[Osmf-talk] payment options for membership fees, donations and sponsorings in different currencies
tom at compton.nu
Mon May 14 13:55:24 UTC 2012
On 14/05/12 14:32, Andy Robinson wrote:
> Although UK banks operate with the IBAN referencing system as far as I am
> aware the UK banks do not typically clear through SEPA because of the
> currency exchange element. This means in practice that there is
> unfortunately always a cost when transferring money in to out of other
> European countries. Typically it is anything between £10 and £15 depending
> on bank. I guess it's one of the disadvantages we have for not joining the
As I understand it the situation is that although the UK is technically
part of SEPA it has little practical effect because of the way the
regulations are written.
Basically all SEPA means is that you have to charge the same for
transactions from other member countries as for local transactions.
The loophole is that a UK bank will be happy to charge local customers
for EUR->GBP transactions and can therefore also charge for such
transactions coming from other SEPA countries so long as they only
charge the same as they would charge for a local transaction.
The same will quite likely be true even for an EUR denominated account
held in the UK as they will be happy to put hefty charges on it for
local transactions and then charge the same for transactions from other
Tom Hughes (tom at compton.nu)
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