money transfers from Britain to Germany
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I have been in Germany for years, but now need to transfer my small British income to Germany. I had thought this was all now free in the EU, but not according to my bank in the UK, Abbey. They have a minimum 25 pound charge for such transfers. HSBC said theirs was 23 pounds and suggested taking money out from the cashpoint for a 1.50 charge, but you can only take out 300 pounds a day. I don't want to take out the money in very large chunks, which would be cheapest with my current account and I would prefer to do it all with one bank and just pay the exchange rate. All I want to do is access my own money in Euros. Does anyone have a suggestion?
17 Apr 2006, 10:44 Anonymous
Replies
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EU-Regulation
Hi! There's an EU bill that has been passed two or three years ago and requires all banks to charge their customers for wire-transfers within the EU with exactly what they'd charge you for a national transfer. Unfortunately there's little you can do if all your banks don't follow the regulation.
In my case it really was way cheaper to withdraw money at the ATM (my US-bank has a partner bank in Germany) than to make transfers.
Another helpful instrument is Paypal. You'd also get charged for making transfers with Paypal (i.e. you get a worse exchange rate) but I guess it's still gonna be a whole lot cheaper than what Abbey wants to charge you with.
Oh, and maybe you should ask RBS if available for you. They offer checking accounts in Germany and Britain so maybe there's a way to reduce cost for transfers within their very own network.Anonymous 16 May 2006, 11:50 - Report -
Forgot something...
...for anyone being interested: it's EU reg. 2560/2001. It's in effect since 01 July. 2003.
Anonymous 16 May 2006, 11:53 - Report -
Transfer money to EU
Try opening an account with Nationwise - they're meant to be good for international transfers. Whatever you do, get away from Abbey - they always come last in all reviews!
Anonymous 23 Jun 2006, 09:47 - Report