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cross-border payments under new EU rules
Thread poster: Chris Hopley

Chris Hopley  Identity Verified
Netherlands
Local time: 22:37
German to English
+ ...
Jul 27, 2003

Does anyone in Germany have experience of receiving cross-border payments under the new EU rules (came into effect 1 July 2003)? Basically, I'm curious to know about the charge levied by German banks (esp. Commerzbank) for receiving payments. It's the first time I'll be making a payment under the new rules and I suppose I'm just looking for confirmation about how it works at "the other end"!

Additional note:
Hi Thijs. Thanks, although I knew this already. I suppose my real question is: what do German banks charge their business customers for receiving ordinary - domestic - payments? In other words, will I have to add anything to the amount I send to ensure that my contact in Germany actually receives the full amount stated on the bill? Or is the charge neglible and considered part of general business overheads?

[Edited at 2003-07-27 19:09]


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Thijs van Dorssen  Identity Verified
Local time: 22:37
Member (2002)
Dutch to German
+ ...
Cross-border payments Jul 27, 2003

Hello Chris,

this was posted in another forum a week or two ago but I can't find the URL. Here is a part of it that I copied and kept for myself.

From July 1, international Euro payments between countries in the EU
are to be charged the same rate as if they were domestic (EU regulation 2560/2001).

To keep costs at a minimum there are 3 prerequisites:

1. The payer has to use the computer to execute payment.
2. The payer has to use the IBAN of the recipient.
3. The payer has to use the BIC of the bank of the recipient.

IBAN = International Bank Account Number (unique account identifier)
BIC = Bank Identifier Code (unique bank identifier, identical with today's SWIFT code)

You'll have to get the IBAN from your bank.

The IBAN and the BIC have to be used for all payments from abroad into the EU.


Cheers,


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Ralf Lemster  Identity Verified
Germany
Local time: 22:37
English to German
+ ...
Keine explizite Gebührenbelastung Jul 27, 2003

Hallo Chris,
auf der Empfängerseite dürfte es bei Verwendung von IBAN&BIC keine Gebührenbelastung geben - bei Inlandseingängen wird auch nichts belastet.

Praktische Erfahrung kann ich dir aber leider noch nicht bieten...

Gruß Ralf


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Sonja Tomaskovic  Identity Verified
Germany
Local time: 22:37
English to German
+ ...
Gebührenverzeichnis Jul 27, 2003

Hallo Chris,

normalerweise besitzt jede Bank eine Art Gebührenverzeichnis. Dort dürftest Du den Preis für eine Inlandsüberweisung finden - wenn Deine Bank Dir dafür überhaupt Gebühren berechnet.

Findet man normalerweise auch auf der Homepage der betreffenden Bank.

Gruß,

Sonja


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Thijs van Dorssen  Identity Verified
Local time: 22:37
Member (2002)
Dutch to German
+ ...
No extra charges Jul 28, 2003

Additional note:
what do German banks charge their business customers for receiving ordinary - domestic - payments? [Edited at 2003-07-27 19:09][/quote]

Only in may I paid 6 € for a 1000 € payment from Belgium. But those days should now be over for good. It is however a prerequisite that a computer is used to make the payment. But it does enable us to make smaller payments to colleagues abroad.

Shall we put this to a test? You can start transferring money into my account if you want. (c:

Cheers


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Arnd Rothe
France
Local time: 22:37
Member (2003)
English to German
+ ...
Free within Germany, but not cross-border Aug 6, 2003

Hi,
all German banks I have known so far, do not charge for inner-German money transfers.

Theoretically, according to the new regulation, a transfer from a German bank to another European bank (using IBAN etc.) should then also be free after July 1st.

I have tested it on July 15th and it did NOT work. 18 Euros were missing of the sum transferred from Germany to France. Both the German and the French banks claim that THEY have not charged anything.

The problem is probably that banks usually use several intermediate agents for such services. But this should not be the customer's problem. I am thinking about an official complaint now... Maybe in a couple of years things will run the way they should.

Good luck
Arnd

PS: Here is the regulation text: http://europa.eu.int/eur-lex/pri/en/oj/dat/2001/l_344/l_34420011228en00130016.pdf


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RWSTranslation
Germany
Local time: 22:37
Member (2007)
German to English
+ ...
Welche Bank Aug 6, 2003

Hallo Arnd,

mit welcher Bank hast Du getestet ?

Viele Grüße

Hans


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cross-border payments under new EU rules

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