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European Fees for Bank transfers
Thread poster: Julie Larochelle
Julie Larochelle  Identity Verified
Canada
Local time: 12:21
English to French
Apr 29, 2006

I wonder if anybody else experienced the following. The last 2 wire transfers I received from Europe (Germany and Italy) had 30 and 40 Euros respectively taken off prior to reaching my bank. In the first case, it was easy to noticed because they took out 30 Euros out of the 120 Euros transferred and I ended up paying 30% of the amount in fees.

I contacted both customers who claimed that they paid their regular transfer fees on their end.

I obtained from my bank a detailed summary of both transactions and it clearly stated that the fees were substracted in the original currency. My bank only received the lower amount, then charged me the small receiving fees I normally pay. I scanned and sent a copy to the customer and I'm still expecting some news from them.

One thing I noticed in both cases is that the transfer to Canadian currency was done BEFORE I received it. I never had seen this before. All other transfers received previously were converted by my bank. Indeed, my bank didn't received the amount in Euros, but in Canadian dollars. Is it possible that European banks are charging major fees for currency conversion instead of just sending the amount transferred?

I too wish to find the source of this situation since most of my customers are from Europe. If I start paying 30 or 40 Euros for each transaction (which is over 50 CAD$), it'll truly affect my business.

Any idea?

Julie


[Edited at 2006-04-29 17:26]


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Nizamettin Yigit  Identity Verified
Netherlands
Local time: 18:21
Dutch to Turkish
+ ...
no fees in EU Apr 29, 2006

Yes no fees in EU countries.
I sent to a non-EU country for 4 eur 50 cents. My assumption is you are being charged by your site.

Answer of your client may help you more.

Good luck!


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PCovs
Denmark
Local time: 18:21
Member (2003)
English to Danish
+ ...
Does your client send CAD? Apr 29, 2006

I don't know about such high fees in Europe, but I have an American client who used to send me the invoiced amount in DKK to be nice....but somewhere along the line I was charge a rather large sum, and it wasn't by my own bank.

What I'm trying to say is, do you think perhaps your client has been transferring the amount in CAD in stead of Euro?

Worth checking.


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Julie Larochelle  Identity Verified
Canada
Local time: 12:21
English to French
TOPIC STARTER
A possible reason Apr 29, 2006

Nizamettin Yigit wrote:

Yes no fees in EU countries.
I sent to a non-EU country for 4 eur 50 cents. My assumption is you are being charged by your site.

Answer of your client may help you more.

Good luck!


Thanks for your input.

I do have the official paper track and know for sure that the charge was taken before it even reached my bank (in Euros). If the charge had been taken by my bank, it would have been in CAD$, not in Euros. That was confirmed by my bank representative. Banks in Canada do not apply fees in another currency.

I continued working on this and did some more research.

My assumption at this point is that I paid fees for CURRENCY CONVERSION although I don't understand why the amount due was transfered to Canadian money BEFORE being sent to Canada. That never occured before. I always received payments in Euros in the past. My bank usually do the conversion (and there is no charge for this in Canada).

Since I'm really intrigued by this (and honestly a bit ticked off for these unnecessary fees) I checked prior payments I received from Europe and no fees were ever applied when the money was received in Euros by my bank.

I wish I could know for sure. This same customer has another invoice due in a couple of weeks and I would love to avoid paying another 40 Euros (55 CAD$) for a "conversion service" that my bank do for free.

If this is all about currency conversion fees, the solution is simple and worth sharing with all non-EU translators. I'll keep you posted.


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Gillian Searl  Identity Verified
United Kingdom
Local time: 17:21
Member (2004)
German to English
Intermediary bank Apr 30, 2006

This is one of my biggest frustrations. I regularly send money between Germany and the UK. Neither my German bank nor my British one charges me fees but an intermediary bank - Lloyds - does. Apparently my transfer goes from my German bank to Lloyds and from Lloyds to my British one. If the amount transferred is over a certain amount - I think 2 or 3000 euros they take a slice. Neither of my banks will do anything about it and nor will the UK Banking Ombudsman because you can only complain to them about banks for which you are the customer. Drives me nuts!

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Ralf Lemster  Identity Verified
Germany
Local time: 18:21
English to German
+ ...
Detailed payment instructions submitted by your customer Apr 30, 2006

Hi Julie,

My assumption at this point is that I paid fees for CURRENCY CONVERSION although I don't understand why the amount due was transfered to Canadian money BEFORE being sent to Canada. That never occured before. I always received payments in Euros in the past. My bank usually do the conversion (and there is no charge for this in Canada).

Check with your customer:
- Did they submit the payment instruction in euros or Canadian dollars? (If your invoice is in CAD, I would assume that they instruct payment in that currency - obviously, unless they have a CAD account, the conversion would need to take place before transferring the payment.)

- What instructions did they issue regarding the payment of fees?

Best regards,
Ralf


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Julie Larochelle  Identity Verified
Canada
Local time: 12:21
English to French
TOPIC STARTER
Currency on the invoice Apr 30, 2006

Ralf Lemster wrote:

- Did they submit the payment instruction in euros or Canadian dollars? (If your invoice is in CAD, I would assume that they instruct payment in that currency - obviously, unless they have a CAD account, the conversion would need to take place before transferring the payment.)


The invoice was in Euros and I can see on the summary of the transaction that my customer did pay in Euros before that fee was applied (in Euros) and the remaining amount was transferred into CAD. My bank then received the CAD amount and applied the usual receiving fee (which is really minor).

At first, I was also thinking it might be an intermediary bank but when I got the document from my bank describing the transaction in details, what I couldn't explain was why this amount was converted by somebody other than my own bank (which doesn't charge any fee for this).

Thanks to all for your help.


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Russell Gillis  Identity Verified
Local time: 10:21
Spanish to English
Definitely an intermediary bank May 1, 2006

This happens to me every time I receive money from Spain. Unfortunately, it always has to go through an intermediary (Chase I think), and $10.00 are deducted. The $30.00 definitely sounds excessive, but I am sure that is what is happening.

Also remember that banks will also give you an exchange rate that is below the market rate, so between the intermediary fees and exchange rate loss, you probably end up losing a bit of money.

Unfortunately, that is the price of doing business through bank transfers. There is not much you can do, and it probably wouldn't be fair to ask the client to cover this, as their bank didn't charge that amount.

Sorry to break the bad news...

Russell


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