Mobile menu

Bank charges for bank transfers from German accounts
Thread poster: Psytrans
Psytrans
United Kingdom
Local time: 00:37
German to English
+ ...
Mar 21, 2006

Hi,

I was wondering if anyone in Germany has an idea how much banks there charge their customers for transferring money to a UK bank account. A client in Germany recently transferred a small amount of 80 Euro to my UK account and was charged 14 Euro. I'm due to receive a much bigger payment from this client and want to find out how much the client would be expected to pay in bank charges. I realise that this amount probably varies from bank to bank, but a rough estimate would be helpful. Can anyone recommend a better way to receive payment? Unfortunately I no longer have a German bank account.

Many thanks in advance,
Fiona


Direct link Reply with quote
 

Ralf Lemster  Identity Verified
Germany
Local time: 01:37
English to German
+ ...
Is your account in euro or in sterling? Mar 21, 2006

Hi Fiona,
To give you an indication, you would need to tell us
- if your account in the UK is in euro or in sterling;
- if the payment will be instructed in euro or in sterling;
- whether your customer uses IBAN & BIC;
- what sort of 'much bigger amount' will be involved.

Best regards,
Ralf


Direct link Reply with quote
 

tectranslate ITS GmbH
Local time: 01:37
German
+ ...
Zero Mar 21, 2006

To my best of knowledge, the bank should not charge anything at all, provided that:
- originator and beneficiary of the transfer reside in a EU member state
- the amount due is transferred in euro, not another currency
- the amount to be transferred does not exceed €50,000
- the IBAN/BIC number system is used for the transfer
- the SHARED method for splitting fees between originator and beneficiary bank is used.

See the official EU guideline that is in effect in all EU member states here:
http://europa.eu.int/eur-lex/lex/LexUriServ/LexUriSer%20v.do?uri=CELEX:32001R2560:EN:HTML

...and an existing forum thread on this topic here:
http://www.proz.com/topic/30380

HTH,
Benjamin

P.S.: Ralf basically beat me to it.
P.P.S.: Clarification: the bank should not demand any fees on top of the regular fees they might charge for a domestic funds transfer.

[Edited at 2006-03-21 16:05]


Direct link Reply with quote
 

Ralf Lemster  Identity Verified
Germany
Local time: 01:37
English to German
+ ...
Agree - in most cases Mar 21, 2006

Hi Benjamin,
In most cases, this is true.

tectranslate wrote:

To my best of knowledge, the bank should not charge anything at all, provided that:
- originator and beneficiary of the transfer reside in a EU member state
- the amount due is transferred in euro, not another currency
- the IBAN/BIC number system is used for the transfer
- the SHARED method for splitting fees between originator and beneficiary bank is used.


Maximum amounts apply (although these were raised to EUR 50,000 as of 01JAN2006).

Also, note that charges are not zero by definition - Regulation 2560/2001/EC, Article 3:


...
2. With effect from 1 July 2003 at the latest, charges levied by an institution in respect of cross-border credit transfers in euro up to EUR 12500 shall be the same as the charges levied by the same institution in respect of corresponding credit transfers in euro transacted within the Member State in which the establishment of that institution executing the cross-border transfer is located.
...


Best regards,
Ralf


Direct link Reply with quote
 

Nizamettin Yigit  Identity Verified
Netherlands
Local time: 01:37
Dutch to Turkish
+ ...
Generally zero Mar 21, 2006

Hi Fiona,

My bank has informed me that the charge is zero for a payment or transfer into an account in the EU countries. I dont know in detail if UK, and other non continental EU countreis has different rule for transfers.

But if the currency is different than there is a servis charge. I pay 7 euro flat for that service. I dont thnik it goes with amount. The higher amount is better for the bank because they will make more money in money conversion.

If you have IBAN I would expecnt that charge to be -0-.

I pay 4.50 to the other European but not EU countries. It is same for 40 euro or 400 euro or 1000 euro.

