Which banks do free international BACS transfers?

fenwick458

I need to the deposit on a holiday, the company (who I've been on holiday with before) ave asked for a deposit via bank transfer

which of the main banks let you transfer money internationall, using the IBAN number?

eskbanker

I don't know if any do this for nothing, and it'll doubtless depend on which country you'd be sending to - however, there's quite a market of low-cost currency brokers who generally offer a more cost-effective solution than the banks:

https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

fenwick458

i've just checked my monzo and it appears they do, via transferwise, for a small fee. seems legit?

JuicyJesus

fenwick458 wrote: »

i've just checked my monzo and it appears they do, via transferwise, for a small fee. seems legit?

You can do a TransferWise transfer with any bank account, using the TransferWise app. My fianc!e uses them all the time.

PRAISETHESUN

There's two things to keep an eye out for here - the transaction fee and the currency exchange rate. Many firms will offer a "0% fee" but have an incredibly poor exchange rate. In my experience Transferwise and Revolut are quite competitive for this sort of thing, but there are plenty of other firms who will also do this.

IanSt

I'd be very wary of paying by bank transfer rather than credit card for something like this. E.g. what happens if your holiday company goes bust?

Also, you make it sound as though you didn't need to do this last time, so are you 100% sure that this request actually came from them?

Ben8282

fenwick458 wrote: »

I need to the deposit on a holiday, the company (who I've been on holiday with before) ave asked for a deposit via bank transfer

which of the main banks let you transfer money internationall, using the IBAN number?

The way this is phrased sounds a bit odd. OP is not paying a hotel but a holiday company in a foreign country. OP please clarify exactly what you have booked through this foreign holiday company. A reputable company these days would almost certainly accept credit cards.

Ergates

fenwick458 wrote: »

which of the main banks let you transfer money internationall, using the IBAN number?

Nearly all banks will let you do this. I doubt any will do it for free (as it costs them money).

bubieyehyeh

We've twice used a revolut account to pay a holiday company in euros. Good rate, no fee, no need to pay for their card just use app to make transfer.

System

I absolutely wouldn't do this. Too risky. Any reputable company will accept a credit card. If they don't, find someone else.

nyermen

So many stories of the money never being seen again, please please stick to companies who take cards.
Appreciate you have stayed there before, but you dont know their balance sheet a year on (thomas cook impact etc).

Btw, apologies for semantics, but BACS I dont think is for outside of the UK. Most bank (rather than money service) international payments are either Swift or regional like sepa (depending on country). I mention because some eg. swift will have a cost to the bank, so unlikely to be free unless you accept an awful FX rate (where "free" becomes a rip off anyway...)