Money transfer

[seagull007]

Just reading the above and as Im planning to send some money out to Turkey at the end of the week I am interested in finding out some gen' on any charges payable when the money reaches Turkey. I am sending the money via Nationwide (and yes its still £20), Thay have said I can pay the overseas charges at their end. The questions I have are: Do Finansbank charge you for sending Sterling out to them. If so how much for £50,000 + and finally would it be cheaper to pay the charges in UK.

[seagull007]

Ops sorry I didnt realise that there were 2 pages so I asked the above question before reading the 2nd page. However does anyone know how much Finansbank charge. If its as much as Garanti I would be better off paying the charges in UK.

[Dippey]

I know I am a bit slow on the uptake now and again, but i've just realised that when transferred 4 different amounts I got charged £25 each by the Abbey and my agents in Turkey who have POA the other end received the total amount I transferred.

Therefore my bank in Turkey has not charged anything for receiving the transfer, as the balance of account is zero and the agents received the full value (the costs were not built in either). Did my agents pick up the charge somehow, or is there no charge??? I'm not sure - and will try and find out.

Dippey

[seagull007]

Dippey

Which Bank are you with in Turkey. Heres wishing its the Finansbank !

[Jamieo]

Hi All,

I too bank with Finansbank in Fethiye and belive they do not charge to receive funds into an account that you hold with them. If you transferred money to an account that was not in your name, I believe you will be charged by the bank transferring the money and again by the bank receiving it. (I think this is correct)

Where's Stoop when you need him?

Regards,

Jamie

[lynne]

I recently transferred a relatively small amount to our account with Finansbank and was charged £10.00 to receive it!

[alanw]

I have recently sent funds to finansbank (17K) and was charged £30 by lloyds tsb and £19 by finansbank.
Alan

[johnners]

Just sent £25000 and it cost £18-00 with Nat West but the Turkish bank charges about £75-00 that is Garanti bank in Fethye using their swift code it is routed through the main branch in Istanbul. other than cash this is the cheapest. Johnners

[KORKY]

Below is reply from Isbank concerning charges. It appears that if you transfer money to your Turkish account and then withdraw it in TL its free, unless you ask for turkish charges to be paid at GB end, then they charge .5%. Dosen't make sense to me either ?


I'm sorry for the lack of tariff in my answer. Our tariff is as follows : 0.5 % being minimum USD 25 (or eqiivalent), maximum USD 500 (or equivalent) is requested from the sender bank if the sender bank has included the expression OUR in the MT103 Swift message. In other words, GBP quivalent of USD 500 would be requested from Barclays Bank for your transfer of GBP 120,000. But let me repeat my previous answer : You can avoid this charge if the sender bank does not write the expression OUR in the Swift message. Then the charges belong to the beneficiary. If the beneficiary draws the money in Turkish Lira, he doesn't have to pay anything.

[The Crinklies]

We have recently transferred £5000 sterling from our Nationwide account into our sterling account at Finansbank. We opted to pay any charges due at this end. The Swift fee was £20 and in addition to this, Nationwide have advised us that there are additional charges of £13.33 which have been applied by the Turkish bank. There is also a note from Nationwide that we may be subject to further charges from the foreign bank over which they have no control. As this was the first time that we had done this, we had thought that perhaps sterling a/c to sterling a/c might not incur any charges - silly us!
As we are due to send further funds this month for a much larger amount(in sterling)and are likely to get charged alot by Finansbank to do this, please does anyone know :-
(a) would it make any difference if we opted to pay for the charges through the receiving bank?
(b)have any other useful tips for transferring money?
Thank you in advance for any help.
The Crinklies