international payments - best bank account?

anoukis

Hi, I make monthly international payments to a EU country, to help my mum with her bills. Up until this month I used my Barclays premier account, as they weren't charging me any fees, and the currency conversion rate was fine. However, this month they've started charging me a new "overseas delivery charge" of £6, which apparently is charged by the receiving bank, not by Barclays. Any suggested alternatives for fee-free transfers? The amounts are not large, something like £100-200 monthly. I also have a Nationwide FlexPlus account, which I mainly use as a back up account and for traveling abroad, but I believe that also charges fees for int'l transfers. Thank you! 

Ayr_Rage

Have a look at Wise.

They charge a fee but also use the mid-market rate so more often than not, with most currencies, the recipient ends up with more dosh.

Misslayed

I make similar payments to my step-daughter in Belgium. I use my NatWest account, no charges either end unless it’s an emergency, ie same day transfer, which we’ve never needed. Usually arrives next day. Never had any problems. 

Futuristic

I’d recommend Revolut, it includes £1k free fx a month and mid-market rates (just make sure to send on weekdays)

ivormonee

anoukis said:

Hi, I make monthly international payments to a EU country, to help my mum with her bills. Up until this month I used my Barclays premier account, as they weren't charging me any fees, and the currency conversion rate was fine. However, this month they've started charging me a new "overseas delivery charge" of £6, which apparently is charged by the receiving bank, not by Barclays. Any suggested alternatives for fee-free transfers? The amounts are not large, something like £100-200 monthly. I also have a Nationwide FlexPlus account, which I mainly use as a back up account and for traveling abroad, but I believe that also charges fees for int'l transfers. Thank you! 

Barclays have something they call a "currency account", available in Euro. You could open this easily, as you are already a Barclays customer. There are no charges. You can send (and receive) Euro currency without any charges. To be sure, you could just ask them if the £6 charge would also apply to this account (although I don't believe it would).

wmb194

Another option is HSBC's Global Money account.

https://www.hsbc.co.uk/current-accounts/products/global-money/

Newbie_John

I'd also recommend Revolut for under £1000, or even if the other person has Revolut too your balance goes up to £2000. Transfers are free, they charge for conversion - so once you convert, once they.

Also tried Wise and it's good too.

anoukis

Thanks, I'll look into Revolut.

I have Barclays' Euro account but I'm not actually sending Euros, as that would mean a double conversion -  my transfers are to a EU country that has not adopted the Euro. 

grumpy_codger

Misslayed said:

I make similar payments to my step-daughter in Belgium. I use my NatWest account, no charges either end ....

That's hard to believe. Can you post a real example?

If you don't  see the charges, this doesn't mean that there's no any. They are just hidden in the poor exchange rate - https://www.natwest.com/business/support-centre/making-and-accepting-payments/electronic-payments/international-transfers/fx-currency-calculator.html#

ATM I see

Natwest -  £100 --> €112.34 (no fees )

Wise -       £100 --> €114.23 (£0.74 fee) - https://wise.com/

For £1000 it will be €1123 (Natwest) vs €1144 (Wise)

Ayr_Rage

It'll be unusual if a UK high street bank beats Wise!