Massive Banking Rip Off

raymondc

Last week one of the leading banks wanted to charge me €25 to make an electronic funds transfer of €40 to a leading bank in a highly developed EU State. (via SWIFT / IBAN)



Is this acceptable?

Gone West

yes

Red Alert

sadly yes.

should the governments deal with it by controlling it? yes.

Guy:Incognito

Companys can charge what they like for their services, it's up to youwhether you want to avail of said services.

Gone West

Red Alert wrote:

should the governments deal with it by controlling it? yes.

they do.
Its just that most of the financial regulation is from the European Union.

eth0_

raymondc wrote:

Last week one of the leading banks wanted to charge me €25 to make an electronic funds transfer of €40 to a leading bank in a highly developed EU State. (via SWIFT / IBAN)



Is this acceptable?

iirc it's always less than a euro if you have the SWIFT and BIC code!

Tazz T

As above - should only be 50c if you have an IBAN and it's under a certain amount. I did a a transfer to Greece with PTSB yesterday and it was 50c.

Which bank was it?

Linoge

raymondc wrote:

Last week one of the leading banks wanted to charge me €25 to make an electronic funds transfer of €40 to a leading bank in a highly developed EU State. (via SWIFT / IBAN)



Is this acceptable?

No,

AFAIK, (but only know 100% with regards to Ulster Bank), that if an electronic transaction is made within the EU, is in euro and quoting the IBAN code that NO fee should apply.

Can they charge you the fee, legally they probably can.

Is it acceptable? No. There should not be such a discrepancy in such a competitive banking market. Let your bank know what another leading bank is charging, and how much you would have saved (and will save) if you switched.....

Edit: I had started my reply at about 8.30 but got called away. Not just copying Etho and Tazz!

FillSpectre

raymondc wrote:

Last week one of the leading banks wanted to charge me €25 to make an electronic funds transfer of €40 to a leading bank in a highly developed EU State. (via SWIFT / IBAN)



Is this acceptable?

I have used Iban and BIC codes loads of times and there is only 25c . Are you sure somebody hasn't misquoted or misheard something? No way is €25 right

Savman

raymondc wrote:

Last week one of the leading banks wanted to charge me €25 to make an electronic funds transfer of €40 to a leading bank in a highly developed EU State. (via SWIFT / IBAN)

You probably took the "express" option or whatever its called, so the money gets there superfast. Normally its a coupla euro to send money to main EU countries

raymondc

Savman wrote:

You probably took the "express" option or whatever its called, so the money gets there superfast. Normally its a coupla euro to send money to main EU countries

Indeed I did take the "express" option as I needed to have a narrative included.

NUTLEY BOY

That is outrageous.

I suspect that you dealt with an incompetent muppet behind the glass who may have omitted to tell you something.

Recently, I sent Euro 42 to a german payee through the PAYLINK EURO system using the IBAN numbers. The bank fee was 75 cents.

HOWEVER, this was for the STANDARD SERVICE. If I had opted for the URGENT SERVICE that would have attracted a bank fee of Euro 25.

Look at your copy of the paperwork and see what service was used. If it was STANDARD SERVICE loud words need to be exchanged. Also, did the official explain the difference ?

Get this. If you want to send a message with the payment to the receiver's bank (such as a file reference number or an invoice number) you have to send it as an URGENT SERVICE transfer !!!

raymondc

NUTLEY BOY wrote:

Get this. If you want to send a message with the payment to the receiver's bank (such as a file reference number or an invoice number) you have to send it as an URGENT SERVICE transfer !!!

You are 100% right there Nutley Boy and I think we were both dealing with the same bank (one of the big 2)

That was exactly my issue and why I had to opt for the 'urgent payment' (which would still take three working days). €25 to simply have your name associated with the payment on the recivers statement.

Hitchhiker's Guide to...

FuzzyLogic wrote:

Its just that most of the financial regulation is from the European Union.

and, indeed, it is our very own Charlie McCreevy who controls that financial regulation in Europe.

For what it is worth, The Economist magazine think he is doing a great job

Savman

NUTLEY BOY wrote:

Get this. If you want to send a message with the payment to the receiver's bank (such as a file reference number or an invoice number) you have to send it as an URGENT SERVICE transfer !!!

Odd that's never happened me. Or has it....

Idleater

Savman wrote:

Odd that's never happened me. Or has it....

That does sound odd, I set up a different (external) bank account on my online banking and it includes a narritive.

Granted, it is always the same narritive but it is included.

Rabo Direct give you a text box to fill out a narritive for each transfer (internal or external).

L.

parsi

With AIB you can't include a narritive if you do it over the phone but you can do it if you use internet banking.