How do we avoid bank charges when transfering money?
We have overseas offices and whenever we need to make bank transfers e.g. to make payments in one of the overseas offices the bank charges us about £15 quid.
We are losing a few hundred pounds each month doing this – how can we get around such charges?
Tags: Avoid, bank, bank transfers, charges, money, month, quid, Transfering
Related Items
- Can a bank change my previous bank statements from about four months ago?
My bank has changed the balance on my statements. It changed the statement a month ago from October plus it also took away some of my money in January... - How can one legally offer people 7% for their money in the UK without representing a bank?
Is one allowed to ask people for their money for 7% profit /year through advertisement on a month to month contract which means they can have their mo... - What is the best bank i can swap my account from Bank of Scotland over to, to avoid unfair monthly charges ?
I am being charged £31pm ( plus interest ) just for having an overdraft account. My overdraft is for £450, obviously i cannot afford to pay this off a... - How many bank charges can be applied in one month?
Have had some charges through on my bank account, This has made me overdrawn and knowing i have more payments to come out, im worried about the bank c... - Does it really matter which bank I choose to start a savings account?
My girlfriend and I are planning to start a joint savings account to save up for a trip. We have all the little details figured out, such as how much ... - How much money Can I save up before I have to put it in the bank to avoid the IRS and the Dumb tax laws?
I want to save money but I dont trust banks. How much money can I keep at home in a safe before its tax ivasion? ... - What bank charges the cheapest for overdraft fees?
I understand that all banks "lend" you money without asking and then charge you for it. I don't see why they don't just deny the transaction, but then... - How long does it take to transfer money from one bank account to another using online banking?
My friend has a bank account with HSBC and needs to transfer some money over to my Natwest bank account. How long would it take to clear? I think they... - Transfering money from a blocked bank account to another account with the same bank?
My bank account has been blocked and I can't get to the bank to find out why and I was told on the telephone that I need to go to the bank to get it u... - How can I put money instantly in my bank when the bank is closed?
I wan't to put some money into my account, but the bank is shut, how do I put some money instantly into my bank?? But isn't there some sort of service... - If someone hits my car and they agree to pay the repair cost themselves to avoid insurance, and I take?
the money and put it in my pocket and not get my car repaired, is that illegal or is it merely unethical? ... - What is a good bank to open a checking and savings account?
Currently I'm using Washington mutual. But as we all know, they are going down fast. What bank should I look into? I don't have much money, so I can't... - How do I send money from the United States to an Estonian Bank Account?
I'm trying to purchase something from Estonia, and the only payment option is to a bank account. I have a US bank account and a debit card, as well as... - How worried should I be about my bank accounts in this crisis?
Cnn Money says that this is the worst economic crisis since the Great Depression and that during the Great Depression everyone lost their savings when... - What kind of account and at which bank should I put the money I want to save?
I'm in college and have a part time job. I've decided that I want to open some kind of account from which I can not take money out of for a certain p...
September 9th, 2010 at 12:14 pm
Talk to your bank about different options that may be available. Often when you talk to them about such a problem, they are able to make suggestions that will help. You may need to choose a different sort of account that will allow you to make such transfers without additional charges if you pay a monthly service charge for the account.
September 9th, 2010 at 12:41 pm
you might find that withdrawing cash and mailing it is cheaper, but risky.
you could keep a tally over the month of money going in both directions and then only shift the difference.
September 9th, 2010 at 1:17 pm
you do the transfering in your own bank for payment not in other bank otherwise you’ll be charge for it
September 9th, 2010 at 1:54 pm
Hi,
It is normal and £15 is not bad most banks charge more.
Have you thought of opening accounts in the same place as the offices then, cut down the amount of transfers.
Alliance and Leicester have a less expensive system for transfers. It depends on the country your sending to.
September 9th, 2010 at 2:53 pm
I really doubt that you can – that is just part of the cost.
You can reduce the cost by making larger transfer less often.
September 9th, 2010 at 3:29 pm
There are a few providers who might be able to help especially if you are needing to convert into a different currency. You might want to try Hifx, Smart Currency and Travelex – in most cases there is no commission but you usually need to keep one month’s worth of currency that you need to convert in an account with them. The rates you get will probably be keener than the banks too.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk