BUY YOUR EUROS NOW !

[Sammy]

Following the surprise 1/4% rise in the UK interest rate the € is currently trading @ around 1.5050.

[Pierre ZFP]

This actually is not good news for me as I am paid in Euros therefore making pounds more expensive.  Wish the UK had gone over to Euros when they had the chance, it would make my life simpler!

[cooperlola]

[quote user="Pierre ZFP"] Wish the UK had gone over to Euros when they had the chance, it would make my life simpler![/quote]Amen to that!  I resent paying banks for the privelege of what, after all, is a simple computer transaction these days.

[Gluestick]

It would have also made your life much more expensive!

Handing over sovereignty of the B of E's control to the ECB would have caused all sorts of dire fiscal probs.

And since a transfer of funds between states (Cross Border Transaction) still means a transfer of value they would still charge you! After all, the exchange costs are born by the UK dealing bank or visa versa and charged to you: I am charged twice: once by UK banks and once by CA for receiving the funds!IN addition to the exchange costs................................

Don't you just love banks?

 

[Llwyncelyn]

Gluestick the question of xferring money has come up before and following a post from Will I use our bank Nat West to move a monthly sum across to CA and which basically pays all prelevements plus a bit of amargin.  The rate over the last six months has not been too bad and indeed a recent xfer like last Friday was at a rate of 1.50+.  Ok they charge me the margin they make on the currency plus £10 for the xfer.  CA charge me 3.50 for sending me a letter to say they have received the money!  but nothing else.  Is this the charge you are referring to?

[Andyphilpott]

I agree with Gluestick re the effect on UK plc if we had gone into te Euro. Whilst it might not be good for those of us with Euro income there is little doubt that the majority of people in the UK are still better off with the pound.

On the funds transfer issue, I get a small charge from CA if I send money with a bank or most money brokers, but none when I use Moneybookers.com. I believe they use some regulation which precludes a receiving bank in Europe from charging. Beats me why the banks etc cannot use the same process.

Andy

[cooperlola]

[quote user="Andyphilpott"]

I agree with Gluestick re the effect on UK plc if we had gone into te Euro. Whilst it might not be good for those of us with Euro income there is little doubt that the majority of people in the UK are still better off with the pound.

[/quote]Could be.  Undoubtedly it was a purely selfish comment

[Gluestick]

Mrs G is an ex Midland HSBC staff member and still has certain staff rates and preferences.

Their rate for Forex varies, rather like their service! Basically it means a fee-less transaction.

If I use Hifex, e.g. with whom I have an account, I have to pay a UK fee of circa £20 for completing telegraphic transfer. (barclays).

In either case CA have still be charging me circa €8 to actually receive the funds in their regional money centre (Lisle) and transfer to my branch in Hesdin.

Having spent far too many years involved at various levels with international bankers, I believe that a retired US general's (met him in the late 70s) descriptor of the whole bunch was and still remains apposite: financial pimps!

John-Eric: Yes I do agree. Selfish interest: same here.

 

[cooperlola]

Their collective noun is "wunch" I believe, Gluey.

[Pierre ZFP]

At least it doesn't cost me anything to transfer to transfer Euros from Luxembourg to France (or any other Euro zone country) It only costs me to transfer Euros from Lux to UK (charged 10 euros a time)