[Osmf-talk] payment options for membership fees, donations and sponsorings in different currencies

Tom Hughes 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
> Euro.

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 
SEPA countries.

Tom

-- 
Tom Hughes (tom at compton.nu)
http://compton.nu/




More information about the osmf-talk mailing list