We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Natwest charges 2% for balance transfers
Comments
-
Martin, as far as I can remember the 2% was introduced at the time Natwest started SBTs last year, and afaik is a "cash" handling charge.
It would not be applied to "conventional" Balance transfers.
Confusion being caused by verbal blank use of the term "balance transfer" , and highlights the difference between BT and SBT.
HTHs Scat
Moi....?
Martin asked me to say I'm a volunteer Board Guide on the Utilities board, facilitating its smooth running. I can move & change posts there. However I do not read every post.
Dealing with abusive or illegal posts is not part of my role, so if you spot any, please report them HERE.
Views I express are mine alone, and not official ones of MoneySavingExpert.com0 -
Scattycat thanks so much for that. Aha yes i understand - SBT fee but not BT fee that's ok then! (obviously not OK, but it means the info on the site is correct
) Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 0000 -
Just for the avoidance of doubt, can someone please answer the following elementary question ...
When we talk about BT fees, who is charging it, the donor or recipient credit card company?
If for example, I have 10k with Egg and want to transfer to RBS (who quote a fee of 2%), am I correct in assuming that I end up paying RBS 200 quid? I have ignored a maximum charge limit, for the sake of clarity.
Assuming this is correct, if I later do a BT for the 10k to, say Virgin (who don't charge for BTs, according to their blurb, from the RBS card, presumably it should cost me zero.
Please confirm if my understanding is correct.
Thanks0 -
The card "taking on the debt" makes the charge.Innys wrote:Just for the avoidance of doubt, can someone please answer the following elementary question ...
When we talk about BT fees, who is charging it, the donor or recipient credit card company?
YesInnys wrote:If for example, I have 10k with Egg and want to transfer to RBS (who quote a fee of 2%), am I correct in assuming that I end up paying RBS 200 quid? I have ignored a maximum charge limit, for the sake of clarity.
CorrectInnys wrote:Assuming this is correct, if I later do a BT for the 10k to, say Virgin (who don't charge for BTs, according to their blurb, from the RBS card, presumably it should cost me zero.
It's spot on.Innys wrote:Please confirm if my understanding is correct.
Thanks 0 -
Thanks for answering my question YorkshireBoy. A shame about Natwest.0
-
Yorkshire boy is totally correct Innys, but just to confirm, RBS or Natwest do not charge a fee (didn't know if you were using it as hypothetical example or whether you were under the impression that they charged) Former MSE team member0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards