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badger View Drop Down
Vanorak
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Joined: 22 Nov 04
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Points: 1513 		Direct Link To This Post Topic: IBAN money transfer
    Posted: 03 Sep 07 at 19:47

Has anyone found a bank who are actually interested in assisting in transfering money by IBAN?

I've got all the details that i "should" need (IBAN & BIC numbers), but both my banks seem to want to know loads more details - names/addresses, account numbers...all details which are supposed to be contained within the IBAN and BIC numbers.

Anyone got any advice on a quick/easy way to pay money into a european account?



Edited by badger
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Points: 9756 		Direct Link To This Post Posted: 03 Sep 07 at 19:48
cash by registered post.

how much is it? and who to?

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Vanorak
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Points: 1513 		Direct Link To This Post Posted: 03 Sep 07 at 20:08

Chap in Germany, just under £100

Can't believe how a system which is supposed to identify any account (IBAN) still relies on you filling in a 2 page form before they charge you £17.50 for the privilige.
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Points: 13190 		Direct Link To This Post Posted: 03 Sep 07 at 20:13

Nat West....never a problem for me.I always send it via "Relay".All they need is the recipients name,the bank's name,the IBAN and the BIC...job jobbed for tenner.
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Points: 1513 		Direct Link To This Post Posted: 03 Sep 07 at 20:28

Presume you need a Nat West account for this though?
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Points: 13190 		Direct Link To This Post Posted: 03 Sep 07 at 20:30
Yep.
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Points: 13190 		Direct Link To This Post Posted: 03 Sep 07 at 20:32

You can do it through the Post Office as well.

http://www.postoffice.co.uk/portal/po/content2?catId=1930020 7&mediaId=19700176&keyname=aoi_mgram

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Points: 1513 		Direct Link To This Post Posted: 03 Sep 07 at 20:33
Looks like the kid's bank account is being plundered tomorrow
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Points: 1272 		Direct Link To This Post Posted: 04 Sep 07 at 01:03
Originally posted by badger badger wrote:

Chap in Germany, just under £100

Can't believe how a system which is supposed to identify any account (IBAN) still relies on you filling in a 2 page form before they charge you £17.50 for the privilige.



Let me know how you go. Last transfer I did, cost me 15EUR fee, to transfer 66.90EUR into a German bank account.

The chap claimed I only sent 54.90EUR, and emailed me a scan of his bank statement. It looks like HIS bank took  another 12EUR fee as well!
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Points: 901 		Direct Link To This Post Posted: 04 Sep 07 at 07:48
--The best way to buy stuff off German ebay if its just £100 odd or so is send the cash in euros to the seller--its a slight risk however you do it--
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Points: 740 		Direct Link To This Post Posted: 04 Sep 07 at 08:39
Yes - in my experience the German bank system seems to be disconnected with the UK and the cost of sending money via a bank is high (as reported by Grantus) for small amounts (like VW parts / spares!).

I have not yet managed to do a simple internet based bank transfer to Germany like I do in the UK bank system between UK accounts.   Maybe the problem is the UK bank system?!  (the UK government is on the case of the banks where they take 3 days to transfer money and maybe this will change the general money transfer system)

Like Billy, I have resorted to sending Euros - and the Germans seem to not use Paypal much either.
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Points: 1272 		Direct Link To This Post Posted: 04 Sep 07 at 15:32
Originally posted by VWlewis VWlewis wrote:



Like Billy, I have resorted to sending Euros - and the Germans seem to not use Paypal much either.




Why is that? Are they worried about the Paypal fees?

It would be way cheaper for me to even pay the Paypal fee, as an extra charge, rather than the rip-off bank fees.

It also means that they would receive the whole amount I send, rather than the "surprise" fee at the German bank end.
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Points: 1513 		Direct Link To This Post Posted: 04 Sep 07 at 20:27
Originally posted by g60steve g60steve wrote:

Nat West....never a problem for me.I always send it via "Relay".All they need is the recipients name,the bank's name,the IBAN and the BIC...job jobbed for tenner.

Been to the Nat West today, much more helpful than RBOS & Yorkshire Bank, managed to transfer the money from the kids savings account . I'm hoping that the charges will be limited to the tenner to Nat West...



Edited by badger
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Points: 3510 		Direct Link To This Post Posted: 04 Sep 07 at 20:40
did it over the phone today with HSBC, cost 9 quid (plus whatever they make
on the currency conversion I guess!)
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Points: 1793 		Direct Link To This Post Posted: 05 Sep 07 at 16:35
As i understand it, IBAN is the way the rest of europe does it, its done, dusted, no steep comission and everyone seems to trust it. I think we may just be behind as usual.
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Points: 1364 		Direct Link To This Post Posted: 06 Sep 07 at 23:58

To do a transfer within the EU now you have to quote the IBAN and BIC code. This has been law since the 1st of Jan. That is all the bank needs as you rightly have said they do not require the bank address unless you are transferring out side the EU where you will require, address, account number and routing number.

 

The reason for the long timescale on a foreign payment is that it is handled by multiple banks along the way. All of these may legitimatley chose to charge a fee, including the ultinate recipient bank to cover the processing cost.

 

Yes Uk interbank transfers will be pretty much instant from Nov, but the banking systems within europe are so diverse and have no shared platform so faster transfers are some way off.

 

My day job is a bank manager   -- well more precisely a manager who works for a bank.
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Points: 740 		Direct Link To This Post Posted: 07 Sep 07 at 15:28
Thanks Markpark - very useful information but your cover is now blown!  Watch out for VW vans stalking you!

Edited by VWlewis
Dr. T15 - Took test in a T2, drove a T1, T4, T5 and now run a T3 - and I am not Tee'd off
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