Minimising bank charges:
Originally Posted by VKK3450
I need to make a payment to a British Bank on a British Pounds Invoice from my Euro bank account in the Netherlands. The amount is quite substantial, and my time frame is relatively short. Any ideas on how I can minimize both my bank charges and the amount by which I get screwed on exchange rates?
If it helps, I bank with ABN in NL and it's going to Barclays in the UK.
Thanks in advance for the assistance
I hope you can access your telebanking-facilities from where you are at the moment and
that it allows international transfers.
Find out the IBAN (International Bank Account Number) for the bank-account of the person you're sending the money to.
Find out the BIC (Bank Identifier Code) of the specific Barclays Bank where the account is administerd. The person you're sending money to should be able to provide you with these details.
If you use the option 'SHA' for the sharing of costs, you shouldn't incur any costs for the transaction, provided the transfer doesn't exceed â‚¬ 50.000,00 or it's equivalent in GBP. The money will probably arrive within a week.
I got my information here
. I think ABN will have a similar page/arrangement (at least where the procedure/charges are concerned this is a result of European legislation/regulation).