| Pages in topic: < [1 2] | Recording bank transfers between different currency accounts Thread poster: Jenni Brodie
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| Very intelligent no to join the euro | Sep 30, 2014 |
Tom in London wrote:
That's why the UK was so stupid not to join the Euro when it had the chance.
We could probably have another discussion about the euro. Have you actually seen what sort of disasters have happened in the euro zone? Bailouts, haircuts, bank collapses, bail-ins, defaults, mass unemployment, recession, stagnation, southern Europe's competitiveness destroyed. In the meantime, the Germans are increasingly fed up bailing out everybody else. Do you really want this chaos for the UK as well? If you had the choice between being unemployed or paying a currency exchange fee, what would be your choice? Because that is the reality of the disastrous euro, and it was predicted 20 years ago.
You should read Bernard Connolly's excellent book 'The Rotten Heart of Europe' if you're interested in the subject. He was head of the European Commission's currency unit, and when he published this book about what the euro really is in 1995, he was sacked. The purpose of the euro is to hammer through a federal Europe by the backdoor, as the euro's creators knew very well that a single currency cannot work without a political union. We see the results now. The euro simply cannot work in its present form, and it will ultimately break up in one way or another if a full political union isn't implemented. Good luck convincing the Brits that all they need as to be part of a federal Europe.
| | | | Tom in London
United Kingdom
Local time: 10:22
Member (2008)
Italian to English
| In my opinion | Sep 30, 2014 |
In my opinion, if the UK had joined the Euro, and thus had some influence over it, none of that bad stuff would have happened. Anyway, I'm strongly in favour of a Federal Europe.
But we digress..... perhaps we should stick to the topic
[Edited at 2014-09-30 14:45 GMT]
| | | | Jenni Brodie
United Kingdom
Local time: 10:22
Finnish to Swedish
+ ...
TOPIC STARTER
Thomas Frost wrote:
Technically, I treat the outgoing amount as if it had been lent out to someone, i.e. not as an expense. I have a column for such outstanding 'lent-out' amounts. When the money comes back in on another account, I deduct the full amount from the 'lent-out' column, then credits that actual amount in the right bank account column. My spreadsheet shows me the difference in a control column, and that difference is what was 'lost' in exchange commission and which is deductible. However, I do it all an an Excel spreadsheet. If you have an accounting program, you'll need to find a way to account properly for it.
You won't get a piece of paper stating explicitly that £x.xx was lost in commission, it is something you have to calculate as the difference between outgoing and incoming funds.
Thanks for explaining your way of doing it!
And I agree, Tom, my slightly more unusual circumstances might just require a bit of expert help, not really a good idea to wing it when it comes to tax etc.
| | | | | HMRC guidance | Sep 30, 2014 |
For the UK, HMRC publishes detailed guidance on how to account for earnings in different currencies, and exchange rates to use when making the calculations. Their website has plenty of information on this.
As for bank charges, you shouldn't have to pay charges on transfers between EU countries. (Bizarrely, I found that the the rules allow my bank to charge me if a foreign client pays me in sterling, but not if they remit the payment in euros - I now receive payments always in euros,... See more For the UK, HMRC publishes detailed guidance on how to account for earnings in different currencies, and exchange rates to use when making the calculations. Their website has plenty of information on this.
As for bank charges, you shouldn't have to pay charges on transfers between EU countries. (Bizarrely, I found that the the rules allow my bank to charge me if a foreign client pays me in sterling, but not if they remit the payment in euros - I now receive payments always in euros, with no bank charges.)
If for some reason you do pay bank charges, the amount to be declared as earnings is obviously the amount pre-charges, and the charges are a business expense. ▲ Collapse
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| Right, we can't transform this into a long euro discussion | Sep 30, 2014 |
Tom in London wrote:
In my opinion, if the UK had joined the Euro, and thus had some influence over it, none of that bad stuff would have happened. Anyway, I'm strongly in favour of a Federal Europe.
As for the UK's influence on Europe, we can look at the CAP that still continues despite decades of British opposition, and the recent failure to prevent Juncker becoming president.
