I've just noticed that my bank accounts have IBAN (international bank account number) numbers for the last 6 months or so. Is there any conspiracy here? Like global tracking of finances? Or is it just to make it easier for international transfers?
What's next? An international national insurance (social security) number to go with the biometric passport and DNA database entry?
Dave.
yes
Don't get too paranoid! The reason is to facilitate inter country transfers of money. In the case of the UK it is a prefix starting with GB that defines the financial institution followed by the sort code and account number. Nothing too be worried about.
Just to make international transfers easier.
There is also a check code that comes between GB and sort code, so you'll have to contact your own branch to find out what your IBAN number is. As your own bank site will probably make it clear, IBAN has been created by European banks to facilitate cross-border transfers.
Alec
Prolly ought to put yer tinfoil hat on, just to be safe.
Within the euro zone, transfers which use IBANs for low values (less than
10,000 euros IIRC) cost the same across borders as intra-country transfers. No IBAN number then the bank can charge the usual rip off rate. Sadly this doesn't apply to the UK so we still get stuck with the standard 20 charge for sending money overseas. I have considered opening an overseas bank account to pay for stuff of ebay.de (most stuff on there is COD or bank transfer) but there don't seem to be any easy ways of doing so. (I believe bits of CA in france do offer accounts to brits)
There's a fairly comprehensive guide on how IBANs are formatted for each EU country in the PDF document entitled Register of European Account Numbers (TR201) at the following web site:
There's also a useful IBAN validator which checks that a particular IBAN is correct here:
Thanks for that Chris. Most useful and informative.
Why does Citibank charge GBP 25.00 for a transfer even when an IBAN number is provided? I've looked at a few others and they are the same.
Because they can. Sadly the rule only applies to banks in euro zone countries and the cost should be the same as bank transfer within that country (i.e. usually very low). I wish it applied here but it doesn.
"Dave" schreef in bericht news: snipped-for-privacy@posting.google.com...
Yes, you are correct, but you forget that you will be chipped, like the cattle you are to the ones in power.
Being able to make international transfers at the same rate as domestic transfers sounds great, until you think about it. Most banks in the UK will let you do BACS transfers free of charge. I don't see them offering free transfers to the Eurozone if the UK ever enters the EMU. What will happen instead is that we will have to pay for domestic transfers, too. I make several BACS transfers each month, let's say, one a week on average, while I make maybe one international tranfer every other year, in other words, I make about 100 times as many domestic transfer as international ones. I will be WORSE off if the rates have to be the same, unless it is about 10p, but I expect it to be at least Euro 1. So much for the EU protecting the consumers.
You both have mentioned, but conveniently ignored, the fact that intra-UK bank transfers are free (ignoring ML restrictions etc).
If you compare the UK banking system to that of say, Norway (I think it is) where you have to pay around 6.00 just for the right to have a bank account you will see that UK consumers have a reasonable deal in this regard. The reason that it takes three days for standard transfers to be effected is that the overnight interest generated by the funds in transit effectively pays for the BACS system. Given that there is no eurozone equivalent, the banks charge for remitting monies to eurozone accounts.
We are lucky to have a banking system that permits free banking in the first place - the banks may make other, (and possibly unreasonable!) charges, but basic account management is essentially a loss-leader.
If we enter Eurozone it will be interesting to see what actually happens - I see no reason for the banks to suddenly decide to stop or reduce their charging structure as the costs borne are virtually identical - the only difference is that it would no longer be necessary to convert the funds into euros. Hence treasury costs are reduced, but the remitting costs remain the same. We will see!
MC
This reminds me of the 18:44 from Liverpool St. last night in conditions that would not be legal for livestock.
In message , John-Smith writes
Why shouldnt they?
"Dave" schreef in bericht news:cginc7$ju8$ snipped-for-privacy@news5.svr.pol.co.uk...
Hmm good point. I have been in such situations.
(I believe bits of CA in france do offer accounts to brits)
Yes,
one of their criteria, however, is that you must either own a property in France or prove you have travelled to France in the last 6 months!
Simon Clark
I noticed that with my bank (Credit-Mutuel, Paris) which is one of the cheaper French banks being based on the mutual principal (bit like a building soc) the cost of receiving money from another bank within France is now the same as within Europe. A little over 7Euros. It has also increased after the introduction of the Euro.
Paying in a Euro cheque from a none-French bank incurs some pretty stiff charges too.
In France a debit card will cost you 30 Euros per year, and that will only give you the right to take out 300 Euros per week from money you have in your account.
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