European bank transfers into the UK - how to avoid the ridiculous charges?
Thread poster: Michael Beijer

Michael Beijer  Identity Verified
United Kingdom
Local time: 19:40
Member (2009)
Dutch to English
+ ...
Jan 11, 2010

I am planning on moving to the UK. However, I was wondering if anyone could offer me some pointers on how to avoid the VERY HIGH bank charges when a client in a European country wishes to transfer money to my UK account.

The UK is a member of the Single Euro Payments Area (SEPA), and the deadline for compliance of the SEPA Credit Transfer is supposedly set at 31 December 2010. The tariff is supposed to be £5 per SEPA compliant payment. However, as many of you might already know UK banks are charging up to £20.

Is there anything we can do NOW to avoid this dismal situation?

Any suggestions would be more than welcome!

Thanks,

Michael


 

Tom in London
United Kingdom
Local time: 19:40
Member (2008)
Italian to English
Best way Jan 11, 2010

Michael J.W. Beijer wrote:



I am planning on moving to the UK. However, I was wondering if anyone could offer me some pointers on how to avoid the VERY HIGH bank charges when a client in a European country wishes to transfer money to my UK account.

The UK is a member of the Single Euro Payments Area (SEPA), and the deadline for compliance of the SEPA Credit Transfer is supposedly set at 31 December 2010. The tariff is supposed to be £5 per SEPA compliant payment. However, as many of you might already know UK banks are charging up to £20.

Is there anything we can do NOW to avoid this dismal situation?

Any suggestions would be more than welcome!

Thanks,

Michael


MIchael, we've had this discussion before in these forums:

http://www.proz.com/forum/being_independent/147692-paypals_bait_and_switch_technique_be_aware.html

http://www.proz.com/forum/money_matters/145924-bank_charges.html

http://www.proz.com/forum/money_matters/140678-living_in_eurozone_working_for_uk_agency_any_experience.html

http://www.proz.com/forum/translation_in_the_uk/132668-bank_transfers_from_uk_to_eu_fees.html

http://www.proz.com/forum/business_issues/119194-payment_from_uk_:_any_experience_with_money_gram.html


The bank charges cannot be avoided and are applied by all banks. However there is a maximum charge, which I think is about £20. So if you can persuade each client to make a single large payment, this means you'll only be charged once.

I would add that PayPal is a lot more expensive because PP takes a percentage rather than a fixed amount.

The only other way is to maintain an account somewhere in Euroland, and not move the money to the UK.

I agree it's a dismal situation, but there's nothing any of us, individually, can do about it. I think it's a matter for the European Parliament. Write to your Euro MP !

I'm as unhappy about this as you areicon_frown.gif

[Edited at 2010-01-11 17:06 GMT]


 

OlafK
United Kingdom
Local time: 19:40
English to German
+ ...
Depends Jan 12, 2010

I only pay €0.50 to transfer money from my German to my British account (at least last time I did it) but £15 for transfers from my British to my German account, so your clients in the Eurozone might not have to pay high transfer charges.
I agree with Tom, just keep your bank account in the Eurozone, so nothing changes for your Euro clients.
I only ever transfer money when it's absolutely necessary and always in large chunks.


 


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European bank transfers into the UK - how to avoid the ridiculous charges?

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