I hope it helps,

regards,

Nizam


Direct link Reply with quote
 

tectranslate ITS GmbH
Local time: 01:37
German
+ ...
Yup. Mar 21, 2006

Maximum amounts apply (although these were raised to EUR 50,000 as of 01JAN2006).
Yeah, you're right, I forgot to mention the €50,000 limit. I amended my posting now to that effect.

Also, note that charges are not zero by definition - Regulation 2560/2001/EC, Article 3:
Yes, that struck me, too - I therefore added a P.P.S. It probably wasn't there yet when you posted.

Regards,
Benjamin

[Edited at 2006-03-21 16:06]


Direct link Reply with quote
 

Amy Williams  Identity Verified
United Kingdom
Local time: 00:37
Italian to English
+ ...
Ask your bank for a foreign currency account Mar 21, 2006

Hi Fiona,
I'm guessing the charges were made on a transfer to a sterling account? I have parallel GBP and EUR business accounts with my bank. There's a monthly charge for my EUR account but it's minimal (a couple of euros) compared to the amount banks will charge for EUR to GBP transfers (in my experience).
Worth looking at if you work for clients in the eurozone.
Best,
Amy

[Edited at 2006-03-21 17:47]


Direct link Reply with quote
 

Sonja Allen  Identity Verified
United Kingdom
Local time: 00:37
Member (2005)
English to German
I do not pay any charges when transferring from my German to my UK bank account Mar 22, 2006

Hi

When I transfer money from my German bank account (in EUR) to my UK bank account (in £), I do not pay any charges at all as long as I enter my IBAN and BIC and do not exceed a certain large sum (as mentioned by others). I also have an Austrian client who has never had to pay any charges when he sent any payments to my UK account. Don't know though if this depends on the bank.


Direct link Reply with quote
 
OlafK
United Kingdom
Local time: 00:37
English to German
+ ...
no charges Mar 23, 2006

I have bank accounts in both countires (some German banks accept non-residents). When I transfer money from Germany to the UK I don't pay any charges but - and it's a big BUT - the exchange rate can be very bad. When I asked my UK bank why their exchange rate differed from the official rate on the day of the transfer I was told that exchange rates vary a lot during one day and at the moment of the transfer this hadn't worked in my favour - but I was free to try another bank!
Hmmm... I found a better solution: If you know somebody who also has both, a Euro and a Stirling account, you can exchange money with them.

[Edited at 2006-03-27 15:06]


Direct link Reply with quote
 

Carolyn Brice  Identity Verified
Australia
Local time: 11:37
French to English
+ ...
Interesting... Mar 24, 2006

This is a little off topic, but I have been wondering about this in relation to transfers from Greece to the UK. I recently made two transfers from my Greek account to my UK account (sterling).
My Greek bank has a 50 cent fee for EU transfers.

I made the first transfer for 150EURO fine, 150 arrive in my English account and was duly converted into pounds.
But when I made a second transfer of 150 EURO a month later, only 134.something arrived to be converted into pounds.
Iasked customer services and they said the a fee of 14 something Euros had been charged by an intermediary bank.

This I do not understand. Can anyone explain this? My bank account is with an Internet bank, and the intermediary bank is not the 'real' bank behind the Internet bank, but another one altogether. If you get my drift.


I've just looked at an older thread on this subject and found that some British banks seem to be getting their paws on our money illegally. This is the same as what happened to another person who posted on the previous thread, that the money was routed through a third party and they took some money. Thieves, the lot of them!


[Edited at 2006-03-24 19:34]


Direct link Reply with quote
 


To report site rules violations or get help, contact a site moderator:


You can also contact site staff by submitting a support request »

Bank charges for bank transfers from German accounts

Advanced search


Translation news





WordFinder
The words you want Anywhere, Anytime

WordFinder is the market's fastest and easiest way of finding the right word, term, translation or synonym in one or more dictionaries. In our assortment you can choose among more than 120 dictionaries in 15 languages from leading publishers.

More info »
Anycount & Translation Office 3000
Translation Office 3000

Translation Office 3000 is an advanced accounting tool for freelance translators and small agencies. TO3000 easily and seamlessly integrates with the business life of professional freelance translators.

More info »



All of ProZ.com
  • All of ProZ.com
  • Term search
  • Jobs