ian
Member
36 Indre
Posts: 42
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Post by ian on May 27, 2022 15:02:14 GMT 1
My bank has just screwed me out of £600 or so, on a transfer to my son in Sweden. They did this by using an exchange rate much lower than, eg, Transferwise would have used. I complained, but as they told me upfront what the rate would be, they have dismissed my complaint.
Fair enough, nothing was hidden, but I expected my bank (a long established high street bank) to give me a fair crack of the whip. I'm not giving up, by the way. The next step is the Financial Ombudsman and after that, if necessary, the sunday papers.
In the meantime, I want to vote with my feet. Can anyone recommend an online bank which is UK-based, will accept me (a french resident taxpayer) as a customer, and will offer me a credit card, a debit card and, if possible, and overdraft (just in case)?
Thanks
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JohnnyD
Member
Mayenne (53) When Covid allows..........Which isn't very often these days........
Posts: 2,003
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Post by JohnnyD on May 27, 2022 15:07:36 GMT 1
I dont know if they do it for a French taxpayer, but approach starling, if they can do it, they will, also have you thought about Revolut? I know its not UK based, but does a hell of a lot for someone in many countries......
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Post by landmannnn on May 27, 2022 15:33:49 GMT 1
If you can provide a UK address, no problem.
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ian
Member
36 Indre
Posts: 42
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Post by ian on May 27, 2022 16:04:33 GMT 1
I had a look at the new online/mobile phone banks. Not ideal. Revolut seems to be regulated in Lithuania, Starling uses a mobile phone app, and phone reception here is poor. I was hoping for an internet-based account like, eg, Co-op Bank. UK residents only...
So, plan B. I have a secondary set of UK bank accounts are with another high street bank (ex building society). Regular monthly activity. Been with them for years, quite happy. I'll just move all my banking to them, and it's "hasta la vista, baby" to the thieves. After, of course, I've tried to get them to refund the £600.
Thanks for all the ideas
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Post by hal on May 27, 2022 16:16:40 GMT 1
You will not get many, if any, banks in brexitland to take on a new customer resident in France! And you cannot blame them - as brexitland is regarded as a third country, there is no easy jurisdiction path for them, unless they have a presence in France, eg HSBC.
First Direct will take French residents, but you need to be pretty secure for them.
Not sure you will get far with the Ombudsman or Sunday papers, but good luck on trying.
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ian
Member
36 Indre
Posts: 42
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Post by ian on May 27, 2022 16:32:13 GMT 1
hal, I'm not expecting to win my case, but I'm going to try.
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Post by annabellespapa on May 27, 2022 17:14:21 GMT 1
Barclays have a Paris based branch which we used less than 18 months ago to complete a house sale.
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Post by woolybanana on May 27, 2022 22:51:29 GMT 1
NatWest International Jersey
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Post by elsie on May 28, 2022 8:48:24 GMT 1
Revolut now has a French banking licence so will be offering to move those with accounts with a Lithuanian licence to it (and there would then no longer be the need to include Revolut on tax form 3916 in the future) ian You don't say how much the transfer was or the reason for the transfer, but I assume it was a significant sum. Just in case you aren't aware, there are French regulations on large donations www.french-property.com/guides/france/finance-taxation/taxation/gifts-tax/procedures-for-gifts/Even if it was to do with something like probate on a UK estate, I wonder whether it might be worth informing the fisc, as a precaution? The UK bank will probably need to report large transfers from an account to the fisc as part of their Automatic Exchange of Information and under money-laundering regulations.
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suein56
Member
Southern Morbihan 56 Brittany
Posts: 7,488
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Post by suein56 on May 28, 2022 9:20:24 GMT 1
My bank has just screwed me out of £600 or so, on a transfer to my son in Sweden. They did this by using an exchange rate much lower than, eg, Transferwise would have used. I complained, but as they told me upfront what the rate would be, they have dismissed my complaint.
If Nat West told you the rate and any other charges beforehand I can't see how you can complain, especially if the money arrived safely in Sweden. I believe the charges have risen for such transfers now the UK is no longer an EU member. These high charges are why Currency Fair and TransferWise started up in the first place to provide a cheaper choice in an effort to placate unhappy Bank customers. Why didn't you use TW in the first place if you are familiar with them ?
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ian
Member
36 Indre
Posts: 42
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Post by ian on May 28, 2022 9:35:50 GMT 1
elsie, this was the second transfer - the two between them add up to £31K. However, it's not a gift but a loan. If I have an agreement from my son that he's paying it back, will that satisfy the fisc?
suein56, I used my bank because it was simpler and I expected a reasonable rate. I didn't realise it would be so poor.
Thanks
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Post by mangetout on May 28, 2022 9:44:54 GMT 1
If I was you I would strongly suggest that you hang on to the account. It might prove useful in the future. I know you are annoyed with them but everyone knows that using a high street bank for transfers is bound to result in a less attractive rate. And they did tell you the rate beforehand. As you say, you wanted an easy process and you paid for it.
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curtis
Member
Charente Maritime
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Post by curtis on May 28, 2022 9:59:08 GMT 1
Agreed.
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ian
Member
36 Indre
Posts: 42
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Post by ian on May 28, 2022 10:08:12 GMT 1
I knew that using my bank would result in a lower rate - I just didn't realise how low it would be. Given that Transferwise and the likes can use the market rate (or close enough) I think my bank was being greedy. And that's why I'm leaving them.
Out of curiosity, I checked the rate offered by my other UK bank. It was better (though not by much admittedly).
I've learnt my lesson.
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Post by elsie on May 28, 2022 12:03:15 GMT 1
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