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Receiving Sterling from UK - bank charges

Posted by Leishia-Hines-919314 - 3 months ago
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Bank of Cyprus advised me today that they charge 0.4% for receiving money from a sterling account in a UK bank and putting it in my sterling account with them. This seems extortionate, does anyone know of a bank or method where the charges would be more reasonable? Thank-you

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3 replies (Showing replies: 1 to 3)

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Posted by john-martin-910969 - 3 months ago

You might consider another approach. I use a company called transferwise  in the uk I credit them with sterling via online banking there exchange rate is better than my bank nat west so instead of crediting my alpha bank sterling account the money goes directly to my alpha bank euro account .The last transfer I did 2 weeks ago for 10k cost just 62 pounds, if I use the same route as you then its 22 pounds nat west fee to send sterling to cyprus then its a fee into my alpha sterling account then its 5pounds per thousand to convert it to my euro account and the exchange rate is less than I get in the uk.

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Posted by Leishia-Hines-919314 - 3 months ago

Thank-you for that bibi56 but I cannot do a SEPA payment as I am transferring GBP from my UK bank to my GBP account with the Bank of Cyprus - is anyone else doing this and if so how? 

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Posted by bibi56 - 3 months ago

With HSBC I send a Sepa payment transferring GBP to Euros in UK on internet banking and pay charges of just 4 pounds whatever amount.