Bank charges for bank transfers from German accounts Thread poster: Psytrans
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Psytrans
United Kingdom
Local time: 18:25
German to English
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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 hel... See more 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 ▲ Collapse
| | | | Ralf Lemster 
Germany
Local time: 19:25
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
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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 ... See more 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] ▲ Collapse
| | | | Ralf Lemster
Germany
Local time: 19:25
English to German
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| 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:
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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
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| 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 h... See more 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 ▲ Collapse
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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]
| | | | awilliams
United Kingdom
Local time: 18:25
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]
| | | | Sonja Allen
United Kingdom
Local time: 18:25
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.
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OlafK
United Kingdom
Local time: 18:25
English to German
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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 fou... See more 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] ▲ Collapse
| | | | Carolyn Brice
Greece
Local time: 20:25
Member (2005)
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.... See more 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] ▲ Collapse
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