Hello fellow traders expect you've had a Good Holiday.
Just out of interest, since the change around for European traders to Pepperstone UK I've not made any withdrawls from my account but I had a glance at the withdrawl section and I noticed they're still asking for a SWIFT number which was ordinary whilst trading with Pepperstone Australia but currently we are with UK and also the UK Banks, in this instance Pepperstone's UK bank is Barclay's, are inside the SEPA (Single Euro Payment Area) arrangement I was hoping to see a box to get an IBAN number. The difference between using a SWIFT number along with also an IBAN number can financially and in terms of transport time make a difference for the ordinary retail trader as the charges are substantially different, they are much smaller eg, Fees #5.00 for SEPA transports and timescale, same day or next working day for SEPA whereas SWIFT transports incurr higher prices at both ends and also timescale is typically 3-5 working days. I've assessed the Barclay's website for information about their fees and they have a surprisingly detailed section, to get a bank, on their Global Transfer Fees here's a link
https://www.barclays.co.uk/business-...onal-payments/
they also also have a desk of countries within the SEPA arrangement which also provides guie on the possible fee charged by the recieving bank dependant obviously on the country and the bank eg. Spain. The final column represents the recieving banks charge.
I really do have a question. Has some European trader recently effected a transfer and was ran under SEPA via IBAN number or was it completed via SWIFT.
Any clarifiion would be greatly appreciated.