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ABC KID
Joined: 14 Sep 2007
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 Posted: Mon Mar 30, 2009 5:04 am Post subject: British Bank Charges For Receiving Money From Korea? |
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I sent some money to England from Korea for the first time in years the other day. I sent a modest amount, testing the waters ahead of a future bigger amount.
Anyway, the Korean bank receipt after the exchange rates had been calculated stated that 1262 pounds would be sent. However, when it hit my account in England I only came out with 1222 pounds. Is that normal?
40 pounds went missing, presumably a bank charge. In other people's experiences would that 40 pounds charge be a fixed charge, or would it increase as more money is sent?
I hope if I send ten times as much money, I won't have to pay ten times as much in bank charges! Opinions and experiences please... |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Mon Mar 30, 2009 5:27 am Post subject: |
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Yes, the UK has what is called *clearing banks* and usually it's Barclays or Natwest - except I now remember natwest merged with rbs..
A few years ago it was 25 quid when I sent money home via wire transfer.. I stopped doing that and have since sent banker's cheque.. but not sent any for a while. My mum's been covering expenses for me 
ETA: the rate isn't fixed. |
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neil537
Joined: 15 Jan 2009
Location: Incheon, South Korea
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| Posted: Mon Mar 30, 2009 5:59 am Post subject: |
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| my bank Alliance and Leicester charges me 15 pounds whenever I transfer money in from Korea, regardless of the amount. |
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ABC KID
Joined: 14 Sep 2007
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| Posted: Mon Mar 30, 2009 5:20 pm Post subject: |
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Can anyone else share their experiences?
I am with the Halifax. Surely I don't happen to be with the bank with the highest charges? |
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Michael_75
Joined: 13 Oct 2008
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| Posted: Mon Mar 30, 2009 7:00 pm Post subject: |
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As far as I am aware Nationwide is the only bank that has no charges for receiving wire transfers. However the clearing bank it goes through first charges something I think.
If you have the chance get a Nationwide account, its free to use your bank card abroad too. |
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ekul
Joined: 04 Mar 2009
Location: [Mod Edit]
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| Posted: Mon Mar 30, 2009 7:10 pm Post subject: |
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| Michael_75 wrote: |
As far as I am aware Nationwide is the only bank that has no charges for receiving wire transfers. However the clearing bank it goes through first charges something I think.
If you have the chance get a Nationwide account, its free to use your bank card abroad too. |
Before I came to Korea I closed up my Barclay's account and opened a Nationwide account. Being able to withdraw money without incurring any charges is great, it's an extra bonus being able to transfer money in without a fee as well. It's just a shame I can't take my own money out of my own bank after 6pm without having to pay a fee. |
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