Cost of online UK bank transfers

beardo91

A company charged me £25 to transfer funds to my UK account without warning me. Is this legal?

grumbler

Legality depends on what exactly you agreed with the company and what the contract says if there was a contract.
If they just owe you some amount they have to pay the charges for whatever sort of transfer they chose.

colsten

What sort of a transfer was it? A CHAPS transfer? UK to UK account? Foreign account to UK account?

UK internal transfers: Most banks charge £25-£30 for CHAPS transfers. All banks allow you to make your own transfers (Faster Payments) free of charge.

Foreign transfers: Many banks charge a flat fee for receiving foreign transfers. If a foreign transfer, several specialist currency transfer firms offer better deals than banks.

Fruit_and_Nut_Case

beardo91 wrote: »

A company charged me £25 to transfer funds to my UK account without warning me. Is this legal?

Which company? A solicitor by any chance? They seem to still like CHAPS.

grumbler

I guess it was some currency exchange broker. They like doing this.

Fruit_and_Nut_Case

Perhaps the OP will come back and fill us in.

beardo91

Thanks for your comments. The money was from a UK mortgage company (TCS) to my UK Santander account. The buyer had agreed to give me 48K as part payment for my property. I was therefore suprised at the £25 fee

Fruit_and_Nut_Case

beardo91 wrote: »

Thanks for your comments. The money was from a UK mortgage company (TCS) to my UK Santander account. The buyer had agreed to give me 48K as part payment for my property. I was therefore suprised at the £25 fee

Sounds like a CHAPS payment. A little naughty if they didn't warn you but it would have gone to their bank rather than being something they skimmed off themselves. Enjoy your £48k; make sure you max the interest you make from it

grumbler

IMO, formally, the buyer owed £48K and had to pay for the transfer. So, now the buyer owes you £25.