In summary, transferring GBP from an EU IBAN account to a GBP/UK Ulster bank UK account is treated as a foreign payment transaction and subject to Ulster bank commission charges.
Recently I decided to have any UK dividends paid in GBP transferred to my Ulster bank NI account. My broker in Dublin agreed to do this and accommodated three transfers in GBP to the account. They did everything correctly, all three were standard transfers from Pershing as custodian.
The first was <£80 , the second <£350 and the third was <£80. The first and third incurred no commission charge. The second incurred a 2% commission charge. The advice note sent for each alerted me to the charge, but offered no contact details to enquire or challenge it.
This account I have had for 12 years, used to transfer funds and purchase my car. This charge for a GBP to a GBP account is news to me. I did want to sell some UK shares held through my broker and transfer the proceeds to my GBP account, simply to avoid silly fx conversion charges, but alas Ulster bank has made sure I won’t avoid charges.
I did challenge the charge but it was a painful process, they didn’t find in my favour, offered no explanation for the charge, but as a gesture of goodwill offered a refund of the 2% charge!
It seems counter productive and incorrect, are they really applying foreign payment charges as let’s say I wanted to invest in a business or invest in the UK, god forbid, they would charge me a commission just to lodge GBP in ,y GBP account because it came from outside the jurisdiction!
They have a lot of different charges, this one is difficult to pin down, so I wrote to them today to seek clarity on the charges.
So, moving on from this, what bricks and mortar bank is a better alternative?
Does N26 have a currency wallet for GBP?
Recently I decided to have any UK dividends paid in GBP transferred to my Ulster bank NI account. My broker in Dublin agreed to do this and accommodated three transfers in GBP to the account. They did everything correctly, all three were standard transfers from Pershing as custodian.
The first was <£80 , the second <£350 and the third was <£80. The first and third incurred no commission charge. The second incurred a 2% commission charge. The advice note sent for each alerted me to the charge, but offered no contact details to enquire or challenge it.
This account I have had for 12 years, used to transfer funds and purchase my car. This charge for a GBP to a GBP account is news to me. I did want to sell some UK shares held through my broker and transfer the proceeds to my GBP account, simply to avoid silly fx conversion charges, but alas Ulster bank has made sure I won’t avoid charges.
I did challenge the charge but it was a painful process, they didn’t find in my favour, offered no explanation for the charge, but as a gesture of goodwill offered a refund of the 2% charge!
It seems counter productive and incorrect, are they really applying foreign payment charges as let’s say I wanted to invest in a business or invest in the UK, god forbid, they would charge me a commission just to lodge GBP in ,y GBP account because it came from outside the jurisdiction!
They have a lot of different charges, this one is difficult to pin down, so I wrote to them today to seek clarity on the charges.
So, moving on from this, what bricks and mortar bank is a better alternative?
Does N26 have a currency wallet for GBP?