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bank transfer - how it works?
Thread poster: ezzers
ezzers
English to Spanish
Dec 16, 2008

Hi everyone,

I've seen many times "bank transfer" as a payment option, I wonder how this works and whether is suitable for international accounts?

What are the details that eventually I'll have to give to the payer to make a bank transfer?
What are the fees?

Cheers!
Francisco


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Ralf Lemster  Identity Verified
Germany
Local time: 07:47
English to German
+ ...
More details, please Dec 16, 2008

Hi Francisco,
You may want to use the forum search - there's a wealth of information in this forum.

It's impossible to answer your questions in detail without knowing your country of residence (more specifically, the country in which your account is held).


I've seen many times "bank transfer" as a payment option, I wonder how this works and whether is suitable for international accounts?

Have you ever paid a bill from your bank account? That's it, more or less.

What are the details that eventually I'll have to give to the payer to make a bank transfer?

See my question above. The details for domestic transfers differ by country; within most European countries (search for "SEPA"), you need to quote your IBAN (International Bank Account Number) and BIC (your bank's Bank Identifier Code).

What are the fees?

The safest bet is to ask your bank.

Best regards,
Ralf


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Tomás Cano Binder, CT  Identity Verified
Spain
Local time: 07:47
Member (2005)
English to Spanish
+ ...
Ask your bank Dec 16, 2008

Indeed, as Ralf suggested, your best option is ask your bank. As simple as that. They will tell you how a transfer from the source country will work, what they will charge you etc. Pay them a visit and you might in fact be able to negotiate fees with them. Maybe your current bank is not the best one for international trade? We can't know that. Just go to them and let them explain all this to you.

If I were you, I would not base all my decisions on what your colleagues here at Proz.com have to say. I would:

- Ask your local tax authorities about tax matters.
- Ask your local bank about banking matters.
- Ask your local social security authorities about self-employment or employment matters.
.... and ask us for opinion about translation matters, of course.


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Christian Manuel  Identity Verified
France
Local time: 07:47
English to French
Try a money broker Dec 19, 2008

You should try considering the use of PayPal for example. This is a very convenient way for getting international payments.

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Tomás Cano Binder, CT  Identity Verified
Spain
Local time: 07:47
Member (2005)
English to Spanish
+ ...
Abandoned topic? Dec 19, 2008

Not even a thank you for the suggestions? :-/

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xxxTranslatorBS
English to Bosnian
+ ...
... Dec 19, 2008

ezzers wrote:

Hi everyone,

I've seen many times "bank transfer" as a payment option, I wonder how this works and whether is suitable for international accounts?

What are the details that eventually I'll have to give to the payer to make a bank transfer?
What are the fees?

Cheers!
Francisco




Hello,

Well, if you are referring to the payment via bank wire transfer :

I have received many payments this way, and it works quite nicely. I haven't experienced any problems so far. The transfer fees are commonly paid by the party sending the money.

All you need to do is open a bank wire account ( for each currency, you must open a separate account, e.g. US dollar account, Euro account), and opening account is free of charge. At least in Bosnia.

When you are about to receive a pay from someone, you need to pass your bank wiring instructions over to the sender, via email or fax. These instructions are issued by your bank support service, upon request.

Receiving money from overseas accounts to European accounts should take about several days, and the wiring transfer processing between two European accounts should last 1-2 business days.


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Ralf Lemster  Identity Verified
Germany
Local time: 07:47
English to German
+ ...
Fees on incoming international transfers Dec 19, 2008

(Slight) disagreement, if I may...
The transfer fees are commonly paid by the party sending the money.

This depends on a variety of factors, including:
- the countries (and possibly currencies) involved;
- the type and size of the transfer;
- the instructions given by the payer.

As suggested by Tomás, check with your bank.

Best, Ralf


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xxxTranslatorBS
English to Bosnian
+ ...
About the fees Dec 19, 2008

Ralf Lemster wrote:

(Slight) disagreement, if I may...
The transfer fees are commonly paid by the party sending the money.

This depends on a variety of factors, including:
- the countries (and possibly currencies) involved;
- the type and size of the transfer;
- the instructions given by the payer.

As suggested by Tomás, check with your bank.

Best, Ralf


As far as I'm aware, the fees between European bank wire accounts are commonly very small. Not sure about overseas fees, because when I was receiving payments from Canada and USA, my fees had been paid by the senders.

But you are right Ralf, it may have to do with banks compatibility.

[Edited at 2008-12-19 21:22 GMT]


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