Germany has had and has a strong influence on the euro and that has not prevented the disasters. They don't even respect the stability pact themselves. When you join so many different countries with so different economic performances in one currency without a common government, it can only go wrong, as it has done. Germany does not decide French policy, or Spanish, or Greek, or Italian, and can do nothing to make them behave like Germans.
As for a federal Europe, we'll have to politely disagree. I don't want any more EU dictatorship. The waste and corruption in the EU is enormous, and the EU is now the worst economically performing region on Earth. Doing more of the same that has led to failure will not lead to success.
What we needed was simply a well-functioning single market, but even that doesn't work properly after more than 20 years.
But let's not pollute this forum with an EU/euro debate. Each is entitled to his or her opinion.
| | | | Tom in London
United Kingdom
Local time: 10:22
Member (2008)
Italian to English
Jenni Syrjala wrote:
a bit of expert help, not really a good idea to wing it when it comes to tax etc.
I'm sure there are other users of this website, based in Edinburgh, who could point you in the right direction towards an accountant with specific expertise in translation-related matters.
To find one, you could just start another thread with a heading that goes something like "seeking an accountant in Edinburgh"
[Edited at 2014-09-30 15:03 GMT]
| | | | Jenni Brodie
United Kingdom
Local time: 10:22
Finnish to Swedish
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TOPIC STARTER | I should probably ditch RBS then... | Sep 30, 2014 |
Armorel Young wrote:
As for bank charges, you shouldn't have to pay charges on transfers between EU countries. (Bizarrely, I found that the the rules allow my bank to charge me if a foreign client pays me in sterling, but not if they remit the payment in euros - I now receive payments always in euros, with no bank charges.)
That would be ideal! What bank is that? I only went for RBS as they offered 2 years' free business banking, but I have come to regret that decision...
| | | | Jenni Brodie
United Kingdom
Local time: 10:22
Finnish to Swedish
+ ...
TOPIC STARTER
Tom in London wrote: To find one, you could just start another thread with a heading that goes something like "seeking an accountant in Edinburgh" [Edited at 2014-09-30 15:03 GMT]
I think I will, thanks for the tip!
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| That is not quite what the rules say | Sep 30, 2014 |
Armorel Young wrote:
As for bank charges, you shouldn't have to pay charges on transfers between EU countries.
For SEPA transfers, the rules say that a foreign SEPA transfer must cost the same as a domestic transfer. It is not illegal to charge for SEPA transfers. However, most euro zone banks don't seem to charge for online SEPA transfers.
For transfers in other currencies, banks can essentially rake in whatever they want, and so they do in the UK.
When I worked in France and was paid in pounds in the UK, I found I could save some €100 per month by transferring my salary in sterling to my Danish bank via Eurogiro, then onwards in francs to France, as my Danish bank only charged 0.15% commission plus some €2, whereas Alliance & Leicester grabbed £25 + 3% if I transferred directly to France, since they would not transfer sterling to France, only francs.
| | | | Tom in London
United Kingdom
Local time: 10:22
Member (2008)
Italian to English
| Not advertising but.... | Sep 30, 2014 |
Jenni Syrjala wrote: Armorel Young wrote:
As for bank charges, you shouldn't have to pay charges on transfers between EU countries. (Bizarrely, I found that the the rules allow my bank to charge me if a foreign client pays me in sterling, but not if they remit the payment in euros - I now receive payments always in euros, with no bank charges.) That would be ideal! What bank is that? I only went for RBS as they offered 2 years' free business banking, but I have come to regret that decision...
I don't want to advertise, but I can recommend FirstDirect, which has won prizes for being the best UK bank. Very good customer service, no bank charges for transfers from other countries (although of course, the inevitable exchange rate will apply).
Each time I receive a payment, which is nearly always from an Italian or other Eurozone bank, FirstDirect credits it to my account in GBP. A few days later the postman brings me printed documentation from FirstDirect setting out the amount I was paid in Euro, the exchange rate on that day, and the amount I actually received in GBP. I file that documentation together with the invoice to which it refers.
[Edited at 2014-09-30 15:11 GMT]
| | | | Jenni Brodie
United Kingdom
Local time: 10:22
Finnish to Swedish
+ ...
TOPIC STARTER
Thanks Tom, I'll definitely keep them in mind if it comes to changing banks!
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