Natwest charges for receiving fund from overseas(EU)

BaDaR_2

Hi every one

I have been charged a lot of money by Natwest since last 2 years until i find that Barclay don't charge for receiving funds from EU.

I was receiving almost 350-400 pounds month from my family in Belgium, They were paying small fee to local bank for sending payment into my Natwest account and then Natwest always charge me 1 pound if amount is less then 100 pounds or 7 pounds if its more then 100 pounds, I was receiving 1 payment of 180+ pounds every second week which mean Natwest charged me 14 pounds month. recently i find that Barclay don't charge so i open account with them and now i am getting full money without any kind of charges for receiving money.

I want to know if these are legal charges by Natwest because on other side Barclay don't charge and maybe some other banks are same like Barclay.


Natwest charges

Payments up to £100 or currency equivalent are charged at £1. Payments for over £100 or currency equivalent are charged at £7 each. These charges do not apply where another bank receives sterling from overseas and passes the funds to our customer via the UK clearing system; in that case the receiving banks will levy its own charges.

http://www.natwest.com/personal02.asp?id=PERSONAL/DAY_TO_DAY/INTERNATIONAL_SERVICES/INTERNATIONAL_PAYMENTS/RECEIVING_MONEY_FROM_ABROAD/BANK_TO_BANK

Barclay charges

We will not charge you for processing payments received from EU Member States in Euros for €50,000 or less (effective from 01/01/2006) if they contain your IBAN and SWIFTBIC details.

http://www.business.barclays.co.uk/BRC1/jsp/brccontrol?task=articlegroup&site=bbb&value=4308&menu=3770

indierocker85

I am afraid in this instance the charge is not legally challengeable as it is basically Natwests personal policy for dealing with EU conversion. It is very greedy however, and the fact that other banks don't charge backs this fact up. But I am afraid that as the info advising you is on the site and was there prior to you arranging the transfers. I am afraid there will be little that can be done, Sorry

Tozer

Vast majority of banks impose a charge whether directly or indirectly (through exchange rate) for receiving foreign currencies.

BaDaR_2

means there is nothing can done.

thanks guys for info.

takoo

Hi Badar

I find Natwest obnoxious on their treatment of overseas cheques. My branch could not even tell me how much they would charge for one of $AUSTRALIAN150! One teller thought £6 but a poster had beeen charged £24 on a cheque (at some bank).

I'll try Barclays thanks for the tip.

Takoo

natweststaffmember

To clarify these points: NatWest DO charge £1 if the payment is under £100 and £7 if it is over £100. The issue could be where the payment is routed through another bank who will charge a CHAPS payment charge to forward on the money. Did you ever ask NatWest about the discrepancy which could have been explained to you or did you simply accept it and then change banks? You can ask branches, we don't bite.

With overseas cheques, the 150AUS$ would be charges at £5.50. The amount is on a sliding scale based on value of the cheque(s), and the information is available in what all tellers should be able to see on the natwest intranet site. Its called "your guide" it has all rates and fees and is very easy to find and very simple to read to a customer.

wigglebeena

natweststaffmember wrote: »

To clarify these points: NatWest DO charge £1 if the payment is under £100 and £7 if it is over £100. The issue could be where the payment is routed through another bank who will charge a CHAPS payment charge to forward on the money. Did you ever ask NatWest about the discrepancy which could have been explained to you or did you simply accept it and then change banks? You can ask branches, we don't bite.

With overseas cheques, the 150AUS$ would be charges at £5.50. The amount is on a sliding scale based on value of the cheque(s), and the information is available in what all tellers should be able to see on the natwest intranet site. Its called "your guide" it has all rates and fees and is very easy to find and very simple to read to a customer.

So it's all the customer's fault, and 0% Natwest's? Colour me amazed...

wigglebeena

'The bank' = NatWest... of course...

wigglebeena

Won't be switching to NatWest in a hurry... or EVER...

BaDaR_2

natweststaffmember wrote: »

To clarify these points: NatWest DO charge £1 if the payment is under £100 and £7 if it is over £100. The issue could be where the payment is routed through another bank who will charge a CHAPS payment charge to forward on the money. Did you ever ask NatWest about the discrepancy which could have been explained to you or did you simply accept it and then change banks? You can ask branches, we don't bite.

Hi natweststaffmember

Whats the point of asking anyone in branches when the answer will be same plus they will read the same text which i can read on natwest site?

As far as another bank who will a CHAPS payment to forward money then why those banks don't charge if some one is sending money from EU to Barclay's but to natwest they charge? plus the person who sending money from aboard is already paying FEE and we are paying for receiving as well?

Recently my friend sent some money from natwest to France and he paid fee here in UK and the french bank didn't cut any money on name of charges?

too me these charges looks as illegal charges same like many other illegal charges which people are getting back.

natweststaffmember

I misread POST 1 and any examples I give on the forum are usually because I have had such a query and found out the reasons why.

I am pleased you have found a bank that does not charge you a fee for payments into your account.

Charges are not ILLEGAL but UNLAWFUL (it is a common error to make. I have been around the charges campaign a long time to know this). Technically the OFT test case is ongoing so some would argue they are not unlawful.

Foreign inward payment are not unlawful.