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Are SWIFT transfers possible using internet banking? (UK banks)
Thread poster: skport
skport  Identity Verified
Brazil
Local time: 16:49
Portuguese to English
+ ...
Feb 15, 2005

Hello,

Does anyone know if of a UK bank account that lets you do a 'swift' funds transfer online using their internet banking service?

I am trying to find out if it is possible with any bank other than 'Smile', (who use a secure messaging system), in order to compare rates. I know that the following definately do not let you do this - Egg, Abbey, and HSBC.

Just wondering if anyone has managed to do international transfers online with any other bank.

I am moving to Brazil soon, and just trying to work out the best way to manage my money.

Thanks in advance,

Sarah


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Russell Jones  Identity Verified
United Kingdom
Local time: 20:49
Member (2004)
Italian to English
Lloyds TSB doesn't Feb 15, 2005

but they have recently canvassed internet users on their priorities for improvements and this was one of the options.

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Textklick  Identity Verified
Local time: 20:49
German to English
+ ...
I think so Feb 15, 2005

I have received payment from e.g. Korea to my Nationwide e-account.

The only problem is that you are still left guessing as to where the money has come from (even from within the U.K.) because no indication is given.

To prevent time-wasting detective work, it obviously helps to some extent if you have invoiced in Sterling, but then that is not always what the rest of the world prefers...

HTH

Chris


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xxxLia Fail  Identity Verified
Spain
Local time: 21:49
Spanish to English
+ ...
probably not, because of exchange controls Feb 16, 2005

I am not sure they are, becuase of exchange controls.

I wanted to transfer money IrelandSpain and I wasn't allowed to do so via Internet banking. It kind of makes sense, as via a standard bank, there is control over the movement of funds between countries, with the idea being to prevent any huge, sudden outflows.

That said, you might find a bank/country that does permit limited transfers, but probably of small sums, and limited per month.


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Ralf Lemster  Identity Verified
Germany
Local time: 21:49
English to German
+ ...
Exchange controls within the EU? Feb 16, 2005

Hi Ailish,
Ailish Maher wrote:

I am not sure they are, becuase of exchange controls.

I wanted to transfer money IrelandSpain and I wasn't allowed to do so via Internet banking.

Some banks don't offer international payments in their internet applications, but this wouldn't be due to exchange controls - given that Ireland and Spain have the same currency, these wouldn't make much sense anyway.

There are regulations requiring the notification of larger transfers (exceeding EUR 12,500), but that still doesn't mean that such transfers are prohibited. There are billions of euros in commercial payments within the EU every day, and the vast majority are instructed electronically (admittedly, not through a retail internet banking facility).

Exchange controls might be in place vis-à-vis non-EU countries, of course.

Best regards,
Ralf


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Burrell  Identity Verified
United Kingdom
Local time: 20:49
Member (2004)
English to Latvian
+ ...
Highly unlikely Feb 16, 2005

I have account with HSBC and I was told Internet banking is only for payments and transfers within the UK. I believe it is the same with all ather banks here.
There are other ways of sending money via Internet though. You can send it from you account to your Moneybookers or Paypal account and transfer it from there to other persons releveant account, provided the recipient has one. Or there is Western Union. Well, their fees are a bit on the high side but it all depends on the amount transfered.

Cheers,
Burrell


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Gillian Searl  Identity Verified
United Kingdom
Local time: 20:49
Member (2004)
German to English
I don't know about UK Feb 16, 2005

but one of my German banks - Landesbank BW - has the facility. So I can transfer funds using IBAN and BIC via the Internet - very useful.
Gillian


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lien
Netherlands
Local time: 21:49
English to French
+ ...
In the Netherlands Feb 16, 2005

I can send money to any bank account in the world in the currency of the recipient via internet with my bank if I have the BIC and IBAN numbers (or SWIFT as they called it).

To send money without charge within the eurozone the limit is 12 500 euros. Above you pay charges.

For the world, you pay charge too, according the amount, without limit.


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Ralf Lemster  Identity Verified
Germany
Local time: 21:49
English to German
+ ...
"BIC" is a SWIFT code Feb 16, 2005

Hi,
Allow me to nit-pick, just to avoid misunderstandings...

I can send money to any bank account in the world in the currency of the recipient via internet with my bank if I have the BIC and IBAN numbers (or SWIFT as they called it).

The IBAN (International Bank Account Number) concept is not related to SWIFT, whereas the BIC (Bank Identifier Code) is the SWIFT equivalent of a sorting code.

Best, Ralf


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Jane Lamb-Ruiz  Identity Verified
French to English
+ ...
transfer to Brazil Feb 16, 2005

Sarah,

May I suggest you get on the trd-prt list on yahoogroups and find out about receiving money via bank transfer or whatever before you go. There are many Brazilians that can tell you what the best way to go is. Don't believe for one second that a UK-side or Internet bank knows what's going on, on the Brazilian side. It's always a pain getting money into Brazil so I really suggest you contact the list and/or search it for information.

Cheers
Jane


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Wiebke Herbig  Identity Verified
Germany
Local time: 21:49
Portuguese to German
+ ...
Credit card Feb 16, 2005

Sarah K wrote:

I am moving to Brazil soon, and just trying to work out the best way to manage my money.



Hi Sarah,

Jane is right, it is a pain to get money into Brazil; so when I moved to Brazil, I kept my German bank account and got a credit card. It's a bit more complicated to pay income tax (once a month, you'll have to fill out a form to pay taxes on money you received abroad - if it is more than the equivalent of R$ 1.164), but that's definitely worth it.

Otherwise, to receive money from abroad here in Brazil, you have to fill in various forms for every single payment, wait for approval by the Banco do Brasil, and pay the fees... Or so I was told, I've never actually done it, for obvious reasons...

Good luck,
Wiebke


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Textklick  Identity Verified
Local time: 20:49
German to English
+ ...
HSBC Feb 16, 2005

[quote]Burrell wrote:

I have account with HSBC and I was told Internet banking is only for payments and transfers within the UK.

Hi Burrell: Just for your info, it might be worth getting an update from the HSBC. When I first transferred funds from my German account to the Nationwide Building Society, entering the IBAN showed up on screen as "HSBC". Obviously I then first checked with Nationwide, who told me that HSBC handled international e-transfers for them.

(as Ralf says, this is not the Swift code)

Cheers
Chris


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skport  Identity Verified
Brazil
Local time: 16:49
Portuguese to English
+ ...
TOPIC STARTER
thanks Feb 17, 2005

Thanks to everybody for your replies. All ideas very much appreciated.

Cheers!

Sarah


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