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International fees warning
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robertybob2000
Posts: 1 Newbie
Is everyone aware that banks can pass an international transfer through any other bank in order to get it to your UK account? That means you end up paying the other bank's fees rather than the fees stated by your own bank.
We had a payment that would have incurred a £2 fee at BoS that passed via Barclays who took £10. If the banks had conspired to go through someone else it might have been a £50 fee or £100, basically whatever they like without your consent even though you will pay the fee.
Firstly, don't bank with Barclays and second, use PayPal or TransferWise for international payments.
We had a payment that would have incurred a £2 fee at BoS that passed via Barclays who took £10. If the banks had conspired to go through someone else it might have been a £50 fee or £100, basically whatever they like without your consent even though you will pay the fee.
Firstly, don't bank with Barclays and second, use PayPal or TransferWise for international payments.
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It will depend on the bank and where the money is originating I believe. Payments originating in the US go through an intermediary bank which can add a layer of fees to things.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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robertybob2000 said:Is everyone aware that banks can pass an international transfer through any other bank in order to get it to your UK account?0
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Yes banks use their agent or correspondent banks to facilitate International transfers.1
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