Transfer to bank abroad


I wanted to transfer 30 gbp to a Dutch bank. My bank wanted to charge me 8 quid to do this - I had all the IBAN details. Is this a typical charge?
How much would it actually cost the UK bank to transfer either pounds or euros to ING in Holland? Is there no "free" reciprocal arrangement?
Type in the IBAN details, type in the amount, press send. Job's a good 'un.
(I see that
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charge about a quid : and they are doing it to make a profit :-) rather than to keep long standing customers happy)
Reply to
transfe
Yes, it's about typical.
No. Within the Euro zone charges are only a few cents, even across borders. However from outside the Euro zone charges are exorbitant even if transferring from Euro account to Euro account.
For that sort of amount I'd stick some Euro notes in an envelope.
It's a bit of hassle to set up an account with Xetrade but once done transfers are simple. You also have to work out how to get it done for free rather than paying for a 'wire transfer', you have to set up a UK account on their site as well as a destination account.
Reply to
cl
They make money on the 1% or so either side of the interbank rate. The system is pretty automated too, once you have an account set up with them it's all on-line and no effort on their part at all.
You may then ask why the UK banks *can't* do the same, I have no good answer to that one!
Reply to
cl
Thanks for this, guys.
However, having just had a look at the two websites, XETrade seems to be one almighty ball-ache to register with. For a quid, TransferWise seem to be much easier to use.
Anybody know of any others?
Reply to
Adrian
Yes, XETrade is quite a lot of hassle to set up. Once set up it's dead easy to do transers though. However it is probably only worth it if you think you're going to do a few transfers every year.
Reply to
cl
I have used Transfermate:
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However, this was for Eire to UK.
The Irish company seems to have a lot of hoops to jump through.
But they happily ignore them and transfers are painless.
Fees are low - see their ready reckoner and compare with market exchange rates and other currency exchanges.
Whatever you do - do not let a bank get involved.
Flop
Reply to
Flop

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