Moving money between UK and French accounts

Banking, insurance, currency exchange, taxation, prices.

Moderator: Moderators

Post Reply
User avatar
Steve&Julie
Rank 4
Rank 4
Posts: 108
Joined: Sat 28 Apr 2007 11:00
Contact:

Moving money between UK and French accounts

Post by Steve&Julie »

It's me, Steve, not Julie...
I want to set up a monthly standing order to transfer around £50 UK pounds from our UK account to our Credit Agricole account - who are currently not charging to receive UK pound payments

HSBC transfers take 6 days and they charge;
£9.00 per payment to transfer in euros,
£12.00 / month to transfer in pounds,
£10.00 to transfer to a French HSBC account (If we had one)
To pay over £110 per year just to move £600 seems extortionate in this era of digital, online, europe, international trade etc, when it costs nothing to put a travellers cheque or cash in the post to arrive, usually next day.
Does anyone know a more cost effective way of doing this using different banks?
User avatar
john
Rank 5
Rank 5
Posts: 1075
Joined: Tue 20 Dec 2005 20:14
Contact:

Post by john »

I don't know how feasible this would be Steve,but does this HAVE to be a small monthly payment.? Wouldn't one large yearly or two six monthly transfers do? Can't speak for HSBC,but Nationwide only charge me £20 for a SWIFT transfer(same day service) to my Fr bank ,irrespective of the amount ,so one payment of £300 now and another in July would only set me back 40 quid.

Still on the high side,IMHO,but unfortunately one pays through the nose for moving small amounts like this interbank.
edann42
Rank 4
Rank 4
Posts: 153
Joined: Sun 14 Jan 2007 18:30
Contact:

Post by edann42 »

Can you not take the money out of an ATM, having had the sterling paid into a British bank account?? There will be a charge but nothing like the figures you mention!!
User avatar
Rivesaltes Johnny
Rank 2
Rank 2
Posts: 43
Joined: Tue 16 Oct 2007 15:09
Contact:

Post by Rivesaltes Johnny »

If you use a Nationwide account there is no charge for money withdrawn from an ATM

check out http://www.moneysavingexpert.com/

I agree with John two payments a year would be cheaper than monthly...
User avatar
Kathy
Rank 5
Rank 5
Posts: 290
Joined: Wed 19 Jul 2006 09:12
Contact:

Post by Kathy »

£20 is quite steep John, is this for same day transfer? The co op bank only charge £8 irrespective of the amount but it does take 3-5 days. Even so we only do two transfers yearly.
User avatar
john
Rank 5
Rank 5
Posts: 1075
Joined: Tue 20 Dec 2005 20:14
Contact:

Post by john »

£8 is pretty good Kathy. If you're happy with the service then you've got yourself a bargain there.

but,yes,as I say,the Nationwide twenty quid is for same day transfer.
User avatar
Steve&Julie
Rank 4
Rank 4
Posts: 108
Joined: Sat 28 Apr 2007 11:00
Contact:

Post by Steve&Julie »

This is Julie, not Steve!

In the end I bought Euro Travellers Cheques from the Post Office here in Hoylake, the exchange rate was 1.18 so I got 250 euros for £211 then I sent them with a paying in slip direct to the bank. The 'safe air' service cost £4 and I am told it goes on the next flight so it might be there by tomorrow morning. They get credited immediately to the account as its euros and there is no charge on it whatsoever. The Post Office lady told me the rate for Euro Cheques is much better than general exchange because they bought them in advance when the rate was higher - don't know if this is the reality but its a great exchange rate and they are guaranteed even if they get lost I can reclaim.

Think I will just keep doing this in future, Britline don't really tell everyone about this unless you ask directly.
User avatar
Roger O
Rank 5
Rank 5
Posts: 746
Joined: Tue 20 Dec 2005 19:10
Contact:

Post by Roger O »

Julie, are you sure you're not Swiss??????
Bravo!
User avatar
Santiago
Rank 5
Rank 5
Posts: 1290
Joined: Tue 27 Dec 2005 12:19
Contact:

Post by Santiago »

Julie,
I can't work out who is the silliest, the post office lady who sold you currency at an old rate, or you for not buying as many TCs as you can.

I thought it sounded too good to true be so I phoned your post office to see what I could buy. The rate they gave me was today's rate 1.0782 which is what the Post Office online states too.
User avatar
john
Rank 5
Rank 5
Posts: 1075
Joined: Tue 20 Dec 2005 20:14
Contact:

Post by john »

Absolutely Santiago. Like you I was going to contact this Merseyside Post Office and see if I could have some of their 1.18 euros! I'm surprised half the banking fraternity of Europe were not descending on them to have a pop as well!

