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Guess how much Credit West charged me to send 100k to the UK ?

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jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
23/03/2010 19:02

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Message 1 of 45 in Discussion

410 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Just assumed it would be about 40 like I was charged to send it here in the 1st place.



Think I will ask for a cheque for the rest..................................







Had to get my Container list stamped at the Muhtar's (4 pages long , each page needing the Muhtar's stamp & a signature on it) plus a Muhtars letter - 100ytl



The bloke at the Muhtars asked me why we were leaving the Island.



Stubs


Joined: 01/07/2008
Posts: 641

Message Posted:
23/03/2010 19:04

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Message 2 of 45 in Discussion

Jimmy



We transfered funds out and in of the TRNC when we had our business there. I questions the charges and was told that it was a government charge and not a bank charge.



kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
23/03/2010 19:08

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Message 3 of 45 in Discussion

Jimmy - that's ridiculous. Our Muhtar charged a cheap bottle of whisky!



Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
23/03/2010 19:36

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Message 4 of 45 in Discussion

Credit West up to their old tricks again, rounding up utility bills to their advantage and on a percentage scale sounds about right for your shortfall! They re-write, by hand, my monthly % interest on my passbook because the computer doesn't work properly, nor does their adjustment! Takes them four weeks to 'clear' a Bank of England bankers draft!?

Banks, don't you just love them!



Richard



Sideways



Joined: 21/01/2009
Posts: 529

Message Posted:
23/03/2010 20:07

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Message 5 of 45 in Discussion

I know a lot of people don't like HSBC but I transfer funds either way for nothing.



Pete.



Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
23/03/2010 20:24

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Message 6 of 45 in Discussion

All I know is that when I transferred funds from U.K to Turkey, it cost 'an arm and a leg', so CreditWest are probably doing what many other banks do. Don't know about HSBC. Maybe it depends on where you are transferring it in terms of accounts etc.



Normally a percentage of the value is charged, I believe. Better to send a cheque!



vadiev


Joined: 29/08/2009
Posts: 204

Message Posted:
23/03/2010 20:43

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Message 7 of 45 in Discussion

Turk bank charged me 4 for every hundred so paid over 400 when I transferred our house money back to UK,,,don't you love em



waddo


Joined: 29/11/2008
Posts: 1966

Message Posted:
23/03/2010 21:07

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Message 8 of 45 in Discussion

Always knew that being skint would pay off in the end!!!!



teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
23/03/2010 21:38

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Message 9 of 45 in Discussion

Msg 4: Brinsley, Why do you still bank with Creditwest? You consistently run them down at every opportunity. I know if I was that upset with a bank I would move to another. Or have you an ulterior motive???



Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
23/03/2010 21:51

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Message 10 of 45 in Discussion

Msg 9

For your information I'm a cripple with limited walking ability and as they are the nearest bank to me it is out of convenience however, if you're offering me a free chauffeuring service, as and when required, I'll change my bank!



Richard



Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
23/03/2010 21:56

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Message 11 of 45 in Discussion

Now is the chance for all would be good Samaritans to help Brinsley out. I think that is a great idea. So come on - anyone live near Brinsley who would help him out. Isn't that what community is all about. I live too far away, and I have one of my own with limited walking ability, but I am sure there are some angels out there who could help - or maybe even several who can help out in turn.



tarry67


Joined: 16/05/2008
Posts: 1053

Message Posted:
23/03/2010 22:06

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Message 12 of 45 in Discussion

iktisat bank no charge if you have a vip account



Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
23/03/2010 22:18

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Message 13 of 45 in Discussion

MarieB

Thanks, but moving to the bush into a cave where no one can touch me and get an endless supply of spring water!



Richard



jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
23/03/2010 22:22

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Message 14 of 45 in Discussion

mssg 12 - so it obviously doesn't cost a bank 410 does it if they can do for free.





Will just add it to the long list of the times I've been ripped off here (3 grand by my reckoning) & the say "Rip off Britain"







I have never, ever been ripped off to the scale i have been here but hey, it's the TRNC so it's ok.



Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
24/03/2010 00:04

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Message 15 of 45 in Discussion

i constantly have to transfer money to my son to pay his mortgage and the charges are accesive, its cheaper for me now to western union it xx



dreamer


Joined: 27/07/2009
Posts: 189

Message Posted:
24/03/2010 06:23

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Message 16 of 45 in Discussion

I was told that it is ilegal for any Muktar to ask for money, try asking for a reciept/fatura and see what reaction you get.



fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
24/03/2010 07:51

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Message 17 of 45 in Discussion

I agree that the bank charges are high but I don't hear anyone complaining about the 9 - 10% that they are getting on their savings - at least 5 times what you would get back in the UK. Jimmy's 100k would have earned him about 10k in interest over the past 12 months, so it's not all bad.

I bank at Creditwest and have to say that having tried a couple of the other banks, I won't be moving my money elsewhere. Excellent service and very competitive interest rates. Maybe the solution is that a few months before you are due to send money back to the UK, open an account with one of the banks that charge less (or nothing at all), transfer your money to the new bank and then send it back.



