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Transferring money from Greece to Germany
Thread poster: Denyce Seow

Denyce Seow  Identity Verified
Singapore
Local time: 15:11
Member (2004)
Chinese to English
Jan 26, 2007

Hi,

I always thought it is free of charge to transfer money between EU countries, and today my Greek client told me she has to pay EUR 50. Therefore, we decided to use Western Union. I wonder if there are other cheaper ways to do this.

Denyce


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erika rubinstein  Identity Verified
Local time: 09:11
Member (2011)
English to Russian
+ ...
It can not be. It is free of charge. Jan 26, 2007

See another disscusion below.

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Ralf Lemster  Identity Verified
Germany
Local time: 09:11
English to German
+ ...
Not necessarily Jan 26, 2007

It's a common misconception that standard cross-border euro transfers are free by definition.

The applicable EU directive says that the fees for standard cross-border transfers (up to a certain limit) mustn't be higher than the fees for a domestic transfer. Although that means they're free in numerous countries, that isn't true for all countries within the EU.

See the FAQ published by the EU in this context.

Best regards,
Ralf


[Edited at 2007-01-26 12:23]


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Angeliki Papadopoulou  Identity Verified
Greece
Local time: 10:11
English to Greek
+ ...
The way I understand it... Jan 26, 2007

...is that they are free in the sense that you can make them without anyone saying that it is forbidden, but you have to pay bank charges, which often amount to 50 euro, although, I must say 50 is kinda pricey!

... my tuppence worth (free of charge...)

Regards
Lina


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Sergei Tumanov  Identity Verified
Local time: 10:11
English to Russian
+ ...
moneybookers could be a solution Jan 26, 2007

in case your client and you have moneybookers accounts it would help to reach such level of expense:

a customer makes payment to you - 0.50 euro
you receive the payment for free
you withdraw moneybookers funds to usual bank account - 1.80 euro.

Total international payment will cost 2.30 euro only. And it's practically instant.

You have possibility to collect small payments (about 10-20 euro only) on your moneybookers account and withdraw one big amount to make bigger saving.

[Edited at 2007-01-26 13:47]

[Edited at 2007-01-26 13:47]


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Dr. Derk von Moock
Greece
Local time: 10:11
Member
Greek to German
+ ...
bank charges of which Bank? Jan 26, 2007

Because I am working in Greece i am very much interested in the Name of the banking Institute you are talking about (If you dont want to tell it onboard, you could send me an PM). In Greece there ist an ample range of institutes and lots of rates. My banking fees have never been higer than 5 €, but of course I dont know what they are going to do, if the amount is a rerally high one.

With regard

Derk


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Denyce Seow  Identity Verified
Singapore
Local time: 15:11
Member (2004)
Chinese to English
TOPIC STARTER
Paypal and Moneybookers Jan 26, 2007

Sergei Tumanov wrote:

in case your client and you have moneybookers accounts it would help to reach such level of expense:



My client does not have Paypal and Moneybookers.


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Parrot  Identity Verified
Spain
Local time: 09:11
Member (2002)
Spanish to English
+ ...
I thought so too Jan 26, 2007

Ralf Lemster wrote:

The applicable EU directive says that the fees for standard cross-border transfers (up to a certain limit) mustn't be higher than the fees for a domestic transfer.


So this news about Greece surprised me.

I can remember when banks in Spain were hitting us for something like 12 euro, but the directive hit THEM...


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Sergei Tumanov  Identity Verified
Local time: 10:11
English to Russian
+ ...
that's a pity Jan 26, 2007

Denyce Seow wrote:
...
My client does not have Paypal and Moneybookers.


I see two possibilities here:

Either to convince the person to open an account with moneybookers (it's free and takes approximately 10 minutes for opening and 1-2 days to verify a bank account);

or

to find some colleague in Greece who has an account with Moneybookers. Your client will be able to pay to your colleague's account, who in due turn will remit moneybookers fund to you...

+
I have no paypal myself (it doesn't work in Estonia) but my clients sucsessfully send small paypal payment to one of my colleagues living in Germany. The system never failed!


