lowest UK bank charges to receive STERLING from abroad

mapk

Does anyone know which UK bank charges the lowest commission to receive funds transferred from an overseas account?

When giving details to the bank of origin there is also an option for the overseas sender to select a charge code for either the 'party receiving funds' to pay commission or for the charges to be 'shared by both parties'.

I'm aware that, if an intermediary bank is involved this can affect charges, but have heard that there is some variation in those charges levied by recipient banks in the UK. Most grateful if someone could shed some light on this.

kingrulzuk

mapk wrote: »

Does anyone know which UK bank charges the lowest commission to receive funds transferred from an overseas account?

When giving details to the bank of origin there is also an option for the overseas sender to select a charge code for either the 'party receiving funds' to pay commission or for the charges to be 'shared by both parties'.

I'm aware that, if an intermediary bank is involved this can affect charges, but have heard that there is some variation in those charges levied by recipient banks in the UK. Most grateful if someone could shed some light on this.

Try Hifx or transferwise for free transfer

eDicky

kingrulzuk wrote: »

Try Hifx or transferwise for free transfer

Well, not quite free, but much cheaper by completely avoiding the banks' charges and adverse exchange rates.

zerog

If the overseas account is in GBP, then Santander doesn't charge anything to receive. Metro Bank apparently doesn't charge either but no experience with this. Most other banks do charge. HSBC doesn't for under 10k, but I've never tried sending less than 10k.

If the overseas account is not in GBP, then you are far better off going with a proper forex broker as you will lose much more on the rate than any fees.

mapk

zerog wrote: »

If the overseas account is in GBP, then Santander doesn't charge anything to receive. Metro Bank apparently doesn't charge either but no experience with this. Most other banks do charge. HSBC doesn't for under 10k, but I've never tried sending less than 10k.

If the overseas account is not in GBP, then you are far better off going with a proper forex broker as you will lose much more on the rate than any fees.

Thank you. Yes, I should have been clearer - the overseas account is also Sterling. A colleague said Santander was around £11 (I guess a flat rate fee) if charges are shared by both parties. So, HSBC is free for under 10K then?

glider3560

My pay comes from an account in Germany (in GBP) and Metro Bank levy no charges on this.

Some of my colleagues pay their bank up to £7 per month for the privilege of receiving their salary....!

grumbler

Nationwide doesn't charge IIRC.

See this old thread (post #2), but do check if the information is still correct: Interwetten deposits and withdrawals: your experience.
This was for transfers from Germany and for one specific German company/bank. This is important as for other country and/or bank an intermediary bank can get involved and have its cut: Help preventing Bank Rip-off When Sending money Overseas ?