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Transferring from UK to DE - CHAPS / Natwest vs Transferwise

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We're in the process of purchasing property in Germany and need to transfer large sums from our UK/GBP NatWest account to our DE/EUR Sparkasse account.

 

Previously we have used Transferwise for sums up to the £20K daily maximum which has worked out well, but I'm wondering whether a single CHAPS payment for larger sums (information sent via fax) has any significant downsides, such as the actual exchange rate and/or time needed. I was told this would cost £23 by NatWest.

 

Anyone out there with experience of this?

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I used xe many times and it's always fast and good. 

Exchange rates probably much better than those of any normal bank.

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2 hours ago, Gambatte said:

I used xe many times and it's always fast and good. 

 

Well yes, whether you use XE or Transferwise you can still only transfer money in chunks of £20K at a time, which is the daily online limit at NatWest. You need to pay a fee each time.

 

My specific question was whether anyone has had concrete experience of CHAPS where you can transfer, say, £60K in one go for a fee of £23 - but do they make their profit on the transfer rate?

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I decided not to do it as it had a minimum .3 % charge, with a minimum of 23 GBP.  Which is 60 K would be 180 GBP plus the crappy Natwest exchange rate.  Has this changed?

 

Edit  Just seen it is maximum 40 GBP fee.  As opposed to Worldfirst no fee, and better exchange rate.  Though Transferwise worked out cheaper, with a low fee and better exchange rate.

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Suitcase + Airplane (plus some paperwork to prove it's actually your cash)?

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5 hours ago, john_b said:

Well yes, whether you use XE or Transferwise you can still only transfer money in chunks of £20K at a time, which is the daily online limit at NatWest. You need to pay a fee each time.

 

Can you not change this 20k/day limit? I would be surprised if not.

 

If you transfer in chunks, at different days, you average out the ups and downs of the fluctuations of the exchange rate. You could win or you could lose.

You never pay a fee, with xe. Or better, their "fee" is already built into their exchange rate. In any case, provided you are happy to transfer in chunks, you are better off with  xe than with any normal bank.

BTW we also moved a large sum UK, GBP -> DE, EUR in the last few months, in chunks, for house buying.

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1 hour ago, Gambatte said:

Can you not change this 20k/day limit? I would be surprised if not.

 

No, it's NatWest's upper limit for daily transfers. Barclays is 10K, Halifax 25K and so on.

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11 hours ago, john_b said:

No, it's NatWest's upper limit for daily transfers. Barclays is 10K, Halifax 25K and so on.

 

I bank online with Barclays and I recently made single transfers larger than 20k.

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17 minutes ago, john_b said:

Well I'm with NatWest, so have to operate within their parameters.

 

John, no lack of respect, but I find hard to believe they force this (or any) limit on you. Maybe is ithe limit you currently have in place and it can be changed? This is what I had recently somewhere else.

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22 hours ago, john_b said:

 

Well yes, whether you use XE or Transferwise you can still only transfer money in chunks of £20K at a time, which is the daily online limit at NatWest. You need to pay a fee each time.

 

My specific question was whether anyone has had concrete experience of CHAPS where you can transfer, say, £60K in one go for a fee of £23 - but do they make their profit on the transfer rate?

 

Chaps isnt a company that you interact with directly, its like BACS (the direct debit system) in that you work with your bank and under the covers they use chaps.  So charges are dependant on your bank and not on chaps itself.

 

As far as I remember (but its been a decade since I worked with chaps) the payment is always made in one currency and its the bank at one end or other that converts from pounds to euro.  In fact I could be wrong, but I think "international chaps" is actually swift.

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CHAPS Payment

A CHAPS payment is a same-day electronic transfer of funds, specifically used for transferring large sums (over £10,000) within the UK.

The advantage of a CHAPS payment is that the money arrives in the recipient's account the same day, so long as the money is sent before 15.00 GMT. There is a charge for making a CHAPS payment.

SWIFT payment is an electronic transfer of funds between different countries, typically used when you're buying a house abroad, or other big-ticket item, and need to transfer money to the vendor.

There is no minimum or maximum transfer limit with SWIFT payments. Once you've sent the payment, it will typically take between 3-5 working days to arrive in the recipient's account. There is a charge for making a SWIFT payment.

To make a SWIFT payment, you'll need the IBAN or bank account number, as well as the BIC code (sometimes called the SWIFT code) of the destination bank account.

 

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