Recent thread on bank transfers

[twoqu]

Hi!
There was a recent thread which featured the unrelated topic of Bank Transfers from the UK to Europe. I think PRJ contributed but can't remember the OP or the subject. Just need to get the relevant info about the best way to do a transfer from UK to Germany.
Does anyone remember?

[A80Avant]

i usually do it through online banking.its dead easy, so long as you know IBAN/BIC name of receiver and his address

[S2central.net]

In Europe they seem to call these 'SWIFT' transfers - but as stated above - its easier than ever before to do this online or at your branch. Fees can vary though so watch for small print.

[twoqu]

Thanks for the replies!
Unfortunately I don't bank online. There was some method of cutting the charge down to a miminal level rather that say the £25 that somebody like Santander wants for clicking a few buttons.
Unless of course someone with a Paypal account and the ability to do a low cost transfer wants to help!
The usual offer of cash in an envelope was not acceptable!

[lcsmith]

Thanks for the replies!
Unfortunately I don't bank online. There was some method of cutting the charge down to a miminal level rather that say the £25 that somebody like Santander wants for clicking a few buttons.
Unless of course someone with a Paypal account and the ability to do a low cost transfer wants to help!
The usual offer of cash in an envelope was not acceptable!

Why don't you set up a paypal account? and while your at it set up internet banking, it's brilliant the internet banking takes a bit longer to set up from what I remember so probably quicker to set up paypal first....

[twoqu]

I have a PP account its just the other party insists on a bank transfer. People are usually happy to accept payment in cash but not him! He has the right to paid how he wants, just doesen't apreciate the cost implications for UK transfers.

[Ross]

Bank transfer via online banking is the way to go I'm afraid, if you want the best deal. For example, I can (with HSBC) make a transfer within europe for £9 for any amount.

If it's a smaller value transaction than ~£250 you're better off going with Paypal, but if the seller won't accept it that's a sticking point.

[Dan]

If you could find someone willing/trustworthy in Germany, you could Paypal the money to them and then they could send a bank transfer at no cost.

[Jonas_R]

Normally to reduce cost you need iban and BIC/swift and then you select to share the cost between the parties.

This means that you will be charged with fee in Denmark this is 2gbp and the seller will be charged with fee about the same. I normally add 3 gbp to the transfer.

There are some European rules that limits the fee that the bank charge if you do it this way. I have been doing this for years on eBay and never had a complaint.

[twoqu]

Went to Shatwest. Cost was £10 and they done all the work. Just needed the name of the account holder, IBAN and SWIFT code. Think that is basically what that thread I was loking for said!
As Jonas has said, it looks like there may be some handling fees at the other end. The bank was unable to tell me how much so I have added some extra to cover it. So just be aware of that! If I find out what the fees were, I'll update.
The process was all electronic rather than the paper based one I last used sometime ago. So some progress there at least. Also substantially cheaper.
I do recall that the paper version allowed you to specify who paid the fees so that the other party ended up with the exact amount. Bit embarassing if you transfer the exact amount only for the other party to end up with less than necessary for the transaction. You would then be stung for another transfer to cover the shortfall and the fees again. Guess its better to add the cost of another transfer to the amount as a belt and braces measure! At least that way the item should not be held up.
Typically they knew it was £7 into the UK but not the cost for other countries. On the basis that we in the UK probably get charged the most, I suspect its going to be less in euros!

[Sonic]

It doesnt look like i can do an IBAN/SWIFT transfer through online banking with natwest.

[twoqu]

No you can't at the moment. They hinted that it might be possible at a later date.
Personally I avoid banks like the plague and only keep enough in the account to keep it ticking other.
As a result, I have a rather lumpy mattress!

[Dan]

No you can't at the moment. They hinted that it might be possible at a later date.
Personally I avoid banks like the plague and only keep enough in the account to keep it ticking other.
As a result, I have a rather lumpy mattress!

What's your address? And when will you next be out of the house?

Cheers.

[A80Avant]

my bank costs for iban 0.30euro when done online

[Jamo]

Just to add try using rationalfx for transfers they seem to have the best world wide rates