Bank fees
Thread poster: Mark Hamlen

Mark Hamlen  Identity Verified
France
Local time: 23:44
Member (2010)
French to English
+ ...
Dec 1, 2011

All of my clients are within the EU and the EEC. Bank transfers are free of charge within these areas, so I was suddenly surprised when a UK client suddenly started paying out of their US office, which caused me to be hit with large bank charges (17 euros on each invoice paid). What would you do in this situation?

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Sheila Wilson  Identity Verified
Spain
Local time: 22:44
Member (2007)
English
+ ...
What I would do Dec 1, 2011

I would return the payment, or request compensation if it was automatic and already done. I would remind them that they had agreed to my payment terms and I would re-state them if necessary.

Sheila


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Noni Gilbert
Spain
Local time: 23:44
Member (2007)
Spanish to English
+ ...
In Spain..... Dec 1, 2011

Mark Hamlen wrote:

All of my clients are within the EU and the EEC. Bank transfers are free of charge within these areas,


It has not been my experience that bank fees have been free of charge, but this may be because of currency exchange charges between the UK and Spain.

I shudder to think what the fees are going to be like within a few months anyway - I have just been charged by my local bank for a transfer done (by me) on-line to another account in the same bank. One of my colleagues refers to this bank's new name, since it was taken over by a large entity, with a W. (Off-topic for Spanish readers there).


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Russell Jones  Identity Verified
United Kingdom
Local time: 22:44
Italian to English
Insist Dec 1, 2011

that your fees are net of bank charges.

You are the vendor; set the terms applying to your quotation.


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Anton Konashenok  Identity Verified
Czech Republic
Local time: 23:44
Russian to English
+ ...
Consider changing banks Dec 2, 2011

My old bank charged me 1%, min. €12, max. €60 for incoming non-EU wire transfers. The new one charges a flat fee of €2. It pays to shop around!

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RobinB  Identity Verified
Germany
Local time: 23:44
German to English
Misunderstanding? Dec 2, 2011

Mark Hamlen wrote: All of my clients are within the EU and the EEC. Bank transfers are free of charge within these areas


This isn't quite so straightforward. There are generally bank charges for transfers, though some banks don't charge.

The SEPA (Single European Payments Area) rule is that cross-border transfers **between EUR-denominated accounts** in EU member states should not cost more than domestic transfers between EUR-denominated accounts, whereby this rule applies separately to the arrangements for the payer and the beneficiary. For example, if the payer's bank doesn't charge for EUR domestic transfers, but the beneficiary's bank does, then the payer won't be charged for cross-border payments, but the beneficiary will be charged.

so I was suddenly surprised when a UK client suddenly started paying out of their US office, which caused me to be hit with large bank charges (17 euros on each invoice paid). What would you do in this situation?


That's clearly unacceptable. What do the terms and conditions say? Who is your client (the UK company or the US company)? Note though that, as a rule, transfers from the UK to eurozone countries will only be relatively cheap (or potentially free for the beneficiary) if they're made from a euro-denominated account in the UK.

The standard business practice, incidentally, is for each party to bear its own bank charges.


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