| Re: transfering to UK account from Germany [message #382748] |
Di, 18 April 2006 21:17 |
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On 18 Apr 2006 07:09:24 -0700, "KM" <k.c.f.maguire [at] gmail.com> wrote:
>Hi
>
>I am slightly confused about the position wrt. charges for
>international bank transfers.
>
>I have current accounts in both Germany (Kreissparkasse München
>Starnberg) and the UK (RBS). I routinely wish to transfer from the
>German account to the UK account. Over the past few years I've been
>charged many different fees. However using the standard
>EU-Überweisung form it now seems to have settled onto a flat 7 UKP
>charge, levied by RBS after the Euro->UKP conversion. The German bank
>says the transaction should be totally free, and they impose no fees at
>all.
>
>RBS tells me this is an "administrative" charge for receiving the
>transfer, it is not any sort of currency conversion charge. In their
>defense RBS say that non-UK (they pointed the finger specifically at
>Spanish) banks also levy similar or significantly greater charges for
>receiving funds from non-local banks.
>
>However, my understanding is that a EU directive mandates that
>international transfers should be charged at the same rate within the
>EEA as those purely within national borders? Within Germany bank
>transfers (Überweisung) are conmpletely free.
>
>Have I misunderstood that directive? Does the UK have some kind of
>exemption? Or does it only apply to some of the charges - for example
>just the sending bank, the recipient bank can charge what they like?
I believe the directive applies to the Eurozone only, so the UK is not
included at the moment.
Chris
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| Re: transfering to UK account from Germany [message #382768 ] |
Mi, 19 April 2006 11:11 |
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"Chris Blunt" <chris_blunt [at] spamfence.net> wrote in message
news:2pea4299301h2b9p50e809ecmmhag8joiv [at] 4ax.com...
> On 18 Apr 2006 07:09:24 -0700, "KM" <k.c.f.maguire [at] gmail.com> wrote:
>
>>Hi
>>
>>I am slightly confused about the position wrt. charges for
>>international bank transfers.
>>
>>I have current accounts in both Germany (Kreissparkasse München
>>Starnberg) and the UK (RBS). I routinely wish to transfer from the
>>German account to the UK account. Over the past few years I've been
>>charged many different fees. However using the standard
>>EU-Überweisung form it now seems to have settled onto a flat 7 UKP
>>charge, levied by RBS after the Euro->UKP conversion. The German bank
>>says the transaction should be totally free, and they impose no fees at
>>all.
>>
>>RBS tells me this is an "administrative" charge for receiving the
>>transfer, it is not any sort of currency conversion charge. In their
>>defense RBS say that non-UK (they pointed the finger specifically at
>>Spanish) banks also levy similar or significantly greater charges for
>>receiving funds from non-local banks.
>>
>>However, my understanding is that a EU directive mandates that
>>international transfers should be charged at the same rate within the
>>EEA as those purely within national borders? Within Germany bank
>>transfers (Überweisung) are conmpletely free.
>>
>>Have I misunderstood that directive? Does the UK have some kind of
>>exemption? Or does it only apply to some of the charges - for example
>>just the sending bank, the recipient bank can charge what they like?
>
> I believe the directive applies to the Eurozone only, so the UK is not
> included at the moment.
>
> Chris
Despite many countries being in he Eurozone, they still normally charge a
fee for inter-country payments. In any case these fees are after the bank
has made money from currency conversion.
The excuse is given that there is no equivalent clearing system between
countries.
There are some companies which specialise in currency conversion and moving
money from banks in different countries. Not sure if it's still going and a
couple of years ago was attracting some bad press there was a company I
think called Money Bookers.
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