Strange international payment issue ...

itsmeJames

Hi Everyone!

Weird one this.

I get paid via an international transfer each month by my employer, up until this month everything has been pretty smooth. Then I moved to Santander.

Mysteriously, there is now a difference of £12 between what my employer sent, and the value I received. I have, of course, called Santander who have asssured me (verbally and in writing) that they have applied absolutely no fees or charges to this transaction.

So, where's the £12!?

Has anyone else had similar issues with Santander or international money transfers?

Thanks,
James

dr_adidas01

itsmeJames wrote: »

Hi Everyone!

Weird one this.

I get paid via an international transfer each month by my employer, up until this month everything has been pretty smooth. Then I moved to Santander.

Mysteriously, there is now a difference of £12 between what my employer sent, and the value I received. I have, of course, called Santander who have asssured me (verbally and in writing) that they have applied absolutely no fees or charges to this transaction.

So, where's the £12!?

Has anyone else had similar issues with Santander or international money transfers?

Thanks,
James

I'm guessing the £12 is a currency conversion fee which most banks charge for converting Euro's or USD to UK Sterling.

You don't say which currency your employer pays into your account, so we will just be guessing why you are £12 less in your salary.

itsmeJames

Sorry, I forgot to mention that I get paid in GBP so there is no FEX issue/conversion.

Cyberman60

Never trust the Spanish...

itsmeJames

Interestingly, I have a document from Santander showing that the 'Intermediary fees are 12.' How would they know that? Wouldn't they only know the figure that hit their bank?

It seems that perhaps First Direct didn't need an intermediary to accept international payments and Santander does?

dr_adidas01

itsmeJames wrote: »

Sorry, I forgot to mention that I get paid in GBP so there is no FEX issue/conversion.

You might get paid in GBP but your employer may pay it out as Euros or USD and your bank convert it to GBP hence the £12 fee for converting Euros or USD to GBP.

Where is your employer based?

itsmeJames

No, my bank puts it out in GBP, they take any hit on FEX.

I've had many payments from them in the past (to my FD account) and there has never been an issue before.

They're based in the US.

engineer_amy

We occasionally use our Rabobank account (Netherlands, Euro) and send sterling to UK Suppliers, there is a small fee to us (in the region of 75 cents) for doing this, but not applied to the account at the time of payment, all fees are added up and applied quarterly.


Our suppliers receive the sterling amount less £6.00. Our bank have told us that this is not their fee or charge, it is the recipient bank that is applying the charge. We have been able to show the suppliers a copy of the payment, proving the total amount sent to them, and they have then been able to talk to their bank regarding the missing £6.00. I don't know what sort of response the banks have been giving them, whether it is the bank charge or an intermediary charge, but we haven't seen it confined to one bank, it has happened with Ulster bank (part of RBS?), Barclays and Co-operative

agrinnall

I would guess that your employer's bank in the US doesn't deal directly with Santander (but may have done with FD, presuming they were your previous bank) so they would need to go through what is called a correspondent bank, and I would expect that the £12 is their charge.

Could you not simply open an account back with FD to use for the payment then once it's arrived transfer the money into your Santander account, which should under most circumstances arrive the same day?

mgdavid

itsmeJames wrote: »

.......
It seems that perhaps First Direct didn't need an intermediary to accept international payments and Santander does?

Yes, I think you've answered your own question.
There was a similar thread / situation a couple of days ago and this was the answer then.