Hello fellow traders hope you have had a Good Holiday.
Just out of curiosity, since the change over for European traders to Pepperstone UK I have not made any withdrawls from my account but I had a quick look at the withdrawl section and I noticed that they are still asking for a SWIFT number which was normal whilst trading with Pepperstone Australia but now that we are with UK and the UK Banks, in this instance Pepperstone's UK bank is Barclay's, are within the SEPA (Single Euro Payment Area) agreement I was expecting to see a box for an IBAN number. The difference between using a SWIFT number and an IBAN number can financially and in terms of transfer time make a big difference for the average retail trader as the charges are significantly different, they are much smaller eg, Fees £5.00 for SEPA transfers and timescale, same day or next working day for SEPA whereas SWIFT transfers incurr higher Fees at both ends and timescale is typically 3-5 working days. I have checked the Barclay's site for information about their fees and they have a surprisingly detailed section, for a bank, on their International Transfer Fees here is a link
International payments | Barclays
additionally they also have a table of countries within the SEPA agreement which also provides guidance on the likely fee charged by the recieving bank dependant obviously on the country and the bank eg. Spain. The last column represents the recieving banks fee.
I do have a question. Has any European trader recently effected a transfer from Pepperstone UK and was that conducted via IBAN number under SEPA or was it completed via SWIFT.
Any clarification would be greatly appreciated.
Just out of curiosity, since the change over for European traders to Pepperstone UK I have not made any withdrawls from my account but I had a quick look at the withdrawl section and I noticed that they are still asking for a SWIFT number which was normal whilst trading with Pepperstone Australia but now that we are with UK and the UK Banks, in this instance Pepperstone's UK bank is Barclay's, are within the SEPA (Single Euro Payment Area) agreement I was expecting to see a box for an IBAN number. The difference between using a SWIFT number and an IBAN number can financially and in terms of transfer time make a big difference for the average retail trader as the charges are significantly different, they are much smaller eg, Fees £5.00 for SEPA transfers and timescale, same day or next working day for SEPA whereas SWIFT transfers incurr higher Fees at both ends and timescale is typically 3-5 working days. I have checked the Barclay's site for information about their fees and they have a surprisingly detailed section, for a bank, on their International Transfer Fees here is a link
International payments | Barclays
additionally they also have a table of countries within the SEPA agreement which also provides guidance on the likely fee charged by the recieving bank dependant obviously on the country and the bank eg. Spain. The last column represents the recieving banks fee.
I do have a question. Has any European trader recently effected a transfer from Pepperstone UK and was that conducted via IBAN number under SEPA or was it completed via SWIFT.
Any clarification would be greatly appreciated.
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