Just a thought



Paul



jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
24/03/2010 08:11

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Message 18 of 45 in Discussion

Just for the record, Credit west is the best bank I have ever dealt with whilst dealing over the counter in terms of professionalism / attitude (including any in the UK) but the charge for doing 10 mins worth of work @ 410 is the worse deal I have ever had.



I never thought to ask how much it would be. Just assumed it wouldn't be more than 50 tops.



come_on_aylin


Joined: 14/06/2008
Posts: 908

Message Posted:
24/03/2010 08:53

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Message 19 of 45 in Discussion

I have transferred money online using HSBC to various banks in UK and Europe and it has cost me nothing! I have also transferred money from Nationwide to TRNC online and it cost...nothing! If you go into the bank they will charge you an arm and a leg but if you get the IBAN and swift code for the destination account and do it online there should be no charge.



jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
24/03/2010 09:10

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Message 20 of 45 in Discussion

we gave them an IBAN number



come_on_aylin


Joined: 14/06/2008
Posts: 908

Message Posted:
24/03/2010 09:13

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Message 21 of 45 in Discussion

Yes but the point is they did it - if you do it online it shouldn't cost anything. However, the last time I looked Creditwest online banking wasn't up to doing these type of transactions which is why I use HSBC. Their online system is excellent it's just the branch that's pants!



come_on_aylin


Joined: 14/06/2008
Posts: 908

Message Posted:
24/03/2010 09:16

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Message 22 of 45 in Discussion

Just one downside - you are restricted to how much you can transfer each day, not sure what the amount is but I'm sure someone will know.



fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
24/03/2010 09:27

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Message 23 of 45 in Discussion

With Creditwest, I believe that you are limited to $5000 per day.



Paul



zcacmxi


Joined: 30/11/2008
Posts: 388

Message Posted:
24/03/2010 09:32

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Message 24 of 45 in Discussion

I'd personally have asked upfront how much they were going to charge. Probably best to get a few quotes upfront for anything.



I'm in the UK, and just got quotes for the same service from a number of places. The quotes ranged from 1400 - 3500.



If I went with straight for the 3500, could I then post on here complaining about "Rip-off Britain?"



Do your homework. Buyer beware...



Newboy


Joined: 21/02/2008
Posts: 80

Message Posted:
24/03/2010 09:53

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Message 25 of 45 in Discussion

ref. Nationwide, anytime I wanted to transfer money to TRNC I couldn't do it on line I had to fill in a Swift Transfer Form and take it to the Building Society where they charged me to transfer the money and the receiving Bank also had a charge? Can anyone enlighten me further



Ray



catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
24/03/2010 10:03

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Message 26 of 45 in Discussion

i dont think on 100k its a bad price.





working on you have had the money in a account earning 10 or 12% see what you get now its back in the uk i think i would have left it here



jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
24/03/2010 10:24

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Message 27 of 45 in Discussion

It was mainly in Stirling @ 3.5 % which isn't worth the risk of leaving it here IMHO



Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
24/03/2010 12:37

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Message 28 of 45 in Discussion

Message to Brinsley. Enjoy your cave, but what will you do for e mail? Hope you have a good battery on your laptop and a good reception for your dongle. Otherwise you willbe gone for ever!



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
24/03/2010 13:51

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Message 29 of 45 in Discussion

On the subject of these charges, I very much doubt if the charges were just Credit West alone. I suspect they would have included charges for the UK. receiving Bank too. I also cannot believe that anyone would make a transaction of this size without asking first, "how much is this going to cost me"?

Like others, I too Bank with Creditwest here & I'm very satisfied. Try transfering a similar sum of money from a UK. bank to the TRNC & it will not come cheap, either.

Everyone keeps recommending HSBC, but to my knowledge, you have to have a very large amount on deposit with them, before you will get free transfers. HSBC do not give such high interest rates, so it's swings & roundabouts.



McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
24/03/2010 14:42

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Message 30 of 45 in Discussion

Can you deposit English cash into a Sterling account in TRNC or does it have to be by electronic transfer?



If you can deposit sterling in cash, do banks charge for the privilage?



Mc



fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
24/03/2010 15:47

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Message 31 of 45 in Discussion

McSteviet

I don't believe that there are any problems in depositing sterling cash into an account although I suppose it may depend on the amount that you are depositing. A few grand shouldn't raise any eyebrows.



Paul



Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
24/03/2010 16:55

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Message 32 of 45 in Discussion

Taking more than 10K out of a UK bank account, the bank by law has to inform HMR&C.



Richard



greenman


Joined: 16/02/2008
Posts: 526

Message Posted:
24/03/2010 17:05

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Message 33 of 45 in Discussion

Would it be worthwhile opening an account at Turkish Bank in UK and then another account in TRNC to make transfers? Have your UK income paid into the UK Turk Bank and then transfer as required?



TJinthesun



Joined: 06/05/2009
Posts: 40

Message Posted:
24/03/2010 17:56

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Message 34 of 45 in Discussion

I don't believe (as an individual) you can transfer money abroad from the UK without completing an international money mover transaction in branch. At the time you are also need to present identification(Passport) I have been told (by Lloyds) this is for money laundering regulations.



