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Why was something deducted from my incoming payment?
Thread poster: 1605
1605
Local time: 01:21
Japanese to Chinese
+ ...
Apr 3, 2006

Hi, friends:
I am from China. My client from Israel sent $188.8, and he also paid bank transfer fee $18 to his bank. But I only received $156.8, and I could not receive the missing $32.

My bank told me what received is only $156.8, and the bank does not need any fee in receiving the money.

But my client and his bank vice president insisted that my bank has taken the money. The client told me "He demonstrated to me that further deductions are made by your bank. All bank has its own rules, and I am sorry to tell you that your bank is not different from other banks in the world, and work for money, demanding payment for given services."


But I have received many tranfers from other countries, such as USA, India, Russia, Korea and I can receive enouh payment from all these tranfers.

Do any of you have such experience? Can you explain what happen to my payment?
Thank you very much.

[Subject edited by staff or moderator 2006-04-03 11:30]


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Trevor Butcher
Local time: 19:21
English
paperwork Apr 3, 2006

Just a couple of questions spring to mind.

What have you got in the way of receipt for the job? Was the money sent straight from the company to your bank, or are there any other agencies involved?


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Parrot  Identity Verified
Spain
Local time: 19:21
Member (2002)
Spanish to English
+ ...
Was it a direct bank-to-bank transaction? Apr 3, 2006

I've had some bad experiences in charity/NGO donations. Sometimes a third bank has to be involved, so that even if I pay transfer fees the end receiver gets less.

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Bilore  Identity Verified
France
Local time: 19:21
English to French
+ ...
the same happened to me Apr 3, 2006

1605 wrote:


Do any of you have such experience? Can you explain what happen to my payment?
Thank you very much.

[Subject edited by staff or moderator 2006-04-03 11:30]


I also have a client in Israel who used bank transfer to pay me (in France). He paid a fee to his bank to send the transfer and I also paid a fee to my bank (31 euros) to receive it. Most bak here have very high fees to cash foreign transfers and cheques.

Bank transfers are free for me only within the euro zone. When I have to be paid from other countries, I ask for a cheque, it takes longer but I've found a bank which takes about 8 euros (vs. 16 in my usual bank) to cash foreign cheques. I usually ask the client to pay the extra fee and I pay for the exchange fee so it is cheaper for both of us.

Maybe you should ask several banks about their fees to cash money coming from different countries and then choose the best one.

Regards


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1605
Local time: 01:21
Japanese to Chinese
+ ...
TOPIC STARTER
Thank you for your message Apr 3, 2006

According to my knowledge and my experience, China bank does not need any fee in receiving foreign transfers, if for cheques, my bank needs USD 3.8 (Chinese dollars 30). Perhaps in most countries fee for receiving foreign money is necessary, but our bank does not want this. I guess it is by a third bank, is it true?
zheng


Christine Biloré wrote:

1605 wrote:


Do any of you have such experience? Can you explain what happen to my payment?
Thank you very much.

[Subject edited by staff or moderator 2006-04-03 11:30]


I also have a client in Israel who used bank transfer to pay me (in France). He paid a fee to his bank to send the transfer and I also paid a fee to my bank (31 euros) to receive it. Most bak here have very high fees to cash foreign transfers and cheques.

Bank transfers are free for me only within the euro zone. When I have to be paid from other countries, I ask for a cheque, it takes longer but I've found a bank which takes about 8 euros (vs. 16 in my usual bank) to cash foreign cheques. I usually ask the client to pay the extra fee and I pay for the exchange fee so it is cheaper for both of us.

Maybe you should ask several banks about their fees to cash money coming from different countries and then choose the best one.

Regards


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Roman Bulkiewicz  Identity Verified
Ukraine
Local time: 20:21
Member (2004)
English to Ukrainian
+ ...
inermediary bank Apr 3, 2006

I usually have the same situation when a client from Europe or Asia, or even Canada, sends me a transfer in US dollars. In such cases a US bank is involved, which deducts its own fee. The sender has an option to state in his payment order that any intermediary's fee should be deducted from their account.

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Anil Goyal  Identity Verified
India
Local time: 22:51
English to Hindi
+ ...
Intermediate bank Apr 3, 2006

Hi,

Yes, the deductions are made by intermediate bank(s) and more the number of banks, in between yours and client's more will be the deduction.

Best way, that works in India, is to have your account in a reputed international bank, for example, Citibank. This will reduce the number of intermediate banks and hence their processing fees.

Anil Goyal


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The LT>EN Guy  Identity Verified
United Kingdom
Member (2007)
Lithuanian to English
Correspondent bank Apr 3, 2006

I believe that's the technical term for middle-man banks. It wouldn't be surprising at all that there are no direct banking links between Israel and China, so several correspondent banks might be involved.

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Scott Li  Identity Verified
Hong Kong
Local time: 01:21
Member (2005)
Chinese to English
+ ...
moneybookers.com Apr 4, 2006

too many banks are involved in international money transfers and banks are greedy nowadays. Try to use services from moneybookers.com instead, it is amazing.

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1605
Local time: 01:21
Japanese to Chinese
+ ...
TOPIC STARTER
Thank you Koarolis Apr 4, 2006

I agree with your suggestion, there no direct bank relation between China and Israel. That is the reason. The money is drawn by the immediatary bank. But Israel bank should let his customer know about this. The money is deducted by the third bank.
zheng

Karolis Butkevicius wrote:

I believe that's the technical term for middle-man banks. It wouldn't be surprising at all that there are no direct banking links between Israel and China, so several correspondent banks might be involved.


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