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Post by red_panda on Sept 16, 2015 15:43:54 GMT
I just started with SS and made my first deposit with a SEPA transfer EU bank to Barclays. The issue I have is that while in SS I selected £370 as my deposit, my bank allows me to only input a € value. I used today's currency rate and sent €504.2. What if the exact currency rate is slightly off and SS receive a different value than £370? Will they let me know if it's either more or less? What if I already invested the £370 and the exact deposit ends up being a pound lower? Will my investments get canceled?
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Post by wiseclerk on Sept 16, 2015 15:56:18 GMT
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Post by red_panda on Sept 16, 2015 15:59:31 GMT
Thanks. SEPA transfers within EU have 0 bank fees. Yes, exchange rate might not be the best.
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Post by supernumerary on Sept 16, 2015 16:00:40 GMT
I just started with SS and made my first deposit with a SEPA transfer EU bank to Barclays. The issue I have is that while in SS I selected £370 as my deposit, my bank allows me to only input a € value. I used today's currency rate and sent €504.2. What if the exact currency rate is slightly off and SS receive a different value than £370? Will they let me know if it's either more or less? What if I already invested the £370 and the exact deposit ends up being a pound lower? Will my investments get canceled? I have just put €504.2 into XE.com and these are the figures; 504.20 EUR = 367.700 GBP When you send the transfer, does it indicate what amount you will get in GBP? If could find this out, do the Bank Transfer FIRST, to find what the GBP amount you are then sending. Then after you know this, fund the account on Saving Stream, with the amount you know that has been sent, so they know it is coming and can be reconciled on the system. That is just my suggestion.
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jonah
Member of DD Central
Posts: 2,031
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Post by jonah on Sept 16, 2015 16:01:23 GMT
I just started with SS and made my first deposit with a SEPA transfer EU bank to Barclays. The issue I have is that while in SS I selected £370 as my deposit, my bank allows me to only input a € value. I used today's currency rate and sent €504.2. What if the exact currency rate is slightly off and SS receive a different value than £370? Will they let me know if it's either more or less? What if I already invested the £370 and the exact deposit ends up being a pound lower? Will my investments get canceled? On the transfer, probably worth dropping SS an email explaining the circumstances. I wouldn't see any issues but as the two numbers won't exactly match its worth making them aware.
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Post by red_panda on Sept 16, 2015 16:15:16 GMT
Thanks guys. I'll drop an email to SS just in case
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Post by wiseclerk on Sept 16, 2015 16:23:46 GMT
Thanks. SEPA transfers within EU have 0 bank fees. Yes, exchange rate might not be the best. True for transfers in EUR. Unfortunately most receiving banks in the UK charge a fee when receiving non GBP transfers. I have been charged substantial amounts for that (not tried on SS though, but for other transfers Eurozone bank to UK bank).
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Post by xyon100 on Sept 16, 2015 16:35:00 GMT
Thanks. SEPA transfers within EU have 0 bank fees. Yes, exchange rate might not be the best. Cross border transfers in Euro within the EU do not have to be free, they simply cannot cost more than a domestic transfer. If your bank makes a charge for a domestic transfer then they can charge for a cross border transfer. It's a myth that transfers are all free.
Generally speaking, any transfer to the UK is best made in Euro. Two reasons. One is your bank will likely charge you for sending pounds when you could otherwise have done it for the domestic rate which may be free but will certainly be very low cost, and for two...UK banks are obligated to follow the rules on transfer in Euro within the EU but can charge what the heck they like to receive Pounds.
Typical disaster scenario can be found on eBay where your German offers to pay via bank transfer. The Brit, once over the shock of someone asking for "bank details" then says yes but the transfer must be sent in Pounds. The result?
Very often a transfer which the German could have made for free (or at his local rate) costs him around 10 Pounds and worse, the UK recipient then gets charged 7 Pounds by his bank to receive it when there would have been no charge to receive Euro. Yup, I have seen around up to 20 Pounds worth of charges generated for a ten Pound transfer when it could have been done for free is Euro was taken.
For the sort of amounts you are talking about, in my experience, it's not worth the trouble of going outside your bank. Amounts received are rarely far outside the mid-market rate supplied by XE.com. In fact, you can even gain.
You are almost certainly better off sending Euro, but there is simply no way that I know of to be certain of the credited amount in Pounds.
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Post by wiseclerk on Sept 16, 2015 16:41:48 GMT
Thanks. SEPA transfers within EU have 0 bank fees. Yes, exchange rate might not be the best.
You are almost certainly better off sending Euro, but there is simply no way that I know of to be certain of the credited amount in Pounds.
Both quoted solutions in the article allow you to determine the credited amount in pounds. One of them also allows you to influence the exchange rate by setting a desired exchange rate (I set an order last week for a better exchange rate) yesterday the pound took a short plunge and my order got executed at my better rate - waiting 5 days saved me 0.8% through better exchange rate (well worth the small fee). I have used both services multiple times and found them efficient. For large amounts a direct SEPA transfer will still be cheaper.
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Post by xyon100 on Sept 16, 2015 16:45:15 GMT
Also, don't go for anything other than the "shared costs" option. Doing anything other than shared costs will also generate fees additional fees. In a nutshell, to make a transfer at your domestic cost, it must be in Euro and the shared costs option selected. That is true within the Euro zone and within the EU including the UK. That's the other classic foul up. UK guy insists Euro zone guy pays all costs for the transfer instantly creating cost where there need be none.
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will
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Post by will on Sept 16, 2015 16:50:34 GMT
I've found Transferwise to be the best. They'll tell you what the recipient will receive foe a given deposit, whether Euros, pounds or whatever. I guess that's why they're on the "Cashier" tab on SS  Edit: Just checking .. Transferwise is on the "Instant Deposit" tab but right at the bottom of the page. |
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Post by xyon100 on Sept 16, 2015 17:30:00 GMT
I'm just looking at transferwise now. The thing that strikes me directly is their claimed bank fees. They claim the bank will give an exchange rate of close to 70P for one Euro while they will give 73P
I have never, ever seen a UK bank give such a poor rate of exchange compared to the mid-market exchange rate when in receipt of Euro. My experience is that the exchange rate is never more than a few points from the mid-market rate.
I should say that I have used transferwise when transferring a 6 figure sum to the UK, but 15 years of experience between Euro and Pounds tells me there is little if any benefit to going outside of the convenience of my Euro account PC banking when transferring small amounts to the UK.
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Post by xyon100 on Sept 16, 2015 17:31:12 GMT
Unless of course you want an exact amount to arrive in Pounds, I suppose.
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Maestro
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Post by Maestro on Sept 16, 2015 18:05:53 GMT
I mostly use TransferWise for EUR to GBP transfers, and happy with their service. You can select precise GBP amount to transfer.
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Post by red_panda on Sept 16, 2015 18:35:49 GMT
I made the SEPA transfer in EUR, so there will definitely be no fees associated with it, at most I can loose on the exchange rate, but I expect it to be close to the mid-market rate. I should know by Friday, so will let you guys know how it compares to what Transferwire would give me. Likewise will let you know how SS responds.
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