Depositing GBP

If you bank at NatWest/RBS/Barclays, you can do a SWIFT transfer without charge from your bank.
Other banks will typically charge £20-25.
Whichever bank you use, there will be a charge of @$10 on receipt, unless you ask your bank to pay "all the charges".

Time taken to deposit is typically 2 days (I've seen two recent deposits from UK banks take that), but allow up to a week.
A send before 14:30 in the afternoon UK time is likely to result in a quicker deposit.

EDIT (1st May 2024) First Direct was listed above as having free SWIFT transfers, they now charge £5.

 

[AlM]

I sent £1,350 from UK Revolut to ABX on 31st Aug 2022 at 08.07.
Revolut - costs of international transfer: £3, deducted from Revolut account.
Intermediary bank fees: £7.
Time: £1,343 credited by Kinesis Operations under 24 hours later at 7.45am on 1st Sep.

The attached file contains no private information. Note that the electronic transfer is listed as taking 23 minutes. To be shown as credited may explain the remainder of the time.

 

[TonyH.]

I tried to deposit through Halifax Bank to Bank of Australia as per instructions.
1st and 2nd deposits went through OK, 3rd was refused by Bank of Australia, they said there was an error but same information used.
Took three weeks to get money refunded plus costs.
I have now been given Bank details in London.
Payment was passed after an hour of interrogation by Halifax gestapo.

 

[sixgun]

I tried to deposit through Halifax Bank to Bank of Australia as per instructions.
1st and 2nd deposits went through OK, 3rd was refused by Bank of Australia, they said there was an error but same information used.
Took three weeks to get money refunded plus costs.
I have now been given Bank details in London.
Payment was passed after an hour of interrogation by Halifax gestapo.

i had a similar experience with Halifax today - a transfer of cash, not to do with Kinesis, to a friend. After 2 calls, Halifaxed refused to authorise the transfer. This is becoming an increasing problem. i have friends whose accounts have been locked up and closed down.

 

[SteveW]

In Canada, it seems that is only done to truckers and friends and we know who is responsible. Your UK situation probably has no one who will admit responsibility.

You should have learned from our experience. I keep very little in the bank but I also keep enough currency for 4-6 months of food just in case the ATMs seize up and the banks take a long holiday.

 

[TonyH.]

Thanks for reply.
Halifax Bank said transfer been paid and it disappeared from account, waiting for it to arrive in Kinesis account.

 

[Mr T]

In Canada, it seems that is only done to truckers and friends and we know who is responsible. Your UK situation probably has no one who will admit responsibility.

You should have learned from our experience. I keep very little in the bank but I also keep enough currency for 4-6 months of food just in case the ATMs seize up and the banks take a long holiday.

Thanks for reply.
Halifax Bank said transfer been paid and it disappeared from account, waiting for it to arrive in Kinesis account.

In Canada, it seems that is only done to truckers and friends and we know who is responsible. Your UK situation probably has no one who will admit responsibility.

You should have learned from our experience. I keep very little in the bank but I also keep enough currency for 4-6 months of food just in case the ATMs seize up and the banks take a long holiday.

In Canada, it seems that is only done to truckers and friends and we know who is responsible. Your UK situation probably has no one who will admit responsibility.

You should have learned from our experience. I keep very little in the bank but I also keep enough currency for 4-6 months of food just in case the ATMs seize up and the banks take a long holiday.

We should be worried about bail ins from banks and not rely on bail outs... Makes a lot of sense to me !!

 

[Uchiki]

Transfer of GBP to Bank of America

I sent a payment on 15th Apr to test two things.

• exchange rate loading applied
• time from sending to allocation to my KM account

As I couldn't ascertain whether there were any interbank charges for Payment 1, I couldn't be sure that using the amount received to calculate an exchange rate loading would be accurate.
I therefore decided to make Payment 2 and pay all the charges in this case.

The transfer time for these international wires was a reasonable 2-3 days to hit my KM account.
Details of my payments are below. They were sent from a bank called First Direct, a subsidiary of HSBC.
SWIFT transfers used to be free, but now cost £5.

Payment 1

• Sent Mon 15th Apr
• Credited to KM account Wed 17th Apr 06:49 UK time.
• Indicated I would only pay my bank's charge.
• Own bank charge £5.
• No other charges obviously made, however I wondered whether there was a charge incorporated.
• £200 sent, $244.25 received, effective GBP/USD rate 1.2212
• GBP/USD mid rate for previous 12 hours - low 1.2405, high 1.2454, median 1.243.
• Exchange rate loading based on median 1.75%

Payment 2

• Sent Fri 26th Apr
• Credited to KM account Wed 1st May 06:53 UK time.
• Indicated I would pay all charges.
• Own bank charge £5, no other charges levied.
• £200 sent, $246.64 received, effective GBP/USD rate 1.2332
• GBP/USD mid rate for previous 12 hours - low 1.2471, high 1.2509, median 1.249.
• Exchange rate loading based on median 1.26%.

Notes on the exchange rate loading calculation
As the GBP/USD mid rate was much steadier in the lead up to Payment 1 being credited to my account, I would put higher confidence in the likely exchange rate loading I calculated for that payment.
My use of a 12 hour window for considering the rate is probably reasonable. It could be a bit longer, but if it was as long as 24 hours, then the payment would likely have been allocated to my KM account a day earlier.

Assuming a maximum 12 hour window:
the highest loading that could have applied for Payment 2 was 1.42%
the lowest loading that could have applied for Payment 1 was 1.55%

However, looking at the GBP/USD chart, if the window is extended up to 21 hours, a loading of 1.75% is possible for both.
It's probably reasonable to think that the exchange rate loading is 1.5-1.75%.

 

[Compellence]

When are we going to be able to deposit GBP into GBP?