Making International Payments To Bank Accounts

Stanthedog

Hello


I need advice. I make regular (once every 6 months) international payments to a payee for a holiday home. To make this payment I use my RBS online banking and have an international payee setup using their IBAN and BIC codes for their bank and account. Each time I do this is costs me approximately £30 in bank charges. I'm trying to find a cheeper method of doing this as the charges are significant/ For example, my current due payment is only £100 but the charge on top of this is £30. I have to pay direct to the bank account and they don't accept credit or debit card payments. Is there a low cost, secure way of performing this?


Many thanks

eskbanker

There are a number of specialist brokers who offer significantly better terms than using high street banks, see https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

mgdavid

try a currency broker service like CurrencyFair or Transferwise to name but two.
While more usually used to convert into, and transfer a foreign currency I don't see why they shouldn't allow sterling IBAN transfers too.

eDicky

Such a bank fee is easily avoided, also their awful exchange rates if the transfer involves currency conversion.

TransferWise is always good, there are comparison sites such as:

https://www.monito.com/

PRAISETHESUN

I can also recommend Transferwise. Good exchange rates and low fees. Also check out eskbankers's post for some more suggestions

J_B

We always use https://www.currencyfair.com/


Flat rate €/£ 3 fee and decent rates