opened a Sparkasse Bank account in Germany. It's debit card is the same in Germany as using my Nationwide debit card in the UK.

I transfer from my BoS current a/c, in Sterling which is converted to Euros before sending.(cheaper than my Nationwide a/c)

But Sparkasse also charge 1% on money going into my a/c.

Anyway to stop/reduce this?

grumbler

landyman wrote:

...Sparkasse Bank account in Germany. It's debit card is the same in Germany as using my Nationwide debit card in the UK.

In the UK Nationwide card works the same way as most of other UK cards. It differs from other cards only when it is used abroad.

I transfer from my BoS current a/c, in Sterling which is converted to Euros before sending.(cheaper than my Nationwide a/c)

Can you support this with some figures? Do you want to tell that BoS don't charge you for international transfers?

Anyway to stop/reduce this?

I am pretty sure that using Nationwide debit card abroad is the cheapest and the simplest way to spend ££s abroad.

innovate

Perhaps a cheaper option would be to just use Moneybookers to deposit money in your Sparkasse account? I transfer money from my UK Bank account via Moneybookers to my german Netbank account - the total charge is €1.80 for each withdrawal from my Moneybookers account. Moneybookers exchange rates are quite good since they use the ECB daily reference rates - AFAIK that's the best rate you can possibly get.

If the Sparkasse for some strange reason still charge you for this, may be you could try getting a Netbank account? They do not charge for receiving money and they pay an amazing (for Euroland) 2.25% interest (do you get any interest on your Sparkasse account?).

There are no charges for the basic Netbank account, though a cashcard is only free for the first year and costs €5 p.a. from year two unless you pay your salary into the account.

innovate

grumbler wrote:

I am pretty sure that using Nationwide debit card abroad is the cheapest and the simplest way to spend ££s abroad.

Not entirely true for Germany, grumbler - the card perfectly ok if you want to do ATM cash withdrawals but you are very seriously snookered if you want to buy something in a shop! In 99.9% of all cases they simply won't take a non-German debit card (credit cards are usually ok, though not everywhere, either.......e.g. I once found myself in a motorway petrol station and they wouldn't accept a credit card! Luckily I had cash.......)

Also, if you want to buy over the Internet in Germany, the Nationwide card (and most credit cards) is of no use since the germans in the main prefer bank transfers.

innovate

iomexico wrote:

https://www.ruesch.com
I've looked on their website and you can set up an e-debit, so they can deduct the your payment to them by direct debit.
Will this eliminate the necessity to send the money by same day electronic payment usually costing £30 in order to meet the 2 day contract of currency exchange companies?
When I used ISX FX they waited until my payment had been sent by internet transfer, therefore no charge.

Never used them, don't know. Given that they don't appear to publish their charges on their website, and I also can't find any info on what exchange rates they use, I reckon they charge at least £30 per transaction.

Ian_Shearer

iomexico wrote:

https://www.ruesch.com
I've looked on their website and you can set up an e-debit, so they can deduct the your payment to them by direct debit.
Will this eliminate the necessity to send the money by same day electronic payment usually costing £30 in order to meet the 2 day contract of currency exchange companies?
When I used ISX FX they waited until my payment had been sent by internet transfer, therefore no charge.

The problem with this may be the time taken, If you do not object to a week or two to get the money transfered then this direct debit will be OK and you will save the £25 CHAPS charge. If you need a fast transfer it will not work. The UK banks Direct Debit code of practice requires an interval of at least one week to elapse between getting a request for a DD and paying out. This is to allow the account holder to receive pre advice of the upcoming DD and if necessary cancel or argue. In this case the money broker will obviously not pay out until your funds are cleared into their bank.

Gameplayers

Is it possible to wire funds to a US bank account from a HSBC UK account?
if so, how could I do that?

grumbler

Of course, it is possible, although it is not the cheapest way to transfer money: Personal banking terms and conditions (PDF, 154kb).

4.11 Electronic Payments

4.11.1 You can instruct us to make payments from your account by Electronic Fund Transfer, Worldpay or Priority Payment.

4.11.2 You must provide us with:

• the correct details of the bank,

• the bank sorting code or national bank code

• the bank account number

• the name and address of the beneficiary to whom the payment is made.

• your own account number, name and address. This is a legal requirement and these details will be passed to the beneficiary’s banker. We do not accept liability for any loss or delay caused by any misdescription by you of any details.

4.11.3 Electronic Fund Transfers:

• Will be made in sterling.

• Will normally be credited to the beneficiary on the same day that we process the payment.

4.11.4 Worldpay payments:

• Subject to certain criteria which will be made available to you on request Worldpay payments will be made in the currency of the country / territory overseas.

• The exchange rate used will be that applicable on the day you give us the instruction.

• Will normally be credited to the beneficiary within six working days from the day we process the payment.

4.11.5 Priority Payments

• May be made for any amount in any freely traded currency.

• Where possible, we will send the payment in the currency of the destination country, unless you have indicated otherwise on the application form.

• Normally payments will be received within 3 to 4 business days.

• Business day means the day when banks are open for business both in London and the financial centre of the currency being sent.

4.11.6 All banks apply different cut off times for the processing of payments in foreign currencies.

4.11.7 A charge will be debited to your account when you give your instructions, as will any additional expenses we incur in making the payment.

4.11.8 We will make a charge for any enquiries we receive in respect of each payment instruction, whether made by you or another person. We will not charge you if we have made an error.

4.11.9 You cannot normally cancel a payment after we have accepted your instruction. Any refund of the amount retrieved will be made net of any incidental expenses.

Just go to your branch with all details ...

Gameplayers

can that be done via Online banking or telephone banking?

grumbler

Definitely not online ...