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Originally Posted by at9 Quote: |
Inside the EU though, we have this magnificent IBAN system for international wire transfers, it's free and takes only 2 days.
| Only in the Euro currency area. It's certainly not free if you live in the UK :( |
If I'm not mistaken, it ought to be free (or to be completely accurate: "not more expensive than a domestic transfer") still. There is a specific payment type, usually called "Eurotransfer", which works to any currency in the EU. And most EU currencies are pegged to the Euro anyway so the exchange rates shouldn't be a surprise either.
If I recall well, the three conditions are
1) it has to be electronic (internet or other non-teller banking)
2) it requires an IBAN in electronic format (ie. IBAN without spaces)
3) it requires the BIC (Bank ID Code)
I think there was a EU law passed that mandated this so it's not a matter of choice for the banks.
I know for a fact that with my bank it works from the Eurozone to the other EU currencies and have tried it to Sterling, Estonian Krone, and Swedish Kronor.
Probably the bank ripped you off... That's still common I'm afraid, my brother needed to pay me something and also got charged something like your £14. He complained and his bank said "aah but you didn't say you wanted a _Europayment_ so we chose a "normal" international transfer instead!". He got his money back but I guess the banks try and get away with it quite often.
My workmate here said just a few days ago: "Don't rob a bank. Establish one". That says it all :)
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