Paying UK account from EUR account

[DexTrader]

Hello all,

Sorry for the newbie question. I have been on the boards reading a lot but no luck.

I need to send money to someone in the UK (UK bank account) but money is in EUR accounts and only allow SEPA transfers.

What happens if I pay from EUR bank account to UK account? Is it possible?

Thanks

 

[Larin]

Yes. This is a straightforward transfer. Just use the Iban of the account and the money should arrive relatively quickly.

 

[Sols]

There are some UK banks which are not connected to SEPA and some that even thought they are, refuse to accept EUR unless the recipient opens a EUR account. However, for the vast majority, you can simply send a SEPA transaction to the recipient's IBAN and the bank will handle the currency conversion (if any).

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This is the probably the answer to your question.

 

[avalanche]

DexTrader said:
Hello all,

Sorry for the newbie question. I have been on the boards reading a lot but no luck.

I need to send money to someone in the UK (UK bank account) but money is in EUR accounts and only allow SEPA transfers.

What happens if I pay from EUR bank account to UK account? Is it possible?

Thanks
Click to expand...

In which institution the recipient holds an account? As Sols mentioned, some institutions may support receiving SEPA payments and some may not. Another option may be to open an account in UK EMI such as MultiPass or maybe PSD institution such as TransferGo.

 

[Larin]

Sorry, I misread the original post. You will only be able to send directly to the account if it's connected to SEPA. Best that the recipient open a EUR account at a UK bank. HSBC and Barclay's have such accounts for sure. Not sure about the other banks. It would probably be easiest if they have Revolut or similar as they have an IBAN and accept EUR.

 

[DexTrader]

Thanks for the replies.

It is a HSBC UK bank account, if that helps clarify?

 

[Mike Forman]

DexTrader said:
Thanks for the replies.

It is a HSBC UK bank account, if that helps clarify?
Click to expand...

With HSBC it is very easy to open another currency account.

Otherwise just contact the bank of the sender and have the money converted and wired as GBP or use some online exchange service.

 

[Marie Manila]

DexTrader said:
It is a HSBC UK bank account, if that helps clarify?
Click to expand...

GBP accounts of HSBC UK are SEPA reachable.
You can find the IBAN in the online banking. The money is converted to GBP upon receipt.
They will usually charge you around 3% in exchange rates.

 

[DexTrader]

Thanks.

There must be a cheaper/better way?

I will probably make one of these payments every 2/3 months or so and the fees will add up....

However, I do not want all of the proof of funds requests / bullsh1t compliance stuff with any bank just for small payments. It is so time consuming!

 

[Larin]

Your counterparty can easily open an HSBC EUR account and you can use SEPA to transfer money there. Doesn't get any simpler than that.

 

[Transferli]

use crypto or you can send from paysera

 

[DexTrader]

Transferli said:
use crypto or you can send from paysera
Click to expand...

Thanks. Paysera not going to need to know what I ate for breakfast and where every single Euro comes from?

 

[chinthaphanti]

DexTrader said:
Hello all,

Sorry for the newbie question. I have been on the boards reading a lot but no luck.

I need to send money to someone in the UK (UK bank account) but money is in EUR accounts and only allow SEPA transfers.

What happens if I pay from EUR bank account to UK account? Is it possible?

Thanks
Click to expand...

Go with
Revolut
Bank
open EURO Wallet ,Transfer Euros to Euro Wallet and transfer Euros to GBP wallet

 

[liroyb]

Marie Manila said:
GBP accounts of HSBC UK are SEPA reachable.
You can find the IBAN in the online banking. The money is converted to GBP upon receipt.
They will usually charge you around 3% in exchange rates.
Click to expand...

Which HSBC UK branch accepts offshore clients?

 

[inector]

DexTrader said:
I will probably make one of these payments every 2/3 months or so and the fees will add up....

However, I do not want all of the proof of funds requests / bullsh1t compliance stuff with any bank just for small payments. It is so time consuming!
Click to expand...

You are paying pennies and asking for a dollar.

Go with EMI if you want little trouble, but expect the worst. Get into the habit of storing invoices & contracts properly in case the bank asks, if there isn't one, you should still always make it.

 

[Marie Manila]

liroyb said:
Which HSBC UK branch accepts offshore clients?
Click to expand...

I guess all of them.

Even if you go to a branch, you have to scan a QR code with your phone and submit the application online.

After you have completed the online application, you hand over the necessary documents to the bank employee and do the identification in person.