Help preventing Bank Rip-off When Sending money Overseas ?

JuicyJesus

StopBankRipOff wrote: »

Ballard,
It is not unknown for bankers to mistakenly state untruths and nonsense.
You are a self-confessed banker.
And you have just done so.

Everything he said was right. You are fundamentally wrong.

Your bank transferred the foreign bank the precise amount in USD it quoted you for allocation to its customer, and charged you £4 for this service. Its duty to you ends there. The foreign bank then deducted its own charges from its customer for delivering this money to their account. You were advised of the possibility of this happening and accepted those terms. That is the end of the matter. Your complaint ends there. Nobody involved has done anything wrong, including you.

With the many tens of thousands of banks around the world, and the number of variables involved in processing payments, it is completely infeasible to expect your bank to know about the charges levied by each of them or tell you in advance what fees an intermediary or recipient bank - third parties! - will deduct in advance. It's not the same as "roaming in Afghanistan" because your mobile network would likely only contract with one or two parties with one or two tariffs to provide roaming services, whereas payments are sent to and via thousands of individual parties with their own rates and tariffs.

There has been no regulatory breach here, not least since the bank who has taken the action you are unhappy with is not in the UK and therefore is not covered by UK/EU regulations.

StopBankRipOff

JuicyJesus wrote: »

With the many tens of thousands of banks around the world, and the number of variables involved in processing payments, it is completely infeasible to expect your bank to know about the charges levied by each of them or tell you in advance what fees an intermediary or recipient bank - third parties! - will deduct in advance.

JuicyJesus,
What is wrong with you ?
Can you not read ?

See post #43, where you are clearly shown to be talking nonsense.
Please have the courtesy to understand the issue, and read the thread, before waffling.

My bank has only ONE USA sub-contracting bank to deal with, and it knows full well the charges of that bank - it sets and agrees them as part of the relationship.
All other banks are immaterial (and they can deduct amounts from the payment - that is none of my business).

Why are UK banks being misleading and unfair ?

Thrugelmir

StopBankRipOff wrote: »

See post #43, where you are clearly shown to be talking nonsense.
Please have the courtesy to understand the issue, and read the thread, before waffling.

My bank has only ONE USA sub-contracting bank to deal with,

Your example is far too simplistic. Money transmission is often far more complex.

Out of interest who was the ultimate receiving bank in the USA?

StopBankRipOff

Thrugelmir wrote: »

Your example is far too simplistic.

Utter and complete nonsense.
The example was fully formed, and showed the full complexity.

Any other banks after Bank B are no concern of my bank, and no concern to me whatsoever.
I am only concerned by fees and deductions made by my bank or my bank's subcontractor (Banks A & .

I wish ignorant and wrong comments were not allowed.

Why are UK banks being misleading and unfair ?

JuicyJesus

StopBankRipOff wrote: »

JuicyJesus,
What is wrong with you ?
Can you not read ?

See post #43, where you are clearly shown to be talking nonsense.
Please have the courtesy to understand the issue, and read the thread, before waffling.

My bank has only ONE USA sub-contracting bank to deal with, and it knows full well the charges of that bank - it sets and agrees them as part of the relationship.
All other banks are immaterial (and they can deduct amounts from the payment - that is none of my business).

Why are UK banks being misleading and unfair ?

I'm out. You're being stupid now. And insulting.

You accepted as part of the payment that intermediary banks and the recipient bank may levy charges. You chose to let the beneficiary pay those charges. You are now upset that the thing that you were explicitly told could happen happened. There is nothing misleading or unfair about this. The FOS agrees with me.

Just because people who actually know what they are talking about do not agree with your incorrect assumptions about how things work does not make them wrong.

mgdavid

StopBankRipOff wrote: »

There seems to be a lot of ignorance about foreign currency bank transfers from the UK, so let me clarify.

If I wish to transfer $1,000 US dollars from my UK Barclays USD account to your UK Lloyds USD account, then four banks must be involved,......]

simply untrue, the ignorance is on your part. Use a forex transfer company (as you were advised very early on in this thread) and it would be faster, cheaper, simpler.
Anyone spending a few minutes on this site researching 'transferring money abroad' would know that.

StopBankRipOff

mgdavid wrote: »

Anyone spending a few minutes on this site researching 'transferring money abroad' would know that.

Not when my bank is showing a £4 overseas payment fee.
It is not apparent that this is really £4 + $25, instead of the £4 it seems to be.
So why is my bank allowed to mislead me as to the £4 price ?

Why are UK banks being misleading and unfair ?

jonesMUFCforever

StopBankRipOff wrote: »

Not when my bank is showing a £4 overseas payment fee.
It is not apparent that this is really £4 + $25, instead of the £4 it seems to be.
So why is my bank allowed to mislead me as to the £4 price ?

Why are UK banks being misleading and unfair ?

YAWN!!!! It is not YOUR bank that has charged you but an agent bank in the completion of the transfer YOU authorised using YOUR bank's terns and conditions.

StopBankRipOff

jonesMUFCforever wrote: »

YAWN!!!! It is not YOUR bank that has charged you but an agent bank in the completion of the transfer YOU authorised using YOUR bank's terns and conditions.

It is the sub-contractor of my bank, acting for my bank, that charged $25.
This charges is my bank's charge to me, applied by my bank's sub-contractor.
This is clear, and this is why this invidious practice has been banned by law in the USA for USA outbound payments, and for all Euro payments in the Eurozone.

Why are UK banks still allowed to be misleading and unfair ?

jonesMUFCforever

StopBankRipOff wrote: »

It is the sub-contractor of my bank, acting for my bank, that charged $25.
This charges is my bank's charge to me, applied by my bank's sub-contractor.
This is clear, and this is why this invidious practice has been banned by law in the USA for USA outbound payments, and for all Euro payments in the Eurozone.

Why are UK banks still allowed to be misleading and unfair ?

If I get money from abroad my bank will deduct between £5 and £12 from it (unless all charges have been paid by the sender) including the US - is this not the same?