Avoiding bank commission charges Thread poster: Kathy Freeman
|
Since RBS elected to close its euro accounts in the UK, I am at their mercy in terms of the exchange rate they apply whenever they receive a payment in euro to my Sterling account. In addition, hefty commission charges apply for payments below £100 (when converted at their euro to Sterling rate). Any ideas as to better ways to maximise the euros coming in please? | | | Kirsten Bodart United Kingdom Local time: 00:03 Dutch to English + ... open a euro-account | Nov 22, 2014 |
somewhere else or switch banks altogether? Or is that too difficult in the UK? | | | Open a euro account elsewhere in the EU | Nov 22, 2014 |
If you regularly need to be paid in euro, I'd definitely open a euro account in another EU country where bank charges are reasonable, such as Luxembourg (post.lu for a postal giro account for example; a SEPA transfer costs €0.20) or Denmark (Sydbank presently don't charge account maintenance fees, and a SEPA transfer costs €2; currency commission 0.1%). You can get online banking in English both places, and staff are also able to deal with customers in English. Even if you could... See more If you regularly need to be paid in euro, I'd definitely open a euro account in another EU country where bank charges are reasonable, such as Luxembourg (post.lu for a postal giro account for example; a SEPA transfer costs €0.20) or Denmark (Sydbank presently don't charge account maintenance fees, and a SEPA transfer costs €2; currency commission 0.1%). You can get online banking in English both places, and staff are also able to deal with customers in English. Even if you could exchange to pounds before transferring to the UK, you'd still have the UK banks' rip-off flat fees for foreign transfers, so for moving money in and out of the UK, you could try TransferWise that takes 0.5% or minimum £1, 1% for USD transfers out of the US, though. UK banks typically take 3% commission plus a high flat fee. ▲ Collapse | | | ATIL KAYHAN Türkiye Local time: 01:03 Member (2007) Turkish to English + ...
As Kirsten pointed out, try to shop around the other banks at your location, ask specifically how much they charge, etc. And when you are pretty sure you have found a good alternative, go to your present bank, and tell them you will close your account completely unless they drop their fees. If they are a bank, you are a customer, a consumer. | |
|
|
Thayenga Germany Local time: 00:03 Member (2009) English to German + ... Online banking | Nov 22, 2014 |
You might want to check out the online banking options outside the UK/in another EC country. Several online banks offer special (no maintenance fees) business accounts. Then open an online bank account in Sterlings (usually no maintenance fee, either). When the exchange rate is favorable, transfer your Euros to your Sterling (online) account. | | | AlternativeW (X) United Kingdom Local time: 23:03 French to English Other third party options? | Nov 22, 2014 |
I'm in a similar situation, and spotted this company: www.smartcurrencybusiness.com, who apparently act as an intermediary, using bulk transfers to get a better Euro-to-Sterling rate from the banks than we could ever get. I became heavily sceptical when I found out that the client basically pays their Euros fee into a Smart Currency account - and then Smart Currency transfers Sterling into my accoun... See more I'm in a similar situation, and spotted this company: www.smartcurrencybusiness.com, who apparently act as an intermediary, using bulk transfers to get a better Euro-to-Sterling rate from the banks than we could ever get. I became heavily sceptical when I found out that the client basically pays their Euros fee into a Smart Currency account - and then Smart Currency transfers Sterling into my account at a more favourable rate than my bank. But am I being too risk averse? Anyone else found any similar options they could share with us? ▲ Collapse | | | Tom in London United Kingdom Local time: 23:03 Member (2008) Italian to English Change banks | Nov 22, 2014 |
Kathy Freeman wrote: Since RBS elected to close its euro accounts in the UK, I am at their mercy in terms of the exchange rate they apply whenever they receive a payment in euro to my Sterling account. In addition, hefty commission charges apply for payments below £100 (when converted at their euro to Sterling rate). Any ideas as to better ways to maximise the euros coming in please? Hi Kathy For many years my bank was NatWest (i.e. RBS), and simply out of inertia I kept receiving my payments via transfers to NatWest from my clients, who are mostly in Italy. Eventually I became very tired of paying those ridiculous charges you mention, and after quite a lot of discussion right here in these forums, I decided to switch bank accounts. My decision was reinforced by the fact that I experienced other types of behaviour from NatWest that I would characterise as borderline criminal (e.g. contacting me personally to offer me a special account at a good rate of interest, but then not applying that rate of interest, and not telling me). Anyway I moved my account from NatWest to First Direct and whilst, unfortunately, it's not possible to completely avoid losing money on exchange rates, at least First Direct doesn't charge you on the transaction. In general, the service from First Direct is much better and I would recommend it.
