Free International Bank Transfer?

Frazzled_mom

Hi there, I have to make regular payments of differing amounts to accounts in Spain and France. If I use my bank account (Halifax) I get stung with a £9.50 transaction fee each time. Does anyone know of any accounts I can use where I may be able to make free international transfers or, at least, at a lower rate than this?
Thanks

eskbanker

Chances are the best approach will be to use the specialist currency brokers who offer this service significantly cheaper than the banks:

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

Frazzled_mom

Thanks for your response. I'll look into these. Ideally I'm looking for something that's really quick and easy (like a bank transfer) but with free or reduced charges each time.

Ben8282

Watch that you don't end up with problems and associated inconvenience that ends up costing you more than the £9.50 fee.

colsten

Have a look at Starling Bank. They have very keen exchange rates and minimal charges to change GBP to Euro. You can make free transfers from your Starling Euro account to the French and Spanish accounts.

Similar is true for Transferwise Borderless though I prefer Starling myself.

colsten

You could also have a look at Azimo and/or WorldRemit, via Quidco. Their rates aren't as good as Starling/Transferwise but you get a couple of free transfers, and cashback for opening accounts with them.

mags21

From Santander
Changes to foreign transaction fees – effective by 15 December

We’ll no longer be charging a fee of £1.25 for each foreign currency purchase made when using your debit card abroad. In addition. We’re also removing the fee for Single Euro Payments Area (SEPA) non-urgent euro transfer, currently £15 per transaction, as well as the fee for cash withdrawals abroad, which is currently 1.50% on each transaction.

mgdavid

mags21 wrote: »

From Santander
Changes to foreign transaction fees – effective by 15 December

We’ll no longer be charging a fee of £1.25 for each foreign currency purchase made when using your debit card abroad. In addition. We’re also removing the fee for Single Euro Payments Area (SEPA) non-urgent euro transfer, currently £15 per transaction, as well as the fee for cash withdrawals abroad, which is currently 1.50% on each transaction.

the cynic in me thinks they'll put all these charges back on in a few month's time, ans blame Brexit...

PRAISETHESUN

I'd recommend Transferwise or Revolut. Otherwise check out the information in the link posted by eskbanker

reallydismayed

I have an account with Metro Bank and I have just received an email that says

From the 15th of December, we're lowering our standard charges for Single Euro Payments Area (SEPA) transactions from £10 to £0.20 per payment.

That should cover your destinations, but i don't know what exchange rate they use.

colsten

PRAISETHESUN wrote: »

I'd recommend Transferwise or Revolut. Otherwise check out the information in the link posted by eskbanker

Be aware - neither Transferwise nor Revolut have FSCS protection. It might not faze you but then it might.