Day to Day Money Transfers : Bank of Scotland vs Credit Agricole

[martinetchris]

Folks

There are of course many different ways of transferring day to day funds from France to UK, but we thought people may be interested in our comparison of 2 means :

1. Credit Agricole : transfer from our UK bank (Bank of Scotland) to CA London to local CA branch

2. Bank of Scotland : TAPS (Transcontinental Automated Payment Service) from UK bank direct to local CA branch

We transferred funds across by each route, initiated the same day (by BoS Internet banking). The results were :

Time for transfer :
Bank of Scotland TAPS : 4 working days
Credit Agricole via London : 4 working days

Exchange rates :
BoS 1.5755
CA : 1.5728

Charges :
BoS : 5 at UK end (BoS). No charge by receiving CA bank. Total : 5.
CA : 6 at UK end (CA London). 11 at receiving CA bank. Total : approx 13

So we'll be using BoS TAPS in future so far as possible : broadly similar (actually slightly better) rate of exchange and lower charges

For anyone whos interested, the BoS TAPS system list 36 countries they can transfer funds to. They offer 3 methods of transfer from a BoS account : by Internet; by standing order; or by BoS Phoneline.

Further info/forms from BoS : UK phone : 00 44 141 228 4197; UK fax : 00 44 141 228 4199.

Hope above is helpful. And no we dont have shares in BoS !! Were just very satisfied customers !

Doubtless this posting will precipitate the usual deluge of other postings saying what a rip-off this is and how my way is the best ! This just happens to suit us : easy, direct automated transfer at the push of a few buttons on the BoS Internet site !

Chris and Martin

[Jc]

Most banks use TAPS not just BoS.I've used the Co-op.

[Don1]

I asked both of my banks about transfering money to my "new" French account -
Alliance & Leicester said I could not transfer funds through their internet bank - their International side said I would have to speak to them every time - the charge would be 25 for every transfer!
Yorkshire bank quoted 22 and I would need to put each request in writing and take it into the branch. Old fashioned or what!

Needless to say I shall not be using either of these banks, I an considering just drawing out the cash and taking it over my self!
Don

[Jean L Ecossais]

My pension is transferred out to credit agricole by my former employer using Bank of Scotland good service generally arrives in my account within 3 working days.I don't pay any fee.

[Bones]

We use Euro travellers cheques made out to Credit Agricole - we purchase the cheques from the Post Office (commission free) and post them (recorded) - there is no charge for depositing them so the only cost is the postage.

[Lbannister<P><a target=_blank href="http:www.carolynbannister.com">http:www.carolynbannister.com<A><P>]

I nearly picked up the phone to have a strong word with my bank when I read this, Bank of Scotland, they have been charging us 15 for every transfer to Denmark for the last year!!
Then I realised that ours is Royal Bank of Scotland, appears having connections doesn't always pay!! (he he)

Seiously thinking of changing banks if I can put up with the hassle!! We only ever use internet banking, I can't even remember where our original account was opened, so the personal touch doesn't really matter!!

Lyn

[ausibattler]

My former UK employer has advised the BOS Taps service will end on 31 December 2009!!

[Scooby]

[quote user="Bones"]We use Euro travellers cheques made out to Credit Agricole - we purchase the cheques from the Post Office (commission free) and post them (recorded) - there is no charge for depositing them so the only cost is the postage.[/quote]

You probably pay more than you think as the exchange rates the post office offer are abysmal - that's why they can afford not to charge commission.

[Andyphilpott]

I have just started to use www.xe.com

Their web site gives mid market figures but I have signed up to their trading section (easy and free) and with that you can see the exact rate you are getting when you "press the button"

They make no charges unless you want to use a wire transfer. Using the equivalent of BACS is free although it will of course take longer than a wire transfer but that is not an issue for me. Easy to trade and once you have done the deal you just send them the sterling by BACS (i.e. on line banking in my case) quoting the reference they give you and when they have it they remit the Euros.

I have compared their rates with www.4xcc.com (as with them too you get a rate on screen to deal at) and for amounts up to £5000 xe are better but for over £5000 they are marginally worse. They do say that they will match any competitor on rates but the difference is too small for me to undergo that hassle.

I have just sent a "test" payment to my CA account using the service and when it arrives I will see if CA make any unexpected charges.

Andy