One thing....with TC's don't you need to countersign them? So isn't sending them in the post a little ,shall we say,insecure?
User avatar
Kathy
Rank 5
Rank 5
Posts: 290
Joined: Wed 19 Jul 2006 09:12
Contact:

Post by Kathy »

Exactly my thoughts John. Every Travellers Cheque I have ever used had to be signed and sometimes observed by the recipient. I seem to remember the small print saying you were not covered by insurance if they have been signed before use.
User avatar
Steve&Julie
Rank 4
Rank 4
Posts: 108
Joined: Sat 28 Apr 2007 11:00
Contact:

Post by Steve&Julie »

No you sign the cheques in both places before you send them to the Bank. The Bank holds a copy of my signature from when I opened the account to check against, so no need to sign it in front of them. Also because they are countersigned and made payable to my own account, they can't be used by anyone else even if they did fall into the wrong hands. I enclose a paying in slip and send it 'air sure' for £4.70 which has insurance as well but not really needed as there is a refund if they go missing.

I rang Britline to complain about the high charges when I opened the account and that is what they told me to do and its worked for 4 years. They used to accept euros in an envelope (insured post) but they don't do that any more. There are no charges on paying them in and they are credited immediately on the day they receive them (often overnight on air sure service) so its quicker than a bank transfer.

It really was the Eurocheque rate, I have got the receipt in front of me - so whether it was a mistake or not, I am going back on Monday for some more while the going is good - yes 250 euros for £211.63 at the rate of 1.1813.
User avatar
john
Rank 5
Rank 5
Posts: 1075
Joined: Tue 20 Dec 2005 20:14
Contact:

Post by john »

It sounds as though these are not Travellers Cheques in the commonly accepted sense of the word. Normally ,from what I remember(I've not used them for years),you need to countersign them at the bank with ID,and are exchangeable only for cash.

Has this system changed?
User avatar
Santiago
Rank 5
Rank 5
Posts: 1290
Joined: Tue 27 Dec 2005 12:19
Contact:

Post by Santiago »

Perhaps these are something other than euro cheques because I can't understand why a bank (even the Post Office Bank) would sell any liquid paper at anything other than the spot rate. After all, they didn't get the sterling for them until Julie paid for them yesterday.

The rate you quote, Julie, looks like the rate at which they buy Euros and sell sterling. If they are Eurocheques I think the lady in the shop made a mistake.

If you get the same offer, I would buy as many as you can, and can you get 10,000 for me too 8) . Forget MoneyCorp, I'll be doing my future money transfers with the Julie's Post Office EuroCheque Service.
User avatar
Steve&Julie
Rank 4
Rank 4
Posts: 108
Joined: Sat 28 Apr 2007 11:00
Contact:

Post by Steve&Julie »

It's Hoylake Post Office, Market Street - I might try getting them from West Kirby Post Office on Monday to see if they offer the same rate then I will know if the woman has made a mistake or if its for real. They definately are Eurocheques (honest!) and I wish I had 10,000 to speculate with!
User avatar
Santiago
Rank 5
Rank 5
Posts: 1290
Joined: Tue 27 Dec 2005 12:19
Contact:

Post by Santiago »

The great thing about your Post Office is that there is no need to speculate, it's an instant win. It's like they are offering you £1 coins for 90p in change.

Just transfer the Euros straight back to the UK and buy more Hoylake PO Euro cheques. Within a week the Post Office will be bankrupt and you will be a millionaire.
User avatar
john
Rank 5
Rank 5
Posts: 1075
Joined: Tue 20 Dec 2005 20:14
Contact:

Post by john »

Santiago wrote:the Post Office will be bankrupt
I was under the impression that they already were........
Jackie E
Rank 1
Rank 1
Posts: 17
Joined: Wed 10 Jan 2007 21:31
Contact:

Post by Jackie E »

Steve - a late reply because I've not checked the site recently. Have you looked at the regular transfer plan with Currencies Direct?
http://www.currenciesdirect.com/uk/fore ... ments.aspx
We've used them for some years, and been happy with their service. It may not suit you because their minimum transfer amounts are £150/month or £400/quarter with no charges. I must say, with the current ex rate situation, I've had to up our transfer amount just to stand still re paying the bills!
Chris
Rank 2
Rank 2
Posts: 44
Joined: Mon 09 Jan 2006 00:38
Contact:

Post by Chris »

I've never thought of travellers cheques.
I'm with CA in Collioure and in the past I've simply inserted my UK debit card into their machine, drawn out cash, then paid it into the CA machine next door.
Bizarre really, but the most convenient way.
User avatar
Roger O
Rank 5
Rank 5
Posts: 746
Joined: Tue 20 Dec 2005 19:10
Contact:

Post by Roger O »

Chris wrote:I'm with CA in Collioure and in the past I've simply inserted my UK debit card into their machine, drawn out cash, then paid it into the CA machine next door.
Bizarre really, but the most convenient way.
That's called "Economy of Movement"!
User avatar
Roger O
Rank 5
Rank 5
Posts: 746
Joined: Tue 20 Dec 2005 19:10
Contact:

Post by Roger O »

Models for "repair"!
Alternative views of the economic crisis
http://news.bbc.co.uk/2/hi/business/7874667.stm
Post Reply