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Bank transfer from Germany to UK

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Hi guys,

 

I have seen some topics about this but nothing recent, so I wanted to ask whether anyone has recently (ie this year) transferred money from Germany to the UK (from a EUR account to a GBP account) and whether any fees were incurred.

 

Thanks!

 

steph

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international transfer definetely causes some money to be inducted form your account. I am not sure but i think its better to use paypal if you want to save your money. the cost of transfer is around 25 euros i think in deutsche bank.

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25 euros inside the EU! Ridiculous -.- I understand the EUR->GBP conversion rate will not be the best, but I thought that's how the banks will make money out of it. Charging in addition to bad conversion... *sigh*

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I have a questions for you it may or may not help you.

 

• Do you currently have a German bank account as well? If so, due to the Bank system change at the start of the year, you can send a Bank Transfer via online banking if you have your BIC and IBAN (Internation Bank Account Number) available. This option is really great if inside Europe. I do not know your bank and the systems. But I do know that before I had a German bank account I also had to pay 25 euros to transfer money to the states. If you do have German bank account and bank transfer money using the IBAN, I believe you will have no problem.

 

• Go to your bank and talk with them about it.

 

I could be wrong but I hope the first bullet point helps.

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I've used currencyfair.com recently. The exchange rate was way, way better than anything I'd paid before. You need to set up a currencyfair account first, which will take a few days, but this is free and if you are regularly going to transfer money between Germany and the UK it's definitely worth it.

 

The way it works is:

 

1. You transfer euros (or any other currency) to currencyfair.

2. When the money arrives you convert the euros into sterling.

3. You transfer the sterling to a UK account.

 

The transfer to a UK account costs 3 pounds.

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Hi Steph, I made a bank transfer from a German bank account to a British one at the end of April this year and the fees have been removed. Prior to this year it used to cost 40€ if I remember correctly.

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Hi,

 

1.) Aquire the IBAN and BIC of the account in GB.

 

2.) Make sure you are doing a "SEPA-Überweisung" (see http://en.wikipedia.org/wiki/Single_Euro_Payments_Area) to that account, and *not* a "Auslands-Überweisung" to the british-style account number). They charge obscene prices for "Auslands-Überweisung", but cannot do that for SEPA transfers.

 

Cheers

Franklan

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Hi,

 

Thank you for the information (Runner, bariboy). Yes, I have a German account.

 

I was hoping the fees would be waived with SEPA, and it looks like that's indeed the case.

 

It's ridiculous to pay so much for transfers within Europe. Glad it's gone now.

 

Thank you all for the help!

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It is just important to send the money in EUR. If you select GBP it will be considered as any other international bank transfer (Z1)

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It is not as simple as sending euros by SEPA. Only euro accounts are obliged to comply with SEPA and most uk accounts are in GBP meaning that they are not required to match prices for domestic transfers.

 

Banks vary but you are likely to be charged for receiving a SEPA transfer to a GBP account, from what I have read it tends to be around 5-10 GBP per payment.

 

Anyone planning to send money to a non euro account should check whether they will be charged by the uk bank. For non sepa payments it is possible that you will be charged by both the german and the uk bank.

 

Edit: I think these are the HSBC charges (page 4) http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/general-price-list.pdf

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