Anyone seen this?

[azda 979]

https://transferwise.com/en

[goomolique 3]

Interesting.

But im a bit suspicious.

Arent exchange rates too high to be real?

Let me give it a try.

[Chris Perkins 228]

I've got a Fairfx debit card that I use to transfer money from my UK bank account and then draw out here in Germany. www.fairfx.com. The exchange rate is good and the fee for drawing money out is only EUR1.50, which is less than direct from Natwest and less than the silly EUR5.00 for drawing money from a German account in Germany but from another bank's ATM! Have you noticed that German bank charges are a bit silly Azda?

[azda 979]

I long gave up my UK account Chris, wish i had'nt now becaise its like trying to Break into fort Knox getting a UK account these days. I'm going over on the 25th June for a week, so i'm going to go into 1 or 2 Banks and ask about opening another account so i can start stashing some cash over there.

I exchanged 962 euros and got only £700 back which pissed me off, just as well i sold a few coins a few weeks previously in the UK. I'll have a look at this fairfx link IF i can organise another UK account next week.

[Chris Perkins 228]

Oooo, £700 for EUR932 is pretty dire. I find it a bit old fashioned that all German accounts have a monthly fee (unless you're employed and pay in over a certain amount every month) and credit cards also have an annual fee. And there are hefty fees when you use the ATM of another bank within Germany. Free bank accounts are taken for granted in the UK, even if they are, as you say, hard to open if you're a foreign resident.

[Gary D 76]

Oooo, £700 for EUR932 is pretty dire. I find it a bit old fashioned that all German accounts have a monthly fee (unless you're employed and pay in over a certain amount every month) and credit cards also have an annual fee. And there are hefty fees when you use the ATM of another bank within Germany. Free bank accounts are taken for granted in the UK, even if they are, as you say, hard to open if you're a foreign resident.

According to my bank manager brother the writing is on the wall for free banking here in the UK. He thinks it will be a thing of the past in 5-10 years.

[Rob 3,152]

Oooo, £700 for EUR932 is pretty dire. I find it a bit old fashioned that all German accounts have a monthly fee (unless you're employed and pay in over a certain amount every month) and credit cards also have an annual fee. And there are hefty fees when you use the ATM of another bank within Germany. Free bank accounts are taken for granted in the UK, even if they are, as you say, hard to open if you're a foreign resident.

According to my bank manager brother the writing is on the wall for free banking here in the UK. He thinks it will be a thing of the past in 5-10 years.

There's nothing wrong with paying for a service, however much it grates that they are also looking after your money. It's much fairer than cross-subsidising which is opaque at best and one must suspect continually open to abuse.

[azda 979]

Oooo, £700 for EUR932 is pretty dire. I find it a bit old fashioned that all German accounts have a monthly fee (unless you're employed and pay in over a certain amount every month) and credit cards also have an annual fee. And there are hefty fees when you use the ATM of another bank within Germany. Free bank accounts are taken for granted in the UK, even if they are, as you say, hard to open if you're a foreign resident.

Hmmmm i don't get charged a monthly fee, i have a quarterly charge of about €20, but since i was employed direct by my firm my Bank has called and asked if i wanted a free account (nice) of course, so have an appointment with them on the 14th July.

As for Credit Card i also have a free one, its called advanzia, never had any problems or yearly Fees with it. You can check it out and apply under www.gebuhrenfrei.com

[goomolique 3]

Interesting.

But im a bit suspicious.

Arent exchange rates too high to be real?

Let me give it a try.

Right.

As i said i gave it a go.

transfered £199 + £1 transfer fee to Poland at exchange rate £1= 5.21PLN which is VERY high rate.

Supposed to get 1037.3 according to receipt they send me.

Checked my account few minutes ago and theres only 1000.81PLN

So either £7 disappeared or exchange rate was £1 = 5.01 PLN which is 4% lower than promised.

No biggie when it comes to £200 but 4% when transferring £20k...

[Chris Perkins 228]

Could that have been bank fees perhaps?

[goomolique 3]

Interesting.

But im a bit suspicious.

Arent exchange rates too high to be real?

Let me give it a try.

Right.

As i said i gave it a go.

transfered £199 + £1 transfer fee to Poland at exchange rate £1= 5.21PLN which is VERY high rate.

Supposed to get 1037.3 according to receipt they send me.

Checked my account few minutes ago and theres only 1000.81PLN

So either £7 disappeared or exchange rate was £1 = 5.01 PLN which is 4% lower than promised.

No biggie when it comes to £200 but 4% when transferring £20k...

Ohhh.

How embarrassing.

They did exactly as they promised.

Silly me.