# New UK bank regs



## siobhanwf (Mar 20, 2009)

All banks in the Uk have had to agree to sign up to the fast payment option. It will come into effect on January 1st. However if you use a uk branch of your bank here in Portugal you need to make sure that they have also signed up. If they haven't you will have to do bank transfer by bacs!! At a cost! 

I found out to my cost when I need to do an urgent transfer last week. 

Having contacted Santander Totta in the uk they have informed me that they are in the process of signing up so you may want to check with your own bank if you use this transfer method


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## robc (Jul 17, 2008)

Hi Siobhan

Thanks for the reminder nudge to go and check out the Bank.

Rob


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## canoeman (Mar 3, 2011)

If you have the right bank at the Portuguese end, then it is already in place, Millennium bcp for example have an arrangement with HSBC UK where you pay in over counter or transfer online from your UK bank to Millennium's HSBC A/C and the money is transferred and cleared into your Portuguese A/C within 24 hrs at no cost at all and a good rate.

I wasn't aware that there where any branches of UK Banks here, Santander and Barclays are separate entities and give no preferential treatment to say a Barclays UK and Portuguese customer.


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## siobhanwf (Mar 20, 2009)

canoeman said:


> If you have the right bank at the Portuguese end, then it is already in place, Millennium bcp for example have an arrangement with HSBC UK where you pay in over counter or transfer online from your UK bank to Millennium's HSBC A/C and the money is transferred and cleared into your Portuguese A/C within 24 hrs at no cost at all and a good rate.
> 
> I wasn't aware that there where any branches of UK Banks here, Santander and Barclays are separate entities and give no preferential treatment to say a Barclays UK and Portuguese customer.



You are correct Canoeman there are no UK banks here in POrtuga (I did not say there were). My reference was _ However if you use a uk branch of your bank here in Portugal_ eg if I use the UK branch of Santander Totta (PT bank) to transfer money from the UK to PT
There are however Portuguese banks in the City in the UK. 
I transfer through my UK account by direct transfer to Santander Totta in London (using my PT account details - the only difference is the sorting code) it is then transferred to my Sandander Totta account her in PT. there are no charges for this service and it is the banking rate of the day for the exchange.


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## siobhanwf (Mar 20, 2009)

As a matter of interest I called Santander Totta in London yesterday and their response was
"-_ it's going through their clearing bank, HSBC, now so should be done soon._"

So looks like HSBC are the clearing bank for some PT banks in the UK. 
Interesting that the World´s local bank have no representation in POrtugal


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## canoeman (Mar 3, 2011)

Sorry slightly misread your post, both my UK banks will also now do online transfers to Portugal, but I *don't* use them, because they charge for the service, same as they used too when they would only accept written instructions.


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## robc (Jul 17, 2008)

canoeman said:


> Sorry slightly misread your post, both my UK banks will also now do online transfers to Portugal, but I *don't* use them, because they charge for the service, same as they used too when they would only accept written instructions.


Our UK Bank waives their charges as part of the "deluxe" current account package, so this together with the Breakdown Cover & Travel Insurance outweighs the cost of the service from the Bank.

HTH

Rob


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## canoeman (Mar 3, 2011)

As where Portugal based and not UK Residents, we reverted to standard accounts as the premium accounts have little use or the fringe benefits don't apply here. 

Money transfers for larger amounts, I still find a broker gives a better deal, and for someone paying me or transferring smaller amounts, the free service I get from Millennium is ideal.


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## siobhanwf (Mar 20, 2009)

We have done the same. A premium account seemed useless when the travel insurance didn´t cover us living in Portugal and breakdown cover was the same....we have that with our insurance here anyway. I now use Ibex for my travel insurance as they cover me even with my kidney transplant


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## siobhanwf (Mar 20, 2009)

Just to let you know that I have just made a transfer to Santander tOTTA IN THE uk and it went through OK via the faster payment system.


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## canoeman (Mar 3, 2011)

It's always been quick from this end it's the UK banks that dragged their feet, earning interest on your money in transit!


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## siobhanwf (Mar 20, 2009)

It´s always been quick both here and in the UK for me. The recent problem has been the new UKagreement for quick online transfers had not been signed by banks like Millennium and Santander or Barclays PT agreeing to the UK agreemnet


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## canoeman (Mar 3, 2011)

Millennium to UK online same day cost €1.50, Lloyds online UK to Portugal up to £5000 £7.50, +£5000 £17.50 receiving £7, it's the UK charges make me use other services, I just object to the high cost.


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## JohnBoy (Oct 25, 2009)

Another vote for the UK bank / HSBC / Millennium transfer system here. Very fast, no charges and the bank rate of the day. :clap2:


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