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Post-Brexit: increased bank transfer charge for EU clients
Initiator des Themas: Tom in London
Tom in London
Tom in London
Vereinigtes Königreich
Local time: 06:01
Mitglied (2008)
Italienisch > Englisch
May 14, 2021

An Italian agency has just told me that bank transfer charges from Italy to the UK have increased from 0.26 cents to almost 10 euros.

Is this true?
 
Thomas T. Frost
Thomas T. Frost  Identity Verified
Portugal
Local time: 06:01
Dänisch > Englisch
+ ...
Article May 14, 2021

Have a look at this:

See more
Have a look at this:

https://www.finance-monthly.com/2021/03/what-does-brexit-mean-for-the-future-of-sepa-payments/#:~:text=Though%20the%20UK%20is%20no,it%20retains%20its%20SEPA%20membership.&text=Specifically,%20in%20the%20processing%20of,the%20UK's%20recent%20Brexit%20deal.

In your situation, I would open a Wise (formerly known as TransferWise) account with a EUR balance and EUR IBAN and tell the client to pay into that. Then they can stuff their fees where the sun doesn't shine.

Wise takes about 0.5% to change EUR to GBP, whereas most UK banks and PayPal take about 3% or more.

[Edited at 2021-05-14 13:35 GMT] ▲ Collapse


P.L.F. Persio
expressisverbis
Maria Teresa Borges de Almeida
 
Samuel Murray
Samuel Murray  Identity Verified
Niederlande
Local time: 07:01
Mitglied (2006)
Englisch > Afrikaans
+ ...
@Tom May 14, 2021

Tom in London wrote:
An Italian agency has just told me that bank transfer charges from Italy to the UK have increased from 0.26 cents to almost 10 euros.


My own bank (Rabobank in the Netherlands, see here) charges €0 for EUR payments to SEPA regions (which includes Great Britain). However, it does charge €8 + a tiny percentage for GBP payments (using SWIFT). So if the recipient in e.g. England is unable to accept EUR, and I then have to send GBP, then the payment has to go via SWIFT, in which the €8 charge would apply.

Another large Dutch bank, ING (see here), doesn't offer the free SEPA option that Rabobank does, but instead charges €6 for a SWIFT transfer to Great Britain.

€10 sounds about normal in many countries for SWIFT payments, which is what you'd normally use when sending money to another country from any country that use the SWIFT payment system.

[Edited at 2021-05-14 13:37 GMT]

Sabine Braun
WS McCallum
 
Tom in London
Tom in London
Vereinigtes Königreich
Local time: 06:01
Mitglied (2008)
Italienisch > Englisch
THEMENSTARTER
Thanks May 14, 2021

Thomas T. Frost wrote:

Have a look at this:

https://www.finance-monthly.com/2021/03/what-does-brexit-mean-for-the-future-of-sepa-payments/#:~:text=Though%20the%20UK%20is%20no,it%20retains%20its%20SEPA%20membership.&text=Specifically,%20in%20the%20processing%20of,the%20UK's%20recent%20Brexit%20deal.

In your situation, I would open a Wise (formerly known as TransferWise) account with a EUR balance and EUR IBAN and tell the client to pay into that. Then they can stuff their fees where the sun doesn't shine.

Wise takes about 0.5% per cent to change EUR to GBP, whereas most UK banks and PayPal take about 3% or more.


Thanks - I'll look into this
 
Mervyn Henderson (X)
Mervyn Henderson (X)  Identity Verified
Spanien
Local time: 07:01
Spanisch > Englisch
+ ...
Full stop May 14, 2021

You forgot the full stop at the end of the sentence. Just in case you wish to rectify.

Matthias Brombach
Maria Teresa Borges de Almeida
Chris Says Bye
expressisverbis
 
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Adieu
Adieu  Identity Verified
Ukrainisch > Englisch
+ ...
... May 14, 2021

Wouldn't it likely be either 0.26 PERcent or just 26 cents?

26/100ths of a cent seems unlikely

Chris Says Bye
 
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Chris Says Bye
Chris Says Bye
Robobank May 14, 2021

I thought the name Robobank was so cool I was going to post along the lines of how I’m planning to rebrand as Robotranslator when I make the full switch to using raw MT output next year like most other translators already seem to, but then I noticed I’d misread it and it was only Rabobank, which is far less cool and took the wind right out of my sails.

And Tom, yes I do think it’s true. I also think it’s not your problem and shouldn’t be one for them either. Who would ever... See more
I thought the name Robobank was so cool I was going to post along the lines of how I’m planning to rebrand as Robotranslator when I make the full switch to using raw MT output next year like most other translators already seem to, but then I noticed I’d misread it and it was only Rabobank, which is far less cool and took the wind right out of my sails.

And Tom, yes I do think it’s true. I also think it’s not your problem and shouldn’t be one for them either. Who would ever want to bill an amount where 10 euros either way made any difference? ▲ Collapse


P.L.F. Persio
Mervyn Henderson (X)
Korana Lasić
 
Tom in London
Tom in London
Vereinigtes Königreich
Local time: 06:01
Mitglied (2008)
Italienisch > Englisch
THEMENSTARTER
Smalls May 14, 2021

Ice Scream wrote:

Who would ever want to bill an amount where 10 euros either way made any difference?


Sometimes I bill for very small jobs.
 
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Chris Says Bye
Chris Says Bye
Pants May 14, 2021

Tom in London wrote:

Ice Scream wrote:

Who would ever want to bill an amount where 10 euros either way made any difference?


Sometimes I bill for very small jobs.


Me too. But I wait until they add up to an amount worth billing.

It’s not many years since £6-12 came off every foreign payment I received, and that was after the client paid £20-30 charges at their end.

Mervyn Henderson (X)
Maria Teresa Borges de Almeida
 
Post removed: This post was hidden by a moderator or staff member because it was not in line with site rule
Post removed: This post was hidden by a moderator or staff member because it was not in line with site rule
WS McCallum
WS McCallum
Neuseeland
Local time: 19:01
Französisch > Englisch
Back to the topic May 17, 2021

I concur with the comments above about the higher fee being normal for non-Euro countries. That's what I would expect for a TT from Euroland.

Using Wise (formerly known as TransferWise) is also good advice. In my experience, they are reliable and have low, transparent fees.
 
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Post-Brexit: increased bank transfer charge for EU clients







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