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The 250 GBP must be the exchange fee? If your account is in GBP and the destination is in EUR, the bank gets to charge you for the exchange. 2.5% is a typical r

by pavlov 6y ago

The 250 GBP must be the exchange fee? If your account is in GBP and the destination is in EUR, the bank gets to charge you for the exchange. 2.5% is a typical rate. That's unfortunate, but is unrelated to the cost of transfer. Euro transfers have become instant and 24/7 thanks to the SEPA Instant Credit architecture: https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta... You can transfer up to 100k EUR in less than ten seconds; works overnight and during weekends and holidays. In the UK, at least Revolut supports this already: https://blog.revolut.com/sepa-instant-euro-transfers-now-available/ https://blog.revolut.com/sepa-instant-euro-transfers-now-ava...

jeltz 6y ago
Maybe it is typical with 2.5% in the UK but here in Sweden the typical is 0.5% so I feel like you are being robbed.
tomp 6y ago
I don't mind the fee per se I just object to obfuscating it (which I term "fraud" thought that might not be the legal definition). NatWest app says £0.00 fee and some FX rate but when I compare with TransferWise, the difference is £250, which means that the "FX rate" implicitly contains the fee. Maybe not "fraud" legally but I don't want to support such non-transparent business practices.
- raverbashing 6y ago
  If it's a fixed cost, it's a fee Yes banks charge commission (where TW usualy has a cost advantage but anyway, it's a money maker for banks and calculation of the fx rate to be used at a given moment is not something simple)
riffraff 6y ago
TransferWise also supports instant SEPA payments. The first time I transferred money to my bank in a different country and I received immediate confirmation I was mindblown.
spurgu 6y ago
My Revolut account is moving to Lithuania though. Are UK customers keeping their UK ones? From experience with bank accounts from 4 different European countries those instant transfers definitely don't work everywhere and are often accompanied by an extra fee. Edit: And this is 2020. I highly welcome some innovation in this field - five years ago..
Reason077 6y ago
> "If your account is in GBP and the destination is in EUR, the bank gets to charge you for the exchange. 2.5% is a typical rate." 2.5% is a rather expensive fee for a GBP-EUR transfer, especially on £10,000! Some banks offer as low as 0.4% (on top of the real mid-market rate), probably even less on large transfers.

by pavlov 6y ago

jeltz 6y ago

Maybe it is typical with 2.5% in the UK but here in Sweden the typical is 0.5% so I feel like you are being robbed.

tomp 6y ago

I don't mind the fee per se I just object to obfuscating it (which I term "fraud" thought that might not be the legal definition). NatWest app says £0.00 fee and some FX rate but when I compare with TransferWise, the difference is £250, which means that the "FX rate" implicitly contains the fee. Maybe not "fraud" legally but I don't want to support such non-transparent business practices.

raverbashing 6y ago
If it's a fixed cost, it's a fee Yes banks charge commission (where TW usualy has a cost advantage but anyway, it's a money maker for banks and calculation of the fx rate to be used at a given moment is not something simple)

riffraff 6y ago

TransferWise also supports instant SEPA payments. The first time I transferred money to my bank in a different country and I received immediate confirmation I was mindblown.

spurgu 6y ago

My Revolut account is moving to Lithuania though. Are UK customers keeping their UK ones? From experience with bank accounts from 4 different European countries those instant transfers definitely don't work everywhere and are often accompanied by an extra fee. Edit: And this is 2020. I highly welcome some innovation in this field - five years ago..

Reason077 6y ago

> "If your account is in GBP and the destination is in EUR, the bank gets to charge you for the exchange. 2.5% is a typical rate." 2.5% is a rather expensive fee for a GBP-EUR transfer, especially on £10,000! Some banks offer as low as 0.4% (on top of the real mid-market rate), probably even less on large transfers.