Fastest, Safest & Lowest Cost RECEIPT of Euro Payments

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In my opinion, from the perspective of a Seller.....

The FASTEST, SAFEST & LOWEST COST way to receive a Euro payment from a non-UK European sender into your UK BANK account is by IBAN/BIC transfer.

Because the transfer is usually direct from sender's Bank to recipient's Bank without additional delay introduced by a fifth party intermediary.
Typical total transfer time (Bank account to Bank account) is 3-4 days maximum.

1) Because Banks (unlike some non-Bank third parties, such as intermediary eMoney issuers/processors) do not usually allow reversals of transfers.
2) Because the transfer is not directly associated or linked to a sale/purchase under the auspices of a fifth party who might oversee and influence the outcome of a dispute.

Because IBAN/BIC transfers within mainland Europe are generally free or very low cost, and they can send to a UK bank for the same fee (free or nominal) provided that they send in Euro and select ‘shared charges’ which is default for most Eurozone on line bank accounts.

The result is that your bank in the UK receives an incoming payment in Euro (for free to you) and simply converts it to GBP, using their exchange rates at the time, you only loose the ‘exchange spread’ which is very little.

For example, some recent tests were carried out by community members and it was shown that:

Amount sent in Euro= 20.
At the time this was UKP 13,52.

Received in Pounds.....

In each case there was no fee for the payment sender, and no fee for the payment recipient

*Acknowledgements/Credits: 'auctionchex' & 'eekhorn'

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