Is UK still part of SEPA?

colsten

Deleted User said:

colsten said:

Deleted User said:

eDicky said:

colsten said:

eDicky said:

Spanish banks impose charges at every opportunity, so with the obligation to receive funds by SEPA without fees now absent since Brexit, they have started to charge for incoming payments from UK.

EU membership is not a pre-req fir SEPA membership - see my earlier post. You are right, some Spanish are charging but they shouldn’t be. 

Yes, I'm well aware that UK is still a member of SEPA despite being non-EU. There was a previous thread or two about Spanish and maybe other EU banks beginning to charge, but I don't think anything definite was established about their legal entitlement to do so regarding payments received from non-EU SEPA members. Meanwhile, apparently it continues...

As far as I was aware, membership of the EU/EEA was the deciding factor not SEPA membership. To be fair to the Spanish Banks - UK Banks are now outside the EU/EEA regulatory framework and are no different from a US or Russian bank that sends a SEPA payment. This will have additional costs which they will recoup plus profit.

The UK is part of SEPA. Neither the US nor Russia are. So why would payments from the UK be handled like payments from the US or Russia rather than like payments from other SEPA countries? What would be the point of being a SEPA member if you aren’t treated like a SEPA member?

UK SEPA transactions are no longer compliant with EU/EEA regulations and therefore subject to extra checks/admin.

Russia or the US could join SEPA (if they met the criteria) but the payment would still be originating outside the EU/EEA regulatory zone and therefore not covered by Single Market legislation.

What is so difficult to understand?

Are you just making things up now? SEPA does not require that a SEPA member complies with Single Market legislation.

noh

From

www.thisismoney.co.uk/money/saving/article-9114785/European-banks-hike-international-payment-fees-British-expats.html

"This is Money contacted the European Payments Council for clarification.

It told us that while the UK was still a member of SEPA, there was 'no indication' that EU rules limiting the cost of cross-border payments applied after Brexit. 

It referred us to a July 2020 statement from the European Commission which stated that: 'After the end of the transition period, the EU rules in the field of banking and payment services... will no longer apply to the United Kingdom', including ones governing cross-border payments.

It added complaints should be made to banking regulators in individual member states."

[Deleted User]

colsten said:

Deleted User said:

colsten said:

Deleted User said:

eDicky said:

colsten said:

eDicky said:

Spanish banks impose charges at every opportunity, so with the obligation to receive funds by SEPA without fees now absent since Brexit, they have started to charge for incoming payments from UK.

EU membership is not a pre-req fir SEPA membership - see my earlier post. You are right, some Spanish are charging but they shouldn’t be. 

Yes, I'm well aware that UK is still a member of SEPA despite being non-EU. There was a previous thread or two about Spanish and maybe other EU banks beginning to charge, but I don't think anything definite was established about their legal entitlement to do so regarding payments received from non-EU SEPA members. Meanwhile, apparently it continues...

As far as I was aware, membership of the EU/EEA was the deciding factor not SEPA membership. To be fair to the Spanish Banks - UK Banks are now outside the EU/EEA regulatory framework and are no different from a US or Russian bank that sends a SEPA payment. This will have additional costs which they will recoup plus profit.

The UK is part of SEPA. Neither the US nor Russia are. So why would payments from the UK be handled like payments from the US or Russia rather than like payments from other SEPA countries? What would be the point of being a SEPA member if you aren’t treated like a SEPA member?

UK SEPA transactions are no longer compliant with EU/EEA regulations and therefore subject to extra checks/admin.

Russia or the US could join SEPA (if they met the criteria) but the payment would still be originating outside the EU/EEA regulatory zone and therefore not covered by Single Market legislation.

What is so difficult to understand?

Are you just making things up now? SEPA does not require that a SEPA member complies with Single Market legislation.

SEPA was designed for primarily for EU / Eurozone members.

The SEPA element doesn't relate to the cost but being outside the EU/EEA means they don't need to treat the transaction as domestic for cost purposes. 

So:

Euro sent from Norway > Spain (within SEPA and EEA) No charge
Euro sent from Switzerland > Spain (within SEPA but not EEA) chargeable 

colsten

Deleted User said:

So:

Euro sent from Norway > Spain (within SEPA and EEA) No charge
Euro sent from Switzerland > Spain (within SEPA but not EEA) chargeable 

If it were like that, there would be some logic to it. As it is, however, it seems to be random. Some Spanish banks do charge for receipt of payments from the UK, others don't. There are also banks in other EU countries which sometimes charge for payments from UK and sometimes don't. 

Thrugelmir

colsten said:

Deleted User said:

So:

Euro sent from Norway > Spain (within SEPA and EEA) No charge
Euro sent from Switzerland > Spain (within SEPA but not EEA) chargeable 

There are also banks in other EU countries which sometimes charge for payments from UK and sometimes don't. 

As commercial entities they are free to set traiffs and charges as they wish. No doubt there's a high volume of low transactions between the UK and Spain. A combination of low interest rates and the pandemic has hit EU banks. Many of whom aren't in the best of financial health. 

colsten

Thrugelmir said:

colsten said:

Deleted User said:

So:

Euro sent from Norway > Spain (within SEPA and EEA) No charge
Euro sent from Switzerland > Spain (within SEPA but not EEA) chargeable 

There are also banks in other EU countries which sometimes charge for payments from UK and sometimes don't. 

As commercial entities they are free to set traiffs and charges as they wish. No doubt there's a high volume of low transactions between the UK and Spain. A combination of low interest rates and the pandemic has hit EU banks. Many of whom aren't in the best of financial health. 

One of the points of SEPA is that banks cannot charge as they wish (and that their costs are reduced by processing payments to a common standard). 

The health of the banking industry in the EU doesn’t appear to be too different to that of the UK: https://www.oliverwyman.com/our-expertise/insights/2021/jul/european-banking-sector-outlook-2021.html

pokora

Looks like you were apply a currency exchange. Bbva usually charges 3% fee to operate in a different currency + their own rates.