Email or username:

Password:

Forgot your password?
Simon's posts Post Back to profile
Top-level
Sarah Dal

@batalanto @BrianSmith950 @simon @adam the transfer system in the UK is either BACS or FPS, the banks themselves pay for each transaction as a cost of business. I doubt there's any sale of personal details going on as we do have data protection laws.

13 Aug 2023 at 7:31 | Wall-to-wall | Open on ecoevo.social
3 comments
Contradiction Finder replied to Sarah

@sarahdalgulls
Good to hear UK→UK transactions are fee-free.
Non-UK→UK will get you burnt. I opened an account in the UK & had to fund it. The brokerage said in their ToS that they charge no fees for transfers. So I sent money to fund my own account. Less money arrived than what I sent. My bank denied taking a fee & the broker denied taking a fee. It turned out that an intermediary working for the broker took a fee.
@BrianSmith950 @simon @adam

13 Aug 2023 at 8:34 | Open on todon.nl
Contradiction Finder replied to Contradiction

@sarahdalgulls
I was upset about it because I did diligent research before sending the money. Even after I got burnt, nothing in either of my contracts with my bank or brokerage disclosed the fee that was taken. When I tracked down who the intermediary was (who i did not have a contract with), I asked them for a written statement of the fee and how much they take. They said that’s private- between us & the broker.
@BrianSmith950 @simon @adam

13 Aug 2023 at 8:38 | Open on todon.nl
Sarah Dal replied to Contradiction

@batalanto that really sucks. I've never had a problem transferring internationally within europe, but there's always fees and shocking exchange rates; with the US banking system being very different to ours I imagine there's tonnes of ways for people to make a quick buck out of it

13 Aug 2023 at 14:11 | Open on ecoevo.social
Go Up