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Who should pay the bank fees?
Thread poster: Poj
Poj  Identity Verified
Local time: 05:39
German to English
+ ...
Mar 28, 2002

Dear all,



I just received a payment via wire system with a missing amount of GBP20. They said it is for the bank fees.



Do I have to pay the fee on their side? I think I pay mine and they pay theirs. What is the normal practice regarding bank fee for transfer processing?







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Tom Ellett
Local time: 23:39
Norwegian to English
+ ...
EU Directive: client pays Mar 29, 2002

The EU Directive on Cross-Border Credit Transfers states that all bank charges are to be paid by the originator (the person/organization making the payment) unless specifically agreed otherwise in advance. Although the Directive only has legal force within the EU, other countries such as Norway have adopted similar provisions as recommended best practice.



In my own case, I state clearly in my terms of payment (printed on the invoice) that all charges are to be paid by the originator, and that any amounts deducted will be added to a future invoice.



Tom


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