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Payment from the UK
Thread poster: roc_co_co
roc_co_co
Local time: 04:57
English to German
May 12, 2006

Despite being a permanent resident of Germany, I receive regular payments from the UK in form of cheques. In German banks, the cashing-in of British cheques costs as much as € 15,50 per cheque, because the Pound is considered a foreign currency within the UE. Therefore, I would like to ask the proz-community whether there is some way to avoid these fees.

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Eva Middleton  Identity Verified
Local time: 03:57
German to English
bank transfers? May 13, 2006

Why don't your clients pay by bank transfer? That way you will not incur any costs (and they won't either). Every bank account in the UK, business or personal, includes telephone banking, so it's not exactly difficult.

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xxxMarc P  Identity Verified
Local time: 04:57
German to English
+ ...
Payment from the UK May 13, 2006

Eva Middleton wrote:

Why don't your clients pay by bank transfer? That way you will not incur any costs (and they won't either). Every bank account in the UK, business or personal, includes telephone banking, so it's not exactly difficult.


You evidently don't bank with NatWest.

Marc


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roc_co_co
Local time: 04:57
English to German
TOPIC STARTER
Rip off May 13, 2006

As far as I know, transferring money from a Pounds account in Great Britain to a Euro account in Germany comes much more expensive than doing the transaction by cheque.

Only when both accounts are Euro ones or the British cheque states the amount in Euros, the transaction is handled as a domestic/intra-European one and the fees are negligible.

As I don't like spoiling a rich bank, I have been wondering whether there is some way out... (:-?


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xxxMarc P  Identity Verified
Local time: 04:57
German to English
+ ...
Payment from the UK May 13, 2006

roc_co_co wrote:

As I don't like spoiling a rich bank, I have been wondering whether there is some way out... (:-?


I have an account in the UK with the bank mentioned above. Small amounts can be paid into it in the UK at no cost, then when a larger amount has accumulated, it can be transferred to my account here. The charge is still disgracefully high, but I only pay it once instead of several times.

You may have difficulty opening a UK account if you are not resident there.

There are various other means of transferring money more cheaply: try searching the forums for previous threads.

Marc


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roc_co_co
Local time: 04:57
English to German
TOPIC STARTER
Rip off May 13, 2006

In 2004, I had the intention to transfer some money from my account in England to Germany. At Barclays, I was told that a transfer would cost around 30 or 40% of the total amount (gasp), i.e. significantly more than the fees for the cashing-in of a cheque ... As far as I'm aware, nothing much has changed since then(

I'll follow your advice, Marc, and search the forum for similar threads, still hoping that somebody has an idea on how to stop the banks from taking advantage.


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xxxmediamatrix
Local time: 23:57
Spanish to English
+ ...
Who do you trust? May 13, 2006

One option might be:

- open an offshore Euro account with one of the major UK banks, in Jersey or the Isle of Man, for example;

- find someone in the UK (who you trust!!) who has a sterling account with a UK branch of the same bank

- have the UK cheques made out in their name and sent to them;

- that person deposits the cheques into their account (that's free);

- that person then transfers the sum to your offshore Euro account (as it's the same bank, that's free too);

- transfer from your offshore Euro account to anywhere in Eurozone (that's also supposed to be free, under the EU's new regulations, provided you quote IBAN and BIC);

- alternatively, get a debit card on that offshore Euro account and spend it directly (that's perhaps not quite 'free' but can be a much better deal than transferring funds directly from GBP to EUR);

- send me a 5% commission!

MediaMatrix


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Sergei Tumanov  Identity Verified
Local time: 05:57
English to Russian
+ ...
one more option May 13, 2006

you may try to convince your clients to pay via moneybookers.

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roc_co_co
Local time: 04:57
English to German
TOPIC STARTER
May 14, 2006

Removed: mere repetition of previous mail due to technical problems

[Edited at 2006-05-18 20:23]


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roc_co_co
Local time: 04:57
English to German
TOPIC STARTER
Thank you! May 18, 2006

Thank you very much indeed for helping me with my problem, Sergei and MediaMatrix.

Tänan sind & Muchísimas gracias

Your advice has been very much appreciated.)

except for MediaMatrix's request for a 5 % commission You are very good at money matters, MediaMatrix, much better than my former tax adviser ... which makes me think...


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