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38

It isn't a simple reversal, because money actually changed hands when the transfer was made. When the transfer was made 50,000 Euros was credited to a UK bank, and some number of kronor was debited to your Swedish bank. When the transaction was reversed 50,000 Euros were transferred back to the Swedish bank. Those Euros are now worth fewer kronor, so your ...


11

Most likely this will be an expensive lesson to learn. However, I believe there still is a chance to recover some of the difference, since your wording of "my Swedish bank" and "my UK bank" implies you have a relationship with both banks. If your Swedish bank converted the funds to Euros first, and then attempted the transfer, then your Swedish bank made a ...


5

This is not allowed, and there is a name for it: IBAN discrimination. Searching for that term will give you some pointers what to do about it. The EU regulation that prohibits this is 260/2012, article 9, paragraph 2: A payee accepting a credit transfer or using a direct debit to collect funds from a payer holding a payment account located within the ...


5

What the bank 'should' have done is a question of law, but I will point out that the reason for the rejection was not the bank's error, it was yours / the payee's [which, in the bank's eyes, is still kind of your error]. Consider from the bank's point of view: (1) You release 50k SEK from your account; (2) The bank, seeing it is headed to a EUR account, ...


5

The form doesn't a field for the account number. It has the account name, BIC, IBAN, bank name and address. The abbreviation "IBAN" stands for "International Bank ACCOUNT NUMBER". It is the account number, so you do have a field for the account number. The difference compared to many traditional national account numbers is that apart from identifying your ...


3

No, there isn't a cheaper way to convert Rubles to Euro. Currently, Russia bank deposit rates is reduced to 4.3%, but it is still few hundred percent way higher than European bank 0.01% ~0.1% interest rate. To prevent Euro depositor to put term deposit into Russia and withdraw it afterwards, Russia has imposed a hefty conversion rates e.g. 5%++. If both ...


2

Unlikely. Sepa transfer does not need bank to verify beneficiary name. Some banks try to verify, most don't.


2

TransferWise would be worth checking out. For some currencies they let you have a 'local' (in your case CH) account and then can do the transfer/exchange when you like but at more like market mid-rate and the fees are low. I have no pecuniary interest. It has simply been a service that has saved me enough bank fees for international transfers. Happy for this ...


1

Yes, they could use your info to pay with Amazon (or every other online shop that accepts it). But thats why you should regulary check you bank account. If there is some money transfer you didn't approve, you need to call your bank and they should be able to fix this for you. At some banks this can be done with a single click in their online banking, where ...


1

The other answers attribute the loss due to changes in conversion rates. For me the change seems to be more due to the buy/sell rate difference. Every FOREX agency/ bank sets the rates different on purpose so that they make profit on each transacation. I checked a few online websites( transferwise, revolut) and your cheapest conversion fee is approximately ...


1

Stick to local credit unions and small banks. Large Banks generally have global presence in some form and shape. Even if worst things happen, the Banks in Europe will loose Banking license in US, meaning they will have quite a bit of assets frozen or may take a while to get back ... this can cause financial hardship to the EU Banks, however if there is a ...


1

You could open an account with an FX broker like OANDA. I don't particularly endorse them or have any experience with them, good or otherwise, but they have existed for a while, and they are a well-known name. You could use their brokering service to trade your CHF for EUR in the liquid market, in which case you would know that you're getting the best ...


1

I know people living in Switzerland, and they can take out Euros at ATMs (located inside Switzerland) for a good conversion rate and fee-free. Seems like you can ask some banks in Switzerland for their details of that, and simply open an account with one.


1

My bank claims they cannot trace since the money never reached them. Your bank is right. They can't generally trace this. I asked the sender to initiate a trace with Natwest, but no results for 3 days now. Natwest should be able to trace and confirm it. This usually takes anywhere from 7 to 10 days.


1

A couple of thoughts and experiences (Germany/Italy): First of all, I recommend talking to the Belgian bank (and possibly to a Dutch bank of your choice). I have similar conditions for my German bank accounts. But even though they talk about it as salary account ("Gehaltskonto") all they really ask for is a monthly inflow of more than xxxx € - which can be ...


1

Can my bank still require me to provide a BIC? Does the IBAN only rule not cover the end-user aspect? I was under the assumption that the more convenient and less error-prone user experience was the main point of this change. The IBAN only is still being implemented by quite a few banks. Internally the networks used still need BIC. Quite a few banks have ...


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