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Good bank for international business?

Posted by Tcheena - Created: 9 years ago
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5 replies (Showing replies: 1 to 5)

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Posted by stellaluna-664983 - 9 years ago

Hi

Yes, I recently used SEPA to transfer euros to the UK. As you say, it costs peanuts but it's only for euros. Any bank uses SEPA.

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Posted by Tcheena - 9 years ago

Hi Johnners,

Thanks for your reply. I know that within Europe there is now a new system called SEPA which you can ask European Banks to provide and which they dont advertise because there is a very minimal fee (cents) and transactions go through in a day. When I find a decent bank I will definitely ask them to provide this (and so should everyone who receives money from within Europe!!). There is even a Europe-wide direct debit scheme which will be launched in November as far as I know, but these only apply to Euro transactions.

I am more concerned with the transfer fees and commission we pay as a business on receiving funds from outside Europe and making payments outside Europe. At the moment we are paying around EUR 200 a month on bank charges which are small amounts (EUR3.50 to EUR 50) that all add up. We are using two banks, one for receiving and one for making payments to reduce the costs, but it still seems very high to me!

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Posted by johnners-660966 - 9 years ago

Hi Tcheena,

As Achilleas mentioned it is very much what you want to do with your account once it's opened. It's definately one for 'face mail' go into your local bank branches and talk to the customer service rep. Get it in writing exactly what you want the account to do, and the costs, it does take time but will save money in the long term.

By the way are you from the UK and if so do you still have an active account there? Some of the UK money transfer deals are very good. We still have an account with Alliance and Leicester and their transfer service is a fixed fee and completes in one working day. Because of my work I use the service regularly and have had no problems with it since I began using it about 8 years ago.

Johnners

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Posted by Tcheena - 9 years ago

Thank you, Achilleas. I guess I was hoping to save the leg work and the time this would take by asking on here for other peoples experiences.

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Posted by achilleas - 9 years ago

Knowing the banks, I would make a list of exactly what you will be doing and what you need/want from the bank.
Then ask to meet their Customer Liaison Officer for businesses and explain it all to them.
Get their answers in writing and go with the best.