European Union Forums

[Terry]

Let's share our experience in dealing with internet baking. What are the opportunities of this system.

[Benn]

http://en.wikipedia.org/wiki/Online_banking
useful information about internet banking

[Terry]

There are a lot of online banking frauds over the past few years.
Read this
http://news.bbc.co.uk/2/hi/uk_news/politics/6177555.stm

[Hakan G]

This is why banks will usually limit your transactions over internet at 10.000. And you have to fax them a special form to withdraw or transfer larger amounts.

[willyoumind]

This is why banks will usually limit your transactions over internet at 10.000. And you have to fax them a special form to withdraw or transfer larger amounts.

Yep, it's for the security reason and if you would like to proceed more than that amount, then you have to sign for a document to get it approved!

[Faw_Peter]

you mean every transaction will require a special application? That creates a lot of discomfort and waste of time.

[Nicholas]

No. You'll need to sign a special form only when you exceed the 10K figure.

[Karl.in.eu]

Well, it depends on banks though. I remember we had to transfer a large amount from an UK bank to a bank in Somalia. The bank had the same limits but per transaction, not per day, or month. So we just made some more transactions with amounts less than 10K, like 8K, 9K...So if you're not comfortable with transaction limits, you may try this trick

[Terry]

What are the commissions that the system charges for a 10k transaction?

[Hakan G]

It depends on each bank...

[Benn]

The international money transfer system UniStream is worthy company to deal with. Their charge will not exceed three digits amounts, regardless of your transaction amount.

[Hakan G]

Commisions is not the only down side of this company. I sent some money from US to Europe in september, they lost my money and still cannot find where or to whom they went. Fortunatley it was only 2000$, not a big deal anyways.