The â‚¬uro - good or bad?

4 Jun 2009

An interesting thing happened here today in Euro-land.
We currently live in France with a Euro bank account and want to pay some money in Euro to a friend who lives in Germany - also in Euro-land.
Quite simple one would think. No exchange rates as it's all the same currency. Whack a cheque off in the post and deal done.
au contraire Rodders... mad

Can't be done.
Our French Bank wants a significant commission for the transaction and more than likely, the German one will too from our friend. :shock:
But isn't it all the same currency I hear you ask confused

What was the Single Currency supposed to have been imposed for dunno

If the UK had joined the Single Currency, did you imagine that it would have solved issues of trade with European partners?

4 Jun 2009

Not sure I follow this GNV, was the cheque one of yours from your Euro Account chequbook or were you asking the bank to issue a cheque for the transaction?
If it was the former, I can't see how your bank could have charged a commission. What was their explanation?

4 Jun 2009

Quote by Max777
Not sure I follow this GNV, was the cheque one of yours from your Euro Account chequbook or were you asking the bank to issue a cheque for the transaction?
If it was the former, I can't see how your bank could have charged a commission. What was their explanation?

I'm not sure we follow the logic of it either!
It was the former. A Euro cheque from our Euro chequebook in Euro.
How we found out is from questioning the Bank as to the best way to send the money - either by cheque or by direct transfer. Incredibly, the cheque transaction would have been cheaper than a direct transfer!
The Banks response was that a cheque drawn on a French Bank being paid into a German Bank is a "foreign" transaction attracting a fee confused

Isn't there a European Central Bank somewhere in all of this?

4 Jun 2009

Another reason why we shouldn't be joining the single currency then methinks!!

4 Jun 2009

Quote by Max777
Another reason why we shouldn't be joining the single currency then methinks!!

You are absolutely right.
When we were in business we traded with a couple of European companies. I asked our UK Bank if it would pay us to open a Euro account to accept payment in Euro from our customers.
The answer was a resounding NO! :shock:
Accepting cheques or direct payment in Euro into our Euro Bank Account would attract the same charges as if the amounts were paid in Euro into our Sterling Account.
Go figure, as the Americans say...

4 Jun 2009

Quote by Max777
Another reason why we shouldn't be joining the single currency then methinks!!

my thinking to

4 Jun 2009

Could you not just have sent your friends the cheque through the post and let them pay it into their account? That way what could the bank possibly charge for?
Bluddy banks...pah!!!

4 Jun 2009

Quote by Firelizard
Could you not just have sent your friends the cheque through the post and let them pay it into their account? That way what could the bank possibly charge for?
Bluddy banks...pah!!!

Well, you might think that Fire...
They would be charged a fee and we would have money deducted straight from our account when the value is collected from our account.
That's the way it works. Why the charge, I have no idea confused

4 Jun 2009

Isn't this a problem with the banking system and not the Euro??

4 Jun 2009

Quote by Sexonfire
Isn't this a problem with the banking system and not the Euro??

Exactly :thumbup:
Another example of how Banks screw everyone up.