• Make a SEPA transfer to a non-Euro account (such as UK £)

Reading the list of fees, I can see that SEPA transfers are free.


But what happens when I transfer money to accounts in countries which are in SEPA but don't use Euros – what exchange rate is used, and are any transfer fees charged? (Or is this all decided by the receiving bank, which makes it a bit useless for paying bills in the UK, as I'll have no way of knowing how much the recipient will actually end up with?)


According to Wikipedia, there are 15 countries which are SEPA but not Euro: Bulgaria, Croatia, the Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, United Kingdom, Iceland, Liechtenstein, Norway, Monaco, San Marino, and Switzerland.


Thanks in advance!

    Hi Joe!


    Thanks for getting in touch with us!


    I invite you to check this topic for more information about the fees for foreign currency: https://together.bunq.com/topic/fees-for-foreing-currency 👍

      Hi Axel, thanks for the link, though I did see that already, and it doesn't answer my question.


      The question you linked to is asking about transfers from another currency TO their Bunq account.


      But my question is the other way around – I need to know what happens when transferring to a UK bank account FROM my Bunq account.


      The receiving account is in the SEPA region and I have the IBAN for it, but it is in Pounds Sterling.


      Thanks,

      Joe

        7 days later

        Does nobody from Bunq have an answer to this simple question?!

          Hey Joe! Sorry for the delay :) In that case, you can indeed send the transfer in euro to the GB IBAN (even when the account is a GBP account). The receiving party will take care of the currency conversion and therefore their rate is used. We do not charge any fees on this payment, but I would advise you to check with the receiving party if they charge any fees.

            Thanks for the answer Bianca!


            As I have no way of knowing the receiving bank's exchange rate and fees in advance, and my recipient needs to receive a specific amount, the only solution is for me to use something like Transferwise to make the transaction.


            It's a shame, as the Bunq app is so easy and quick to use, and having to use an external service for non-Euro transfers does add a little hassle, but it's hardly the end of the world! Perhaps Bunq should partner up with one of these other transfer services?

              I have the same issue, so I've been using transferwise. It's actually very fast, too!

                The exchange rate that the destination bank uses depends on their own currency conversion rates. There is no way to know what rates they will have! You would have to check the current rate via the website of the destination bank, send the funds through bunq and pray the currency conversion rates do not change (which actually happens very frequently)

                  From experience TransferWise is the best option when transferring between currencies - only 0.5% fee and if you transfer before 14:00 it will most likely arrive the next day. (some banks charge a hefty €15 fee + 3.0%)

                  aaand if you sign up using this link you'll get your first transfer for free [EDIT- No referrals allowed]

                    7 months later

                    Wondering if there’s any update on this, and which solution did you go with!

                      The point is that the currency of a SEPA transfer must be EUR. This is not at bunq's discretion, but a requirement of the SEPA regulations!

                      If you wish to transfer another currency, this can only be done via a legacy SWIFT transfer - and even then, bunq would not have any control over the exact amount credited to the recipient's account, because within the SWIFT system, intermediary banks as well as the destination bank could apply fees of their own, totally beyond bunq's control.

                      The only solutions remain services like Transferwise or Revolut.

                        That’s my understanding as well, Fabian. Thanks for the explanation!

                          If you send a separate transfer to a non-euro account the receiving bank will receive euro and transfer it to local currency at an UTTER RIP OFF rate. Don't even think of doing it, you will be FLEASED! Use Transferwise.

                            Monaco, is an euro country. Been there paid with euros.

                            It isn’t EU

                            San Marino, not sure but I think that this also uses euros as their geographic location is surrounded by euro countries.

                              Write a Reply...