Currency Transfers, possible problems.

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ros21m
Posts: 39
Joined: Fri Jul 06, 2018 9:32 pm

Currency Transfers, possible problems.

Postby ros21m » Tue Feb 26, 2019 2:13 pm

I'm not sure if this was a one off problem, or may have deeper, eg Brexit implications.

For over 12 years I have used the same currency brokers to transfer my pounds to euros & forward them to my Greek bank account here. I have never had any problems previously, with my money arriving within 1-3 days. I transfer money on a regular basis, in January, I transferred 3 times. This month my money, which was sent on the 15th & should have arrived 18/19th failed to appear. A trace was put on both ends & yesterday the intermediary bank said they could not forward the money because of an incorrect Swift BIC code.
It is the same code as has always been used & I checked with my bank that they haven't changed codes since January. They say the code hasn't changed, HOWEVER, they have now given me 2 Swift BIC codes, A SEPA BIC Code, which is the one I've been using for 12 years & a BIC Code, which is different.

The funds will now be sent using the BIC Code as opposed to the SEPA (Single Euro Payment Area) BIC Code. The intermediary bank is Deutsche Bank & I'm just curious as to whether this has anything to do with Brexit!

I will update as to whether my money now arrives!!!

Has anyone else had problems in the last couple of months?

Yin&Yang
Posts: 540
Joined: Thu May 24, 2012 6:03 pm
Location: Megala Horafia/Aptera

Re: Currency Transfers, possible problems.

Postby Yin&Yang » Tue Feb 26, 2019 3:32 pm

No, I haven't encountered a problem using Smart Currency.
Someday is now : )

ros21m
Posts: 39
Joined: Fri Jul 06, 2018 9:32 pm

Re: Currency Transfers, possible problems.

Postby ros21m » Tue Feb 26, 2019 5:00 pm

Smart Currency are also the company I have been using for 12 years.

Yin&Yang
Posts: 540
Joined: Thu May 24, 2012 6:03 pm
Location: Megala Horafia/Aptera

Re: Currency Transfers, possible problems.

Postby Yin&Yang » Tue Feb 26, 2019 5:28 pm

Ahh, ok, I shall let you know if I have any issues next time.
Someday is now : )

Yin&Yang
Posts: 540
Joined: Thu May 24, 2012 6:03 pm
Location: Megala Horafia/Aptera

Re: Currency Transfers, possible problems.

Postby Yin&Yang » Tue Feb 26, 2019 5:34 pm

Out of interest, who do you bank with in Greece?
Someday is now : )

ros21m
Posts: 39
Joined: Fri Jul 06, 2018 9:32 pm

Re: Currency Transfers, possible problems.

Postby ros21m » Tue Feb 26, 2019 6:46 pm

PanCretan Bank.

BST
Posts: 458
Joined: Wed Jul 10, 2013 3:29 pm

Re: Currency Transfers, possible problems.

Postby BST » Tue Feb 26, 2019 10:38 pm

No problems with HIFX!

Yin&Yang
Posts: 540
Joined: Thu May 24, 2012 6:03 pm
Location: Megala Horafia/Aptera

Re: Currency Transfers, possible problems.

Postby Yin&Yang » Wed Feb 27, 2019 7:26 am

I'll let you know in a couple of days.
Someday is now : )

peebee
Posts: 848
Joined: Sun Oct 16, 2011 5:07 am
Location: Kalyves

Re: Currency Transfers, possible problems.

Postby peebee » Wed Feb 27, 2019 8:14 am

ros21m wrote:Smart Currency are also the company I have been using for 12 years.

I used to use SCE a few years ago, but I get a much better exchange rate with Currency Fair

bobscott
Posts: 2499
Joined: Wed Aug 05, 2009 5:36 pm
Location: Kokkino Horio

Re: Currency Transfers, possible problems.

Postby bobscott » Wed Feb 27, 2019 9:14 am

No problem yet with Currency Fair. Bob
Yesterday today was tomorrow. Don't dilly dally!

Keltz
Posts: 146
Joined: Sun Nov 04, 2018 11:53 am

Re: Currency Transfers, possible problems.

Postby Keltz » Wed Feb 27, 2019 12:30 pm

I have used a Fintech bank Revolut for a number of years. It is run with a UK banking license and currently been granted a licence to operate in mainland Europe post Brexit. Currency conversion available is the live interbank exchange rate with no fees.

peebee
Posts: 848
Joined: Sun Oct 16, 2011 5:07 am
Location: Kalyves

Re: Currency Transfers, possible problems.

Postby peebee » Wed Feb 27, 2019 12:40 pm

Keltz wrote:I have used a Fintech bank Revolut for a number of years. It is run with a UK banking license and currently been granted a licence to operate in mainland Europe post Brexit. Currency conversion available is the live interbank exchange rate with no fees.

I have a Revolut currency card which also offers an outstanding exchange rate, can be loaded with dosh via mobile phone app, in seconds.
It's great to use as a debit card when shopping as most places now take cards, also for the small purchases like a couple of beers or coffees.
It can also be used for withdrawing up to €200 cash per month without any fees (apart from the €3 levy by the ATM owner)

Keltz
Posts: 146
Joined: Sun Nov 04, 2018 11:53 am

Re: Currency Transfers, possible problems.

Postby Keltz » Wed Feb 27, 2019 2:52 pm

peebee wrote:I have a Revolut currency card...


I especially like the 'split bill' option for those late nights in a taverna and you will know not to convert at the weekend when markets are closed as there is a small levy charged then.

Yin&Yang
Posts: 540
Joined: Thu May 24, 2012 6:03 pm
Location: Megala Horafia/Aptera

Re: Currency Transfers, possible problems.

Postby Yin&Yang » Thu Feb 28, 2019 7:46 am

I have made a seamless Smart Currency transfer to a Pireaus account this week.
Someday is now : )

toastie
Posts: 73
Joined: Mon Mar 13, 2017 3:57 pm

Re: Currency Transfers, possible problems.

Postby toastie » Thu Feb 28, 2019 10:16 am

I have been using TransferWise since they first started up and have never had any problems with them of any kind.

If I send the money to them in the morning in the UK and its going to Crete then the money is in my Greek bank account by 3pm Greek time.

Very fast transfers and a good rate (mid range) and low fees.


The website is https://transferwise.com/


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