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Nationwide / Credit Agricole


just john

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Having recently had a few bills of somewhat larger than usual amounts, I needed to quickly top up my French account (Credit Agricole).

The Good News
Fortunately I discovered that my B/S (Nationwide) now are able to conduct Swift Transfers through my internet account.[:)] Yesterday at 10.00 I transfered £500.

The not really very good news
Today I checked both accounts to discover that Nationwide had charged me £25 for me to do this work and deposited e588.30 yesterday into my CA account later the same day. (exchange 1.177; whilst FT showed 1.209)
Credit Agricol meanwhile charged e14,32 to receive these funds.
This is in addition to a Prlv Cotis Csca Ss Performance From 06.12 of e7.75  !

 

Total cost of transfer and exchange diddle £51.50 . . .  expedite, but expensive.[:(]

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Sorry JJ

If you had done a search on transfers from the Uk to France you would have been warned about the SWIFT charges - generally 15 to 25gbp per transaction.

I am surprised by the charge by CA to accept it - unless you transferred GBP and they are doing the exchange.  I use CA and have never been charged in France for transfers - but of course each regional set up of CA has its own rules.

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I was aware of the charge for the swift transfer, but until now I had to visit the branch; since this is now an activity from your own internet account, I was surprised to find the charge, especially so high. Also the nationwide rate is now well below exchange I have experienced in the past when cashing at an atm. I do not understand the charge from CA but will examine that again.

Nonetheless a usefully expediant transfer since I was in the UK and needed to get funds across pronto, doesn't get much quicker than same day, even if it cost £50.

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That's always been the case with SWIFT transfers - I mean the inferior rate - I think (but don't know for certain) that that is because it's done centrally -the Nationwide has no part in setting the rate.  It was always so when they got hard currency for you too - it was ordered via the post and outsourced.  I'm looking at opening some sort of Forex account I can use on line to try to get around this because now, even with NW's great rate at the ATM, with the charges it adds about £5 to every cash withdrawal and that's getting a bit daft. 

edit : Look out on the website for CA (Britline)'s special offers because at certain times of year they waive the transfer charges from UK accounts for a month or so.

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About a 3c difference on the rate for €500 is not that bad and would also take into account the FT rate not being struck at exactly the same time as your conversion. 

I have been getting just under a 2c difference on transfers between £1k and £5k.  It gets better the more you convert and vise versa.

I have never been charged by Britline for receiving a deposit though.

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[quote user="Stan Streason"]

I have never been charged by Britline for receiving a deposit though.

[/quote]Certainly it seems to suggest that IBAN and BIC deposits are free:

http://www.britline.com/pdf/principal_banking_fees_january_2011.pdf

Must be how SWIFT works?  I know they used to charge but it seems not any more for automatic transfers.  A bit odd then, JJ.

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Having been hit once before with these charges, I now make sure that when Im in France I visit ATM then pay cash into my local CA branch, only have to pay the £2.00 charged for the withdrawal. Luckily having had the house so long now, I know when the big bills are due and make sure everytime I visit I add to the CA account this way
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JJ, I did post about Nationwide's SWIFT charges on the "Nationwide" thread.  If you have an account with an FX company, that might be the way to go.  Of course, always check out the rate first before transferring anything.

I don't know if you get a better rate if you get tied into one of these "offers" where they transfer sums for you on a monthly basis.  Until Nationwide in such a dastardly fashion moved the goal posts, I always just used their debit card.

I suppose that in a few months, when all the dosh in the French bank account is exhausted, I'd be looking for an alternative as well.  I must say I was very happy with both Moneycorp and Caxton FX when I used them both recently.  But that was for quite hefty sums.  I am not at all sure what "deals" there might be out there for smaller amounts.

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