Money Transfer

H

Hans

Registered User
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I got some great help previously on this site when I started up my new business early this year so I am back again with another query. I have to transfer payment to one of my suppliers who is based in Germany but have euro holding bank in England. I have just transferred my first payment (9 thousand aprox) and have been charged 25 euro for the transfer I was a bit shocked with this. Is this charge the normal charge or am I being naive in believing they should be doing this cheaper. Have I any other option of transferring this money (they wont accept a cheque).
 
I have had the same problems with my bank - not to be named - but they charge €25 for a quick transfer (next day) and €12.5 if you have a week to tranfer it - tempted to start a letting off steam thred just thinkng about it.
 
A bank transfer of up to €50,000 from a Euro account with a bank in Euroland to another Euro account with another bank in Euroland can not be charged more than a domestic transfer ie little or next to nothing - these are Euroland rules.

However the UK is not in the euroland and so your bank can charge what they like.

Why doesn't your supplier have an account in Germany ? Tax evasion?
 
JPD Im with you on the thread, rip of UK .I wrote 2 cheques for the same amount from my french euro account, 1 went to spain cost 3.65euro the other to my euro account with NW in uk cost £165 ,after many phone calls reduced to £90 and told every cheque that has to go back for clearance abroad they charge a percentage Never again
 
However the UK is not in the euroland and so your bank can charge what they like.
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I believe this is incorrect. The regulations apply to all € transfers within the EU. Provided the BIC and IBAN are suppplied, the fee can't be more than a domestic transfer, even to/from the UK.

Additionally non-Eurozone EU members can opt to have their currencies included in the regulation. Sweden have opted-in, so Kroner transfers within the EU are covered.
 
See [broken link removed] for a summary of the rules which apply to € transactions across the EU (not just euro zone).
 
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