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International fees warning

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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.

Comments

  • Brie
    Brie Posts: 14,620 Ambassador
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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.  
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  • Hoenir
    Hoenir Posts: 7,721 Forumite
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    edited 19 December 2024 at 3:34PM
    Is everyone aware that banks can pass an international transfer through any other bank in order to get it to your UK account? 
    Has been the case for eternity. There's often no direct transfer route. As small global regional banks don't have their own international clearing operations. 
  • Yes banks use their agent or correspondent banks to facilitate International transfers.
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