IBAN Transfers - Do they make any difference in the UK?

In message , MLX writes

As In understand it this only applies when transferring between countries that have the euro as their currency.

I don't think so, as I had some money come over Belgium in Euros. The chap who sent it wasn't charged at all. I simply paid my bank's exchange fee when the money was received into my account. I've never tried UK to Euro though. I'd suggest the OP speaks to his bank for clarification. It sounds like they're trying to charge for a CHAPS transfer, when what the OP is trying to do is closer to a BACS transfer (according to the new IBAN/BIC system). As I say, never tried it, but many of the banks have recently had training on the new system so it's well worth querying. Vic

In message , Vic writes

EU Regulation 2560/2001, Article 3, requires that the charges levied by an institution for certain small value cross-border non-cash payments in euro within the EU (?12,500 to 31 December 2005, ?50,000 thereafter) are the same as the charges levied by that institution for corresponding domestic payments in euro.

Paper cheques are excluded from the Regulation?s requirement for non-discrimination between domestic and cross-border charges. However, the charges applied to cheque transactions must still be transparent.

In addition, the Regulation allows non-euro area Member States to opt to extend its application to cover payments denominated in their own currencies. The UK Government does not intend to exercise this option.

So the bank can legitimately charge £20 if that is what they would normally charge for a euro transfer.

Payments form UK to Euroland are foreign currency transactions and cant be compared BACS which is internal only, and CHAPS is also UK based.

In message , john boyle writes

Sorry , this post got sent before I'd finished it, it should continue.....

but there is now 'NEWCHAPS' which combines the CHAPS sterling and CHAPS euro. In any event it doesnt matter 'cos a CHAPS fee is a CHAPS fee.