[Edited at 2014-11-22 20:21 GMT] | | | Sonia Hill United Kingdom Local time: 23:03 Italian to English First Direct | Nov 24, 2014 |
Tom in London wrote: Anyway I moved my account from NatWest to First Direct and whilst, unfortunately, it's not possible to completely avoid losing money on exchange rates, at least First Direct doesn't charge you on the transaction. In general, the service from First Direct is much better and I would recommend it.
[Edited at 2014-11-22 20:21 GMT] I would also recommend First Direct. The exchange rates are pretty good and there is no charge for receiving euro payments into your sterling account. The customer service is very good too. | |
|
|
Transferwise as an option to transfer money from mainland Europe | Dec 18, 2014 |
Dear Kathy, I agree with most comments, if I were you, first I'd open a bank account anywhere you can in mainland Europe. And then I'd use Transferwise to move money between account... See more Dear Kathy, I agree with most comments, if I were you, first I'd open a bank account anywhere you can in mainland Europe. And then I'd use Transferwise to move money between accounts. https://transferwise.com/?utm_source=brand&utm_medium=cpc&utm_campaign=google&gclid=CjwKEAiAk8qkBRDOqYediILQ5BMSJAB40A5UWfFBeowv4xSxZC5kj0H4-mmSYKhXh230WoGEx97pwBoCbdfw_wcB All my direct clients are in France and pay into my euro HSBC account, then every other month I do a "big" transfer, saving in cost. I have saved a LOT of money this way. One way or another you'll pay some transfer charges but this is the least expensive option I have found. If anybody knows another one, please let me know! And, in the UK, I'd open an internet-only account to bring the cost of "running the account" (the biggest scam anybody came up with and banks are getting away with charging a ridiculous amount of money). I have been with Smile - from the Cooperative bank http://www.smile.co.uk - for 13 years now (at the time, NatWest drove me nuts by not understanding my fluctuating balance due to my freelancing activity) and I have been very happy with them. I find them quite accommodating and I have a £1000 overdraft facility for the months when clients pay late or I "forget" to transfer money from France. Their credit card rate is very interesting too. I hope this will have been helpful. All the best, Claire ▲ Collapse | | | Kathy Freeman Local time: 23:03 Dutch to English + ... TOPIC STARTER First Direct wins | Dec 18, 2014 |
Many thanks for all your replies. As I already have an account with First Direct, and indeed they do not charge a fee I will go with them. RBS/Nat West are being sneaky by calling the charge 'commission' rather than a charge as a charge would be illegal. | | | Tom in London United Kingdom Local time: 23:03 Member (2008) Italian to English Down with RBS | Dec 18, 2014 |
"Sneaky" is exactly the word.
[Edited at 2014-12-18 13:25 GMT] | | | To report site rules violations or get help, contact a site moderator: You can also contact site staff by submitting a support request » Avoiding bank commission charges TM-Town | Manage your TMs and Terms ... and boost your translation business
Are you ready for something fresh in the industry? TM-Town is a unique new site for you -- the freelance translator -- to store, manage and share translation memories (TMs) and glossaries...and potentially meet new clients on the basis of your prior work.
More info » |
| Wordfast Pro | Translation Memory Software for Any Platform
Exclusive discount for ProZ.com users!
Save over 13% when purchasing Wordfast Pro through ProZ.com. Wordfast is the world's #1 provider of platform-independent Translation Memory software. Consistently ranked the most user-friendly and highest value
Buy now! » |
|
| | | | X Sign in to your ProZ.com account... | | | | | |