In the UK, people believe they have a thriving banking service industry. The British banking system is largely free of cost (except if you’re a business), however when you want to transfer money prepare to wait three working days. That’s archaic.
In the business I direct I typically have to do business all over the world. To do transfers in the EU or the USA, prepare to wait at least 5 working days, fill in forms physically at your bank and pay at least 20GBP. Call that service?
Five months later, I received a response from Charlie McCreevy, saying:
- Acknowledges UK cross border charges are “very high”. Though UK banks are free to charge whatever they like.
- I should “convince my bank” that I do not need to appear in person to make a international transfer.
- An EU directive 2007/64/EC should force UK banks to take at most two working days to complete an EU transfer by 2012.
- 20GBP charge is not going away
- Hopefully UK banking Web applications will improve to add a cross-border transfer form. Though judging by the history of how awful British Web banking applications are… I am not hopeful. I also suspect stupid “anti-terrorism” laws have also made this process, extremely painful in the UK.
- Down from 5 days to 2 days by 2012… so carry on waiting
The British banking service industry needs to better serve its small Internet business banking customers. AFAIK Google checkout only operates in the US & UK. I would move my business bank account overnight to Europe if Google checkout operated in another EU country. I think we’re still very far from Economic Union.