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The cost of making a bank transfer in Europe
Thread poster: Edward Potter

Edward Potter  Identity Verified
Spain
Local time: 08:23
Member (2003)
Spanish to English
+ ...
Oct 10, 2004

Is Spain ahead of everyone else? I hear that making a bank transfer in other parts of Europe can be well over 30 euros. I know that when I make transfer from my online bank account with Banesto in Spain I get charged one (1) euro. There is little reason to use any other method when I make payments. I have done this many times from Spain and I wonder if the rates are similar anywhere else in Europe.

Comments?


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Jeremy Smith  Identity Verified
United Kingdom
Local time: 07:23
French to English
+ ...
It should be absolutely free of charge Oct 10, 2004

Unless I am very much mistaken, if you quote the recipient bank account's IBAN number and SWIFT code, banks may not charge you any more for a bank transfer within the EU than they would for a transfer to another bank in the their own country.

http://europa.eu.int/rapid/pressReleasesAction.do?reference=MEMO/03/140&format=HTML&aged=0&language=EN&guiLanguage=en


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Fiona Grace Peterson  Identity Verified
Italy
Local time: 08:23
Member
Italian to English
Italy Oct 10, 2004

Italy is cheap too, around 4 euros, but only if all bank data is supplied (IBAN and BIC). The situation only seems to have changed very recently, in the last couple of years.

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Ralf Lemster  Identity Verified
Germany
Local time: 08:23
English to German
+ ...
Free within and from Germany Oct 10, 2004

Hi Edward,
1 euro might not sound much, but cheap it isn't (let alone 4 euros...). Euro standard transfers within Germany have been free of charge for many years, and standardised euro cross-border transfers (using IBAN&BIC) have been free since the EU directive came into effect.

Best regards,
Ralf


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Claudia Iglesias  Identity Verified
Chile
Local time: 03:23
Member (2002)
Spanish to French
+ ...
For electronic transfers Oct 10, 2004

I had understood that EU transfers would not be free of charge but charged the local rate (the rate usually applied within the country by the same bank). And that this would be feasible only for electronic transfers (with IBAN + SWIFT and via Internet).

My French bank charges euro 3.50 for any electronic transfer within the EU (but it's free for local transfers). But they don't have a form online allowing me to do it online, I have to fax my order. Since this directive took into account that no human intervention was needed it's quite ridiculous to have to send a fax.
But it's not the only point in which they are ridiculous.
Whenever I want to do an electronic transfer to somebody with an acccount in France, even with an account at the same bank, first I have to phone call, in order to be able to. But the phone number is a special line with a special price per call, and it is absolutely impossible to call to such a number from abroad, and I really wonder whether these people understood what Internet is.
Some colleagues from Spain still pay 7 euros for a transfer to France, so I think that in spite of the directive, not all the countries nor the banks do follow it.

Claudia

[Edited at 2004-10-10 17:07]


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Fernando Toledo  Identity Verified
Germany
Local time: 08:23
Member (2005)
German to Spanish
What about Oct 10, 2004

Austria?
Concretely Germany -> Austria and vice versa?

Thks


Ralf Lemster wrote:

Hi Edward,
1 euro might not sound much, but cheap it isn't (let alone 4 euros...). Euro standard transfers within Germany have been free of charge for many years, and standardised euro cross-border transfers (using IBAN&BIC) have been free since the EU directive came into effect.

Best regards,
Ralf


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xxxLia Fail  Identity Verified
Spain
Local time: 08:23
Spanish to English
+ ...
Spain Oct 10, 2004

I pay €2.70 for every transfer I receive from Euro-land, even though I know that charges are paid at source. My bank is La Caixa. I think I will have to look for a cheaper rate or bank!

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Robert Zawadzki  Identity Verified
Local time: 08:23
English to Polish
+ ...
I shoud be cheap within the EU (and in EURO) Oct 10, 2004

... but outside, it can be as expensive as you have heard.

Banks to fleece you less!
EU legislation obliges banks to charge domestic fees for cross border Euro transfers


Until now for a Euro cross-border bank transfer of €100 we have been paying on average a fee of €24 to our bank. As of 1 July this will all change. Banks will now only be able to charge customers the domestic transfer rate so sending euros from Paris to Paris will cost the same as one from Paris to Athens.

http://europe.tiscali.co.uk/index.jsp?section=money&level=preview&content=148777


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Natasa Grubor  Identity Verified
Bosnia and Herzegovina
Local time: 08:23
Member
English to Serbian
+ ...
banks in bosnia Oct 10, 2004

I found it is pretty ok here. My bank takes 0.5% of total amount which is not that bad, especially when you compare it with western union which really skins you. As my bank accountant explained to me, it also has something with finding same bank in another country, so their charges are small when doing transfer. Also, if you want it within 4 days it is more (i dont know how much "more" it is), but after 5 days it is 0.5% regardless where the money was sent from.

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Hans G. Liepert  Identity Verified
Switzerland
Local time: 08:23
English to German
+ ...
Austria-Germany Oct 10, 2004

Toledo wrote:


Austria?
Concretely Germany -> Austria and vice versa?

Thks




It's generally for free from Germany to Austria.


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Heinrich Pesch  Identity Verified
Finland
Local time: 09:23
Member (2003)
Finnish to German
+ ...
The countries of the Euro zone: Oct 11, 2004

Finland, Germany, Austria, Netherlands, Luxemburg, Belgium, Italy, Spain, Portugal, France, Greece. Hope I did not leave any out.
Between these countries electronic bank transfer using Iban and BIC is free of charge or should be charged same rates as transfers inside the country.
Sometimes office workers do not know this fact, so do not accept any surcharge for your Euro-transfer.


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Claudia Iglesias  Identity Verified
Chile
Local time: 03:23
Member (2002)
Spanish to French
+ ...
easier to say than to do Oct 11, 2004

Hi Heinrich

Heinrich Pesch wrote:
... so do not accept any surcharge for your Euro-transfer.


Two or three months after the "new" regulations, as I noticed that I was unable to make electronic transfers because the form that is online only accepts the same number of digits that French accounts have, I wrote to my bank. I wrote to them maybe 4 or 5 times and never got an answer. I had to ask somebody who lives in the same town where my account is registered to go to the bank and ask what I was supposed to do, and they gave the fax number. With this kind of relation with the client I know that when I go to France next time I'll have a careful look at all the banks and compare them, but I have to go there for that!
So for now, I just consider that I'm lucky paying 3.50 euros.

I still remember those 17.50 that I had to pay for a 40 euros payment before these regulations.

Claudia


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Heinrich Pesch  Identity Verified
Finland
Local time: 09:23
Member (2003)
Finnish to German
+ ...
Sorry to hear that Oct 11, 2004

The speed of progress varies considerably it seems. I have one client in Belgium and one in France, and they transfer without costs to my Finnish account. But the French one had to know name and address of my bank, funny, because no french clerk can write those ä and ö anyhow. That's what the IBAN and BIC strings are for.

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rjbemben  Identity Verified
Local time: 02:23
German to English
Bank Xfers outside of EU Oct 11, 2004

I usually pay US$26 or $27 just to receive a bank transfer from Europe. It used to me even more (up to $32 per transfer). The originating German bank currently pockets $19-$20, and my bank takes $7. So you folks are lucky!

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Ivana de Sousa Santos  Identity Verified
Portugal
Local time: 07:23
French to Portuguese
+ ...
No fees in my Portuguese bank Oct 11, 2004

I'm a client of "Caixa Geral de Depósitos" and I don't pay anything for bank transfers. However, I haven't received a tranfer outside the EU yet.

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