UK Bank Accounts

Bint_Crusher · Feb 13, 2012

UK Banks
The Bank I am using at the moment are behaving like a bunck of prix. I want to open a new bank account that is helpful with overseas transfers USD-GBP-EUR and vice versa. Any advice oh great ones???

:smart:

gktk · Feb 13, 2012

i use moneycorp for monthly transfer from GBP to EUR with no problems and good rates, Costs me £4 per transfer.

Have also transferred to south africa, US (via interactivebrokers) with no issues, no need to use your bank as they are slow and expensive.

gc1 · Feb 13, 2012

For EUR you are better off opening an account in a different country, e.g. Ireland. Cross border Euro transactions are supposed to cost the same as domestic transactions, even from countries not in the euro zone. The UK banks `complied' by quietly dropping support for euro bacs for domestic transfers so they could continue to collect higher fees for other transfer methods.

safvan · Feb 13, 2012

Guys you are trying to save at beast 30 to 35 pounds. If you are sending above 1k 35 quid should not be an issue.

Just use the bank and save the hassle of saving those extra 30 bucks.

gc1 · Feb 13, 2012

safvan said:
Guys you are trying to save at beast 30 to 35 pounds. If you are sending above 1k 35 quid should not be an issue.

Just use the bank and save the hassle of saving those extra 30 bucks.

Fine, if you don't mind paying 30 pounds for something the financial institution pays 15 euro cents or less for (typical TARGET2 prices the banks pay). The OP didn't mention how many transactions a month so those 30 pounds per transaction can soon add up to real money.

Bint_Crusher · Feb 13, 2012

Thanks for the replies wonderful and knowledgeable people, I have already considered Ireland, but has anyone experienced USD transfers, The banks in england **** me orf no end. My trading accounts will move to the US in the next few months so I am after the cheapest fastest bank with the smallest of charges. I am only planning 1 transaction per month to adjust P&L (hopefully more P than L).

Trading Spaces · Feb 14, 2012

If you are transferring money to an account in your name use Interactive Brokers to do the fx at market rate and one free wire out a month.

UK Bank Accounts

Bint_Crusher

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safvan

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