andyh4 Posted June 27, 2006 Share Posted June 27, 2006 BenjaminIt's quite straightforward really. If you have internet banking, and if you have your account in France defined as a recipient account for your UK. You simply go into the Internet and transfer from the UK to France. Setting up the ability to do this can be the most difficult bit and will depend on the security measures set up by your bank. So for example with my French account I have to visist the branch in person to ask them to release a particular account to be used as a transfer to over the internet. Other banks will have other security measures to make it easier or harder.All you need for such transfers are the BIC (I think that's it) /SWIFT code for the bank - equivalent to but not the same as the bank sorting code - and your IBAN International Banking Account Number - like your account number but 22 digits long! Link to comment Share on other sites More sharing options...
Benjamin Posted June 27, 2006 Share Posted June 27, 2006 Thanks for the info Hagar. I've looked at their site and the income/borrowing requirements are a bit too rich for me these days. I don't really want to spend 240 quid a year just to make four transfers a year. I will admit I haven't asked my bank recently but the answer always used to "sorry no can do" but see my next posting.Benjamin Link to comment Share on other sites More sharing options...
Benjamin Posted June 27, 2006 Share Posted June 27, 2006 Hi Andy. Thanks for the info. I'm obviously with the wrong bank.I've just looked at Barclays Internet site and this is what it states concerning overseas transfers.International payments. It's currently not possible to make payments online to accounts outside of the UK.Like most other people who've moved to France and want to retain a UK bank account for whatever reason, I'm reluctant to go asking my current bank too many questions in case they decide to close my account.Benjaminps I've just been looking on another forum and someone's had their credit card withdrawn because they now live abroad. Link to comment Share on other sites More sharing options...
Cassis Posted June 27, 2006 Share Posted June 27, 2006 [quote user="WJT"]Unless things have changed, our bank (Lloyds) charged us nothing when we transfered a large sum twice to purchase our house two years ago. Not to mention offered us the best exchange rate as well.[/quote]They may well have been more competitive than the other banks. The buy and sell rates of the best banks are not as good as the best FX brokers on large sums - otherwise no-one would use an FX broker.The reason most places say 'no commission' is because their profit is built into their exchange rate. It is a bit rude to charge twice!EDIT: Hagar - just seen your post - what was the bank exchange rate quoted compared to the spot rate on the day? I'm willing to throw in the towel on this if it was less than 1 point under the spot! Link to comment Share on other sites More sharing options...
Hagar Posted June 27, 2006 Share Posted June 27, 2006 [quote user="Cassis"] EDIT: Hagar - just seen your post - what was the bank exchange rate quoted compared to the spot rate on the day? I'm willing to throw in the towel on this if it was less than 1 point under the spot![/quote]Keep hold of your towel Cassis. It was 4 years ago so I can't remember the exact rates. What I do remember is that taking all charges/commisions into account all three quotes for a 30 k euros transfer were covered by a £150 spread. One of the brokers (HiFix I think) was about £100 better than the bank but given the speed/traceability/simplicity of doing it through the bank I went for that option.That was for the deposit. For the forward contract to pay the balance both FX brokers needed a 10% deposit. The bank didn't. Since that was almost another 30k euros, it was a no-brainer going with the bank.rgdsHagarp.s I didn't accept the first rate quoted by the bank. Showed them the HiFix quote and told them they needed to sharpen their pencils if they wanted the business. Link to comment Share on other sites More sharing options...
P Posted June 27, 2006 Share Posted June 27, 2006 Interesting peoples comments about 'do not go to banks for currency exchange'. In LF a couple of months ago there was a table showing the rates given by Barclays and various FX companies. Barclays gave the best - but in the article one of the FX companies was recommended and there was a large advert for them nearby! Link to comment Share on other sites More sharing options...
thetwoofus Posted June 27, 2006 Author Share Posted June 27, 2006 Hi you can exchange up to £3000 in the post office and no charges are made(on line)not alot of people know that Link to comment Share on other sites More sharing options...
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