Good News for European Members

As much as our banks love to take our money European banks have got together and produced a new intra bank money transfer method which is free!

This covers banks and transactions both inside and outside the Eurozone.

Your bank will be able to give you an IBAN number which identifies your account, branch and bank to other banks. Sending money to this account should be free for both sender and reciever. It's possible there are exceptions or non participating banks, but that is the gist of it. Ask at your local branch for details!

No more Pay Pal or registered letters for moving money around Europe cheaply- now you can do it free!

IIRC you can do that already since July inside Europe. But I don´t know, if all countries take part in the new transfer method...

And it works! I transferred money to Switzerland with it without any problems.

But if you use a wrong number (IBAN or BIC) it will cost lots of fees (12 EUR, IIRC)...

MarcoRossi said:

IIRC you can do that already since July inside Europe. But I don´t know, if all countries take part in the new transfer method...

And it works! I transferred money to Switzerland with it without any problems.

But if you use a wrong number (IBAN or BIC) it will cost lots of fees (12 EUR, IIRC)...

Click to expand...

Probably, it was news to me though, so I thought it might be news to some others too. Glad to hear it worked for you though.

This is great news indeed!

The one and only time I transfered money to another European country was last year, when thanks to the Euro currency I though it would be a good way to pay for an auction to Germany. I had to transfer 90€, and my bank charged me 16€ fee. Well, then the seller got ONLY 80€, his bank made him pay 10€ more.

I don't really now what's this IBAN number, I'll have to go to my bank to ask.

By the way, I guess that if you pay to a country without the € you'll still have to pay exchange fees, right?

That's GREAT news man!

Thats Lovely to hear Blackspy matey!

This way may save me a bit of hassle!! HURRAY!

Ooh, I wonder if NatWest will be adding this to online banking. That would be bloody useful.

Lovely jubbly.

So that means we save even more cash on the next bulk Cosmico order.

The exchange rate will be their commercial exchange rate I would expect, but I don’t believe any extra charge for performing the conversion should be made.

This is all at the discretion of your bank though, so do ask.