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Barclays Bank to Banco Sabadell!

@Aimak
Why Revolut ?
Because it is UK based so withdrawing from Darwinex is free?

My Darwinex account is in GBP. Therefore, with Revolut I pay no exchange fees when changing EUR <> GBP. Besides, Revolut gives me an UK account so I can do local wire transfers Darwinex <> Revolut. The transfers Revolut <> my Spanish Bank are SEPA.

From My Spanish bank to Darwinex I pay no transfer fees and no exchange fess.
This week I am withdrawing for the first time since I have Revolut. Later, I’m telling you if there are any fees

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I suspected it, :wink: clever system.
My Darwinex account is in EUR so it would be impossible to remove all the withdrawal costs.
My fee to deposit from Italy was 1 EUR , never withdrawed but it should be something like ~5 EUR.
N26 should be the best option for people outside SEPA not working with GBP.

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I have studied these online banks, they can be useful to save something for EU customers but aren’t a solution for non EU non UK customers.
Russians or Australians can’t open a N26 or a Revolut account, so we are back to the starting point.

Maybe Transferwise borderless could be a solution:
https://transferwise.com/gb/borderless/
mmmh not so clear if they accept non EU customers…

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I can confirm that withdrawing funds from Darwinex to my Spanish bank via Revolut cost me no fees and lasted 4 days in total.

Darwinex paid the wire transfer fee to my UK Revolut account. Thank you Darwinex!

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Hi!

Just to clarify,

Our bank doesn’t charge any commission to GBP-based accounts in UK.

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“Deutsche Bank keeps bleeding. Says expect another quarter of falling revenue as it scales back investment-banking operations and cuts thousands of jobs”. Read more on Bloomberg…

https://twitter.com/Schuldensuehner


:zipper_mouth:

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It’s really poor that Sabadell London does not even hold the SEPA rules to transfer within 24 hours.

I received a confirmation yesterday 13:24 “Your funds are on their way”
But I didn’t get my money today - but of course they charged fees.
That’s not only violating standards, it’s also violating rules (Payment Service Directive since January 2012) which can be understood as laws.

“SEPA** Payments – The SEPA payment cycle will be enhanced to be PSD compliant and migrate from a D+2
payment cycle to a D+1 payment cycle.”


http://europa.eu/rapid/press-release_MEMO-08-51_en.htm?locale=en

My bank is booking immediately until 8 p.m., the fastest transfer between different banks was 25 minutes, usually SEPA lasts about 2 to 12 hours.

That was never a problem with Barclays.

As they are not even able to hold EU rules also effective in GB and Spain, I expect at least the fees for this opposite of service refunded.

Incredibly poor.

@Darwinex: fees should be listed when you select the transfer and are not listed, only the additional fees for instant transfer are listed.

The last impression is the one which will stay longest …

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How much has been the fee for your SEPA withdrawal?

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4.25 EUR - that’s about the 3.75 GBP listed above here Barclays Bank to Banco Sabadell!

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So the price is right as listed.

What is the exact reason of your complaint?
2 days to receive the money instead of 1 day?

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The reason is that I made a withdrawal request Monday night and I got the money on Thursday.
As pointed out above, a SEPA payment should be in latest on Wednesday.

What makes me upset are 2 points:
Sabadell doesn’t hold the payment directive - of course they might have setup such a complicated procedure that it “cannot” be faster. They cannot do it since 6 years since the PSD is effective?
I know a former subsidiary company of Deutsche Bank where if you wire after 3 p.m. on Thursday the money will be sent out on Monday morning before 2 a.m. The sender will be charged for interest since Thursday if his account is in debit.
That subsidiary company is not a business partner - in my eyes that’s fraud, but I’m not a judge. As you see, it could also be worse …

The other point is that you have a high risk to get a margin call if you can’t fund the account in one business day, I assume the the way to send money in is also as long.

I strongly recommend that Darwinex should look for a second banking partner, maybe Sabadell works fine for Spanish accounts.

Few Spanish banks follow SEPA rules. Charging fees and delaying wire transfers is part of their daily business. Even cosumer associations don’t complain. Most probably I’m wrong with my understanding.

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I think we all agree tha Barclays was better but Darwinex conditions have always been 1-3 days so execution conditions are respected.
Regulations are the theory than we have the real world.
3 days are reasonable, 3 weeks aren’t.
At least for trading and investing as a serious business.

Casinò/traders that want istant fiches to “save” a martingale can always use a credit card.

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Just share my opinion, let’s look into this scenario.

Do you willing to PAY MORE if Darwinex can get a bank to process your money instantly? eg. within a day?
If the answer is NO, i would say it is normal bank operation as long as you get your money in 3 to 5 business day,

Similar example if we put this into E-Commerce, eg, Amazon. When you buy something from Amazon, if you willing to pay more for instant delivery, then you get your purchase delivered to you FASTER. Likewise, if you do not willing to pay more for instant delivery and use the Normal Delivery Service, please do expect longer waiting time.

I’m just sharing an example. No offense to anyone. Thanks.

@kwanwei
Ok but those are physical goods, that aren’t “wire transfered” :smiley:

I think that 3 days are normal but I don’t think that it is right.
I can’t find no reason for a money trasfer to not be instant.

Money has no weight or volume, it is just banks that are taking advantage of past century times and costs.

It will end thanx to fintech banks like Revolut and crypto tranfers.

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Thank you for your posts. I learn :slightly_smiling_face:

It is possible to pay 3.5 Euro more for SEPA instant payment (called trusty bank transfer) which cannot be instant at night because my bank does not support it outside regular business hours.

We are not talking about Spain, China or Zulutrade close to Africa (who needed more than 5 years to close an empty AAAFX account), we are talking about the most important financial place in Europe: London.

And there it is NOT normal that a bank or subsidiary is not able to fulfill a simple SEPA requirement which costs some cents fees for SWIFT if you do it properly. But they take the same fees as real banks there. That’s every thing else but professional or clients friendly.

I agree but the cost with Barclays was the same and wasn’t instant.

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The cost with Barclays were the same , but Barclays filled the SEPA requirements of 24 hours.

The 3.50 Euro are to add on the fee of 4.25 Euro to get it (usually) some hours earlier than a regular SEPA wirement during business hours.

Are you sure?
If it were so there would be an option for a free slower wire transfer.

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