Is there anyone out there in the same position as me who can advise me??
I have just arrived at the marvelluos age of having a pension!! This is presently pais into an English bank in the uk. I would like to centralise my accounts, one in England 3 in France, as charges are ridiculous, if my pension is paid directly into the bank here in France do I have to pay conversion charges every month? If so how much will it be? any one else in this position who has found a good solution?
Thank you!
Annie
Hi All,
We have been assisting readers and member of this forum for several years now.
you are correct some banks if transferring to and from a account held with same bank in different countries will not charge a transaction fee.
I work for TorFX, we carry out over £750 million currency transfers every year, we dont charge any fees etc for the transfers and the rate you will get is much better than the bank, sometimes up to 3%, we can also lock in a exchange rate to minimise the risk of the moving exchange rates, that way you know exactly what you will get for a set period of time rather than not knowing month to month.
Please email me for further details at alan.williams@torfx.com, I am more than happy to answer questions you may have.
if you have just carried out a transaction with your bank let me know the time and date of transaction and ill tell you what we could have achieved.
Many thanks for reading this post.
Alan
Vic,
I use my HSBC english account to transfer to my HSBC French account with no charges, the exchange rate is shown just before you actually make the transfer so you have the option of not using it if you don't want to.
I wouldn't want to make a Sterling transfer to euros and wait to see what turned up im my account!
Geoff,
There is no question whatsoever that I regularly make transfer from sterling to euros without any charges and have been doing it for over 2 years with no minimum amounts either.
However to do this I do have to have an enhanced (premier account) but again I don't pay any charges on this either as I have put their minimum deposit into a 2 yr fixed bond that pays me 2.67% and is paid gross
they don't ask for the divi number - but they do still have those pull string little capsules carried on string instead of using the internet. A bit slower but much more reliable in the event of an electromagnetic pulse !
geoff
yes Roger, I fully agree - and this is now what I do.
However, it is interesting to see what Michael has said - because what convinced me that I was initially wrong and that it IS possible to do a fully internet transfer bank to bank - was a friend of mine who actually showed me his transfer from HSBC in Uk to a French bank - and it clearly showed a £20 charge for doing that. If Michael can get a uk bank to french bank internet transfer for no charge - then he has struck gold.
Hi Geoff,
I regularly transfer stirling from my english bank to euros to my French bank using HSBC with no charges.
doreen is correct. I was wrong. I now know it is possible to make the international transfer by internet banking from some banks - but not all. Certainly not from my Co-Op bank. It is however (unless I am wrong once more) quite costly. It seems that most banks charge about £20.
I now use torfx. It is easy, quick and there is not charge. they are also polite and you can talk on the phone to someone who is actually in england.
I recommend them.
Geoff
Doreen
Can you please explain how & where the conversion from Sterling to Euros is made using the Lloyds bank example you show. I can understand that one could probably transfer money (Stirling in this case) from one country to another but I can't see where anyone decides & agrees how much it is worth In Euros, for example, when it arrives at it's destination.
I use a Nat West card reader to transfer stirling from my account to others at no cost & use this system to transfer stirling to an international money transfer company. I then agree a rate with said company who transfer the Euros to my French bank, again at no cost to me.
I just don't see how it is possible to economically transfer currency between countries,by internet, without firstly agreeing a rate.
Are you aware of the UK credit cards which don’t charge transaction costs - Halifax do one, as do Saga?
I've started doing that too! Using a UK card for purchases and payments in France I mean. Don't know why I didn't think of it before. Works out cheaper even with transaction and exchange rate costs. I've even on occasion drawn cash on the card in France, and it's not prohibitive so long as you remember they charge interest on that first, and so to pay it off as soon as the next pension payment goes in.
Yep john big style, it was and still is a little village bank so everyone knew everyone except the manager who wasnt local he moved shortly after whether through the fuss i made or coincidence never know, the guy in charge now we are on first name terms and he does advise and help it was he who suggested the card reader so i could move my meagre pension wherever without incuring charges
this is very interesting Doreen - thanks for that.
I have been under the impression that it is not possible - hence the popularity of companies such as HiFX etc so that they can do it for you.
Perhaps the CoOp is unusual in this
thanks again
geoff
Nat West ripped you off John.
You should open a euro account with HSBC in Scotland as well Gillian. The transfers between that and HSBC France should be free. That would only leave you with an exchange cost in Scotland which would be transparent.
Nat West have recently supplied me with a card reader apparently i can transfere money from one account to another without incuring charges but i assume i would be subject to the Nat west exchange rate last time 10 years ago was the first and only time i have used them they gave me tourist rates appologising after the fact but the rate still stood i was furious sending £32K i lost a lot of money so the house cost more than i had planned
thank you doreen
I have tried to do this - but the system only wants account number & sort code i.e. it is not possible to enter an IBAN. Furthermore I have spoken to the COOP and they confirm that it is not possible.
As it seems you are succesfully doing precicely what I am wanting to do, I thank you for confirming with certainty that it is indeed possible. Please would you let me know what uk bank you use?
Regards
geoff
thank you doreen - but it would be very help full if you would elaborate and be kind enough to point out what I have missed.
I did see that gillian was able to do it - but at a massive charge.
All I want is for someone to please tell me that THEY actually transfer via the internet from a UK bank directly to a French bank - without massive charges of course.
Anybody actually doing this ?
Regards
geoff
When I opened my French HSBC account, I transferred £200 online from my HSBC account in Scotland, just to have something in the French account. However, I was charged £18 exchange fee by the Scottish bank and a 30E receiving charge from the French bank, so it's not something I would recommend, when there are almost cost-free methods. I also got a lousy exchange rate just to add insult to injury.
Thanks for all the useful input on this topic - it is very helpful to us all.
I do just want to be clear though - I feel that it is not possible to make intercurrency transfers directly from a Uk bank to a french bank using the internet. I certainly cannot do it from my Coop bank.
can anyone dispute this from their own direct experience please?
(I am not talking about internet via HiFx or similar, I am talking about a direct transfer from a UK bank to a French bank)