Transferring money from UK to German bank account

66 posts in this topic

What do you guys think is the best way to shift money from someone's private UK bank account (Barclays) to a German account at Sparkasse? Would it be the easiest to write a cheque from the English bank and pay it in here or actually make an overseas transfer? Are there any other alternatives? It is just a one-off transfer and nothing business related, just shifting private funds. Does anyone have experience with that? Thanks for any advice (sorry, can't pay anyone for help)

 

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I'm not 100% sure, but I don't think the banks here will accept checks. If they do, it will be at a high cost.

I've accepted bank transfers (from ebay) from Belgium & Austria, and to my knowledge they were free just like a normal überweisung. You will need the IBAN & BIC codes from your german bank, and then you can do it over the internet.

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While bank transfers are hypothetically free within the EU, that is not necessarily the case outside the Euro zone. Your bank in the UK will likely charge you an "exchange fee" to go from £ to €. This can sometimes be hefty, depending on your bank, so ask them first. I've personally cashed a $ check at Hypovereinsbank, and they only charged me €5 for the deposit of a foreign check (no exchange fee). So your best bet is to check with both banks to decide which is cheaper.

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Whats wrong with cash?

 

Costs nowt to take it out in Blighty and now to pay it in here..

 

You will get reasonable echange rate here anyway..

 

G

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Yeah, but unfortunately I am not going to Britian in the next couple of weeks and none of my mates can bring the cash over. :(

But I managed to find my IBAN and BIC codes, althouh still wondering whether just writing a cheque and paying it in. The fees with Sparkasse are normally pretty small.

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This is an excellent topic. I've been here a month and only today checked my bank statement. I get stung something fierce by Barclays and First Direct by simply using my UK bank cards to get money from the hole in the wall.

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If you wanna withdraw Euros from a Barclay's account you can use the Deutsche Bank cash machines for withdrawal without commission. Took me a while to find out about that one, too! :)

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How much are the fees for processing an overseas cheque?

 

Problem with UK internet banking is they really havnt caught onto the BIC/IBAN route yet, however you can still issue written instructions to you bank via fax etc to do the transfer. IBAN/BIC is normally within 3-5 working days, similar times with clearing cheques.

 

IBAN/BIC is normally found here in germany on the top of your bankstatement :)

 

Poots

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How much are the fees for processing an overseas cheque?

I'm not sure about Sparkasse, as is needed for the inquiry above, but Hypo only charged me €5 to cash a ~$1000 check. I know that exchange fees for UK bank transfers are usually more than that.

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Ask your UK bank if they offer the Worldpay service. It costs 9 GBP to transfer up to 3200 EUR. The bank needs the IBAN of your "foreign" account. For larger amounts, my bank uses a different system (is it called Swift?) and charges me 25 GBP. The exchange rate is 3.5% better than you get through the hole-in-the-wall.

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Also you have a choice normally whether to transfer in Euros or Sterling! You can either get your UK bank to do the exchange, or just send Sterling and let Sparkasse sort at this end.

 

You should be able to do this stuff online but the banks still seem to be behind the times - although I met Sparkasse bank yesterday, and you can get permission for online transfers to any overseas bank these days - which is handy for doing stuff the other way around!

 

Now we just need the UK banks to get their act together.

 

p.s. If anyone wants to do larger amounts PM me as I have an old friend that works at a UK based FX company. You exchange at very close to spot market rates and with no charges at all.

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http://www.xe.com/fx

 

(XE.net / XEtrade) Nuff Said...

I have this exact same problem all the time. I get paid in pounds and constantly need to get money over here. I thought that these guys at XE would give me a good rate, but I've signed up for their service and its basically shit.

 

The exchange rate they give you is, if anything, only slightly better than the bank would give you on any day of the week. Its really not worth talking about. But the real charges come in when you have to wire money to their accounts. Your bank will charge you for this. Then they send you a draft which you have to physically cash. I've given up on it.

 

People are saying to write a cheque and it only costs you 5 euros, but I wonder what exchange rate you are getting? I can go to my bank in London and they charge 20 quid for a transfer, but they give almost exactly the market rate. If you are moving a large amount, this becomes more economical.

 

I still haven't figured out how IBAN numbers work. Either way, the problem always comes down to the exchange and what rate you're going to be given. I am going back to the UK next week and I was just going to get a load of cash and get it exchanged here, but again, the rate they give you is no good.

 

If anyone knows a good way to do this, please let me know, cause it causes me no end of trouble.

 

If anyone needs pounds, and wants to do a private exchange at www.xe.com rates, I would be well up for that. I have done this before with a few people and it is so damn easy, and gives you a really good rate.

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We used InterchangeFX to move money from the UK to Germany - they gave us a very good rate, but it is probably only worth it for larger amounts.

You could take a look at Citibank - there aren't that many branches here but you can open UK sterling and euro accounts in the UK and have a euro account here - you can move money instantly and for free between your accounts internationally.

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I have thought about opening a Citibank account like that, but now I don't have anything recent with a UK address on it, I doubt whether they would let me open an account.

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