Geiger-Edelmetalle bank transfer.

[MickB]

Has anyone had any issues with transferring money into Geiger-Edelmetalle's bank account?

Twice now I've purchased copper bars from them and done a bank transfer for the exact amounts owed and twice now they say that I still owe money to them. Both times being around 16 Euros short. Postage and vat were included in the invoice.

My bank are adamant the exact money has gone through on both occasions as I showed them the invoice for the money owed. It shows up correct on my statements as well.

The exchange rate wouldn't fluctuate that much so I'm at a loss as to where it's gone wrong.

[morezone]

Did you elect to pay all bank charges.  Both the sending at your end and the receiving at their end.

[TheGoldSovereign]

Banks... intermediary banks likely taking their cut. As morezone said the swift form should give you the option to pay all fees.

See if your bank utilises SEPA, and their bank. This will be far cheaper and should be direct also

[MickB]

@morezone I paid the fees at this end but there was no mention of fees at the other end. Probably where it falls short every time.

@sg86 I'll look into this. Shame they don't have a direct debit or paypal facility.

Thanks both of you for your help.

[morezone]

I would ditch the bank and go with a broker instead.  Either Transferwise or Currencyfair and you'll get a better exchange rate and a much lower transfer fee.

[TheGoldSovereign]

Beat me to it I was just about to suggest using TW

[ifing]

I had a event like this a couple months ago. Made a banktransfer from sweden to australia. The receiver said I was 28 aud short. He showed me his bankstatement and i showed him from my end. He got in contact with his bank and I with mine. Not easy getting a straight answear from banks.

However the problem was there was a third bank involved, between my bank and his. And nowhere telling about this or how much it could cost. And there is where the missing mobey went, besides the othere banks fees

[ApisMellifera]

4 hours ago, morezone said:

I would ditch the bank and go with a broker instead.  Either Transferwise or Currencyfair and you'll get a better exchange rate and a much lower transfer fee.

Yep. I agree. I have used Transferwise a couple times. So much easier, better rates and no stupid banking fees! (There is a fee but way lower compared to the banks!) You can also work backwards and enter the exact amount the receiver should get.

[MickB]

The worse bit about it is that the bank charge £9 per transfer, so when it's short & I had to pay the difference I was stung for another £9

 

[MikeOxlong]

Awful ^

[MickB]

Now I'm waiting to see if they tell me it's still short if they take another fee the other end☹️

This may end up going to and fro for longer.

It's safe to say I won't be paying this way ever again!

[Pete]

Some recipient banks charge a fee and when making a payment you may see a tick box on a form provided by your paying bank asking if you agree to pay the recipient's bank fees. If the receiving bank deducts a fee from a transfer it will always deduct a fee so reimbursing the shortfall might indeed incur another cost and therefore an underpayment to the receiver - an endless loop if not careful ! Hope you get this sorted - very annoying when things like this happen and the bargain you hoped for is lost to the banks.

[MickB]

Today I contacted Geiger on the phone to see if the remaining amount for 16 euros reached them. I deliberately overpaid by 4 euros to make it up to 20. 

I've already been charged £9 at my end and the bank their end also took a fee and I ended up still owing 10 euros!!!

The man at the end of the phone was extremely helpful and didn't want this to cost me anymore so agreed to scale back my order slightly so the majority of my goods could be dispatched today. Only a case of removing two copper 1oz bars from the order.

He did mention about SEPA and wondered why my bank never assisted with this. 

A lesson learnt for next time although it was a bit costly.

 

[SilverSniper]

On 6/2/2016 at 12:01, MickB said:

@morezone I paid the fees at this end but there was no mention of fees at the other end. Probably where it falls short every time.

@sg86 I'll look into this. Shame they don't have a direct debit or paypal facility.

Thanks both of you for your help.

PayPal charges for receiving funds commercially.  And it's not cheap.

[MickB]

Scaled back order but now waiting for the 5kg bar..