[Edited at 2007-01-26 15:28]


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Ralf Lemster  Identity Verified
Germany
Local time: 09:11
English to German
+ ...
Various possible reasons Jan 26, 2007

Hi Ceci,
Parrot wrote:

Ralf Lemster wrote:

The applicable EU directive says that the fees for standard cross-border transfers (up to a certain limit) mustn't be higher than the fees for a domestic transfer.


So this news about Greece surprised me.


This may be due to several factors, including
- failure to provide IBAN & BIC;
- failure to choose the right fee option (SHARE);
- inability to use electronic banking.

You'd be surprised how many business owners within the EU have no idea about the requirements...

Cheers, Ralf


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Irene Schlotter, Dipl.-Übers.
Spain
Local time: 09:11
English to German
+ ...
IBAN, SWIFT and/or BIC are the key here Jan 28, 2007

Hello Ceci,

I used to live in Germany, receiving transfers from Britain and the USA which were always linked to substantial fees. A few years ago, I moved to Spain, and with me my accounts. So then, my regular customers from Germany asked me to refund the transfer fees which sometimes were as high as 60 euros. This, however, was in 'olden times' before the euro.

Ever since the euro I pay a small sum (I do not even remember the exact amount) when transferring money to Germany or other EU countries. When receiving, I do not pay at all.

Most important here is that you indicate the IBAN number and the SWIFT and/or BIC codes. The IBAN number is a codified sequence of numbers that uniquely identifies the account. SWIFT and BIC represent abbreviated codes for the target bank of the recipient. Now, according to quite recent laws, banks may not charge you more for a cross-border money transfer between EU countries - but only, if IBAN and SWIFT and/or BIC codes are indicated. If they are not, they take that as en excuse to make you pay dearly for what they say "manual verification".

Now, if the person to receive the transferred money says no such numbers exist for his/her account and/or bank, that is not true. I have had experiences myself with banks in Germany that are quite reluctant to facilitate you those details but as of now every account has a unique IBAN. The Sparkasse, for example, now prints the IBAN and everything else on the bank account statements. Most banks can also be contacted via email even though they will only resolve issues between the account owner and the bank, not between the bank and third parties.

You will have to ask your client to get those codes. If he/she is unwilling to do that, you should point out that this way the money arrives much faster (which is true).

Good luck!

Irene


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Sergei Tumanov  Identity Verified
Local time: 10:11
English to Russian
+ ...
it costs anyway! Jan 29, 2007

I have made a cross-border remittance from Finland to UK today.
I had all iban codes and bank details at hand.

Bank charged 26.75 euro for the whole transaction. I made my choice to pay all charges myself.

conclusion - even IBAN codes do not help so much.

Needless to say that I always use moneybookers wherever possible.

clipping from the screenshot:

Photobucket - Video and Image Hosting

I could imagine what would be the cost of the urgent transfer!

[Edited at 2007-01-29 15:54]


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Ralf Lemster  Identity Verified
Germany
Local time: 09:11
English to German
+ ...
Wrong payment instruction Jan 30, 2007

Hi Sergei,

Bank charged 26.75 euro for the whole transaction. I made my choice to pay all charges myself.

conclusion - even IBAN codes do not help so much.



The problem is the payment instruction - standard euro transfers must be instructed using SHARE (= each side bears their costs).

Best regards,
Ralf


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Sergei Tumanov  Identity Verified
Local time: 10:11
English to Russian
+ ...
good point Jan 30, 2007

Yes, I know that this very instruction is not usual.

However I did it for purpose.
One more thing, when I receive usual payment to my account I am usually charge something around 6 euro.
I understand that this time I took these 6 euro on my expense...

So, I would pay normal 20 myself, and 6 would be charged to the receiver.

[Edited at 2007-01-30 19:37]


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Ralf Lemster  Identity Verified
Germany
Local time: 09:11
English to German
+ ...
More than that... Jan 31, 2007

Sergei Tumanov wrote:

Yes, I know that this very instruction is not usual.

However I did it for purpose.
One more thing, when I receive usual payment to my account I am usually charge something around 6 euro.
I understand that this time I took these 6 euro on my expense...

So, I would pay normal 20 myself, and 6 would be charged to the receiver.

[Edited at 2007-01-30 19:37]


I would expect you to pay less than EUR 20: thing is, by using "OUR" as an instruction, you gave your bank leeway to charge a higher rate for a (non-standard) international transfer.

Best, Ralf


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