€50 bank transfer fee for some pocket-money :(

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€50 bank transfer fee for some pocket-money :(


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Old 26th September 2011, 02:22 PM
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Default €50 bank transfer fee for some pocket-money :(

Hello all, one or two months from now I'll return to Cyprus for another 6 months of warm cyprus living!

But one little issue I have is how I will take my rent&pocket-money with me, the last time I transfered a little sum of 1000 euros my banks charged me 50 euros!!!! (20 for sending, 30 for recieving) that's insane!!

Transfering from: EU bank with €-currency. (sending-fee: 20€, which is quite normal for SENDING money).
Transfering to: My Hellanic bank in Cyprus in €-currency. (receiving-fee: 30€, which is very odd for just RECEIVING money).

The strangest thing is that if I send Swedish Krones from my Swedish account they don't charge any receiving fee whatsoever (altho they probably make a fortune on the added-rate when they convert it to euro), but anyway that's irrelevant since it's not my abandonded swedish account I wish to send from but from my EU savings account.

Has anyone come up with any more clever ways of sending money?


The problem is:
a) 50 euro per transfer is very expensive.
b) I don't always know exactly how much I will spend during my half-year in Cyprus (or even exactly how many months I'll be there), so it would be better for me to send smaller amounts like 4 times during these 7 months, but that would come to a fee of 200 euroes (4x50)! ridicolous!

Unforunately my EU savings-bank can only wire money to other banks, not withdraw from cashmachines, in other words I can't simply withdraw 3000€ in some other country and then put it all in my jacket on my flight. (and even then it would be annoying as again I don't know exactly how much I'll need)

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Old 26th September 2011, 03:42 PM
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currency solutions, transfer to them via BACS cost £0, Currency solutions charge 10e to transfer into your account.
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Old 26th September 2011, 04:25 PM
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I use a pre-paid Euro currency card and load it whenever there is a good exchange rate (always better than bank). It can then be used at all cash-points and anywhere that accepts MasterCard.

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Old 27th September 2011, 07:28 AM
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When transferring do you have different options about who takes the cost of the transfer? I think if you take the whole cost as the sender it comes out to less.

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Old 27th September 2011, 08:32 AM
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@SteveG: BACS only works from British banks, I assume you're talking about exchanging pounds from your UK bank to have in Euros for Cyprus, but in my case I already have them in Euro's,
but currency solutions might have a service for sending € to them with euro-transfer (which always costs 20€ to send), so if their recievers fee is 10 euros then atleast I would save 20 euros (assuming that my bank wouldn't charge me again for then recieving those money from Currency Solutions).
Not easy to tell since their website only says "contact us for qoutes blabla".

Zin: No unfortunately not (I wasn't even aware such option existed, perhaps that explains why my sweidsh transfer was free to recieve, tho super expensive to send), my bank just says that the fee for sending to EU countries is 20 euros and that the bank you're sending to may charge an additional fee.

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Old 27th September 2011, 10:54 AM
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See if the bank you have in Cyprus have a branch in London.
You can generally transfer from a UK bank to an overseas band with a branch in the UK (generally you use the BANK CODE and you overseas account number) there is no change for with transfers and you get the official bank rate of the day


For example http://www.bankofcyprus.co.uk/

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Old 27th September 2011, 02:09 PM
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soib: I'm not sending £ from UK, I'm sending € from a euro-currency country.

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Old 27th September 2011, 07:32 PM
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How can they justify such exorbitant charges for what is an electronic transfer in the same currency.
find another bank!
might be cheaper to convert to uk£ then back to euro.
have a look at currencyfair.com who i have used without the slightest problem.
half a percent off interbank rate and a 3 euro transfer fee plus 3 euro charged by my cyprus bank.

bern

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Old 28th September 2011, 07:40 AM
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I've finally figured out what the charge is for, Hellanic charges 20 euros for receiving each of my transfers (sorry I mistakingly wrote 30 before, but it's 20 actually) because the bank I'm sending from isn't in a SEPA-country (a EU concent for banking).

so the fees for receiving are:
€10 for transfer in EUR up to €1.000
€20 for transfers above €1.000 up to €50.000

Berni: Thanks, I do actually have a bit of money left in my old UK account (not enough for my full cyprus visit but a good enough start) so with a 0.5% off interbank rate that might actually be a good option to begin with!
The website looks like it might be really confusing (the whole part about bidding, I don't like complicating things) but if you say you had no problem with it that's interesting.

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Old 2nd October 2011, 07:45 AM
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@Berni: Bah, I tried that currencyfair.com finally, but after a insanely intrusive long registraiton process at the end of it after you've posted every detail about yourself and hit register then they tell you for the first time of the things you need to do to next, like sending them several utility bills with your name and address etc, many of which are impossible for me to provide, I can't believe not one review of the site mentioned this.


Last edited by RonJeremy; 2nd October 2011 at 07:50 AM.
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