This has been my experience in transferring money to several places inside and outside of Europe.



sweep


Joined: 11/10/2007
Posts: 241

Message Posted:
24/03/2010 19:54

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Message 35 of 45 in Discussion

jimmy



why not report them to the governing body who would take up such a complaint, surley this isnt right have you asked them why it cost so much could it have been a mistake.



teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
24/03/2010 20:14

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Message 36 of 45 in Discussion

For transferring from the UK to TRNC, open a Halifax current account, you can then transfer as much as you want from the account electronically for 9.50.



jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
24/03/2010 20:21

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Message 37 of 45 in Discussion

I will be asking the question in due course but we have been busy with the container today & not had time. They have probably read this thread & will hopefully realise that what they charged was OTT & will review similar transactions & if nothing else others wont fall into the same trap.



Not having an IBAN number on me I had to phone my bank in the UK & email Credit West with the details which I find amazing as I doubt some banks in the UK would go with this but over here it's great for things like that.



I was told that they would send the money to the UK & take the money off the amount they were sending back so I agreed to this assuming ( rightly or wrongly) that it would be about 50. How some on this thread can think that 410 is fair is beyond me. I bet they wouldn't pay it.



I have sent a lot more than 100k here & it cost 40 from my UK bank.



How I get the rest back to the UK remains to be seen.



jimchris09


Joined: 13/02/2009
Posts: 547

Message Posted:
24/03/2010 21:57

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Message 38 of 45 in Discussion

Less than 0.5% charge on 100000....duhhh!!



joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
24/03/2010 22:25

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Message 39 of 45 in Discussion

TJinthesun re message 34, for your info you can transfer funds abroad from a UK HSBC account via Internet Banking as long as you have the IBAN number and BIC (Branch Identification Code). You can also do it via Telephone Banking.



jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
24/03/2010 22:26

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Message 40 of 45 in Discussion

"Less than 0.5% charge on 100000 ... duhhhh" ...................................





yet you would spend a million "very very carefully"..................................................



ang1706


Joined: 28/01/2009
Posts: 570

Message Posted:
25/03/2010 07:52

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Message 41 of 45 in Discussion

Do not see what the fuss is about!!



I sold a property in Spain and transferred less than 100k to UK and the Banco Andalucia charged me 8% for the privelige. This was on top of paying 7% for the honour of selling my property- if I did not have Residencia then would have been 16%. This was only in 2005.This was property tax to Government. If I did not pay then sale would be stopped and by Spanish Law I would have had to reimburse the purchaser! Oh yes and Estate Agent was about 6% as well. Lawyer 3%.I made 70k profit in 3 years, but are still glad I left Spain.

So I can assure you the grass is not always greener.

That was Spain in EU and euro so be happy with TRNC !!



jimmy


Joined: 15/09/2008
Posts: 251

Message Posted:
25/03/2010 13:08

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Message 42 of 45 in Discussion

Wouldn't have minded if I was taking 100k profit back to the UK.







How much would it cost to send 10k back - probably 50 based on .5% eh ??



So by that logic some on here would argue that it would be ok to charge 400 to send 10K as there the same amount of work involved in sending 10k as 100K so why the difference.



Did they send 100k in twenties with securicor ?? NO, they presed a few buttons on a PC & filled out a few forms. The money only exists as a few digits on a computer.



jimchris09


Joined: 13/02/2009
Posts: 547

Message Posted:
25/03/2010 16:00

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Message 43 of 45 in Discussion

And if you were all in the banking business, would you have the same charge for 1000 or 100 times the amount? This is how banks make money. They're not in it just for our benefit, y'know!



Look at the budget (and most previous ones)....you pay more if you earn more...but in the end you still got more than Mr. Average.



andrew4232



Joined: 04/07/2009
Posts: 1543

Message Posted:
26/03/2010 09:25

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Message 44 of 45 in Discussion

no one ever complains when they get there intrest every month do they, the banks have to make money to be able to pay you your intrest, just as a matter of interest did you make more than the bank charges in intrest? i bet you did so why you moaning about it than !! its more than you would have got in the UK



wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
26/03/2010 10:50

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Message 45 of 45 in Discussion

TRNC banks can and do charge for receiving foreign payments not Creditwest for personal accounts

I asked them when I placed money with them how much it was for transfering money out and the amount you have been charged is standard

As a TRNC bank they will be using a Turkish Bank as their agent and have to pay them a fee

I can as a retired Bank employee transfer money electronically for free

But if I try to withdraw money from a cash point other than in the UK they charge me 2.50 and give me a crap exchange rate

So when I'm abroad I use Nationwide cash card and credit card so I get commercial exchange rate and no fee for its use

There is a charge for maintaining a current account in many TRNC banks unlike the UK

In the UK there are packaged bank accounts which you pay monthly fees for these usually offer limited value for money if you have not cross referenced them with your other services

Saved my a fortune on a free call out for a blocked drain 4 hrs work for free



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