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    Huge profits earned by big banks on overseas money transfers.

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    papa_umau
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    Huge profits earned by big banks on overseas money transfers.

    Post by papa_umau on Mon 10 Apr 2017, 11:02 am

    An internal Santander memo leaked to Guardian Money says 10% of its global profits come from international cash transfers, and it charges six times more than newer rivals.

    When senior Santander executives gathered in the principality of Andorra in January this year, the bank’s “innovation director” warned that a large chunk of its profits were at risk – because the juicy margins it earns on money transfers could be destroyed by new competitors.

    Get the full story from Guardian Money HERE




    Don't tell me that the big banks are actually getting attacked by some true competition ?

    As long as the smaller banks are undercutting this lucrative process, I for one will be very happy for it to continue; after all, that is what competition is all about, is it not ?


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    Hell's Granny
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    Re: Huge profits earned by big banks on overseas money transfers.

    Post by Hell's Granny on Mon 10 Apr 2017, 1:06 pm

    Ah Santander; At last your sins have caught you out! I left Abbey National when you took over, and I'm so glad I did!

    You deserve all the loss of profits!
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    papa_umau
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    Re: Huge profits earned by big banks on overseas money transfers.

    Post by papa_umau on Tue 11 Apr 2017, 11:04 am

    Well said HG.


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    zathrus
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    Re: Huge profits earned by big banks on overseas money transfers.

    Post by zathrus on Thu 13 Apr 2017, 12:14 pm

    Ahhhh, the true definition of "competition", or the lack of it, I think.
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    papa_umau
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    Re: Huge profits earned by big banks on overseas money transfers.

    Post by papa_umau on Fri 14 Apr 2017, 11:26 am

    True "competition" only works when it is in the public eyes and ears at all times.

    Sadly, many companies, especially banks, don't want us to know what they get up to in their darkened rooms.

    Let's hope that something will be done about this one, now that it has been discovered and published.


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    Angie baby
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    Re: Huge profits earned by big banks on overseas money transfers.

    Post by Angie baby on Sat 15 Apr 2017, 11:35 am

    "Six more times" is the figure that Santander charges for international cash transfers, you say.

    If that is true than it is right that the newer banks should charge the real going rate for this service.

    It is a shame that Santander cannot get prosecuted for doing this.
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    Gandhi
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    Re: Huge profits earned by big banks on overseas money transfers.

    Post by Gandhi on Sat 15 Apr 2017, 1:59 pm

    The irony is HG that Santander was unaffected by the banking 'crisis' owing to sound financial management - as was HSBC and to a lesser extent Barclays. All the Scots had to be bailed out (yet again) so you would have been better off in Santander. No doubt you trousered your shares when ANBS floated though.

    As to their money changing charges they are only a small player in the market so no story here!

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    papa_umau
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    Re: Huge profits earned by big banks on overseas money transfers.

    Post by papa_umau on Sun 16 Apr 2017, 11:52 am

    That aside I think that the other banks, who do not overcharge for international money transfers will spread the word that Santander and others are charging six times more that should be charged.

    It's close to but not quite fraud.


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