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davidg

Crazy Bank Charges

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Not only do banks not pay much in the way of interest these days but they don't even seem to be much good at basic banking services. I recently tried to send 11,000 UKP from a British bank to France. The money was returned as the French bank wouldn't let me receive more than 10,000 euros into the account (don't ask me why, I have no idea). However only 10,500 UKP was sent back.

So after about 5 weeks of looking into this it appears that UK bank sent the money via the French bank's Belgium branch. The French bank claims it didn't apply a charge to the rejected transfer but I suspect the missing 500 UKP is due to exchange rate charges at the Belgium branch.

It is pretty frustrating trying to untangle all of this and maybe, get somewhere with the various banks.

I must say I'm always very distrustful of bank transfers as they often seem to go wrong or end up costing enormous fees. My preferred method is to withdraw the funds and pay them in over the counter but this was not possible in this case. I suspect I should have used an FX specialist for the transfer and not trusted a bank.

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