Cross-border bank transfers and cheques: who pays what?
Thread poster: cailin
cailin
German to English
+ ...
Jan 14, 2003

Well, that\'s my question - who should pay what when a cross-border transfer is being made from an agency to a freelance translator?



I\'m asking this question as someone who both receives and makes these payments so I can understand both sides, but I\'m not sure if there is any \"correct\" solution.



Should fees be split and each party pays his own bank fees or should the agency pay 151 Euro if that\'s what the invoice says and not 151 minus 15 or 20 euros?? Is it fair to expect a translator to pay up to 15 euros to receive payment and then again is it fair to expect an agency to pay anywhere between 30 and 40 euros on top of the original invoice??



Also, when I\'m making out a cheque to pay \"foreign\" co-translators, should I add a few extra euros so that the translator receives the amount they invoiced or is it normal that the recipient loses out to a certain proportion too?



I know some people advise sending various invoices together, but what happens in one-off cases?



Is there an easy solution??


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Daina Jauntirans  Identity Verified
Local time: 16:11
German to English
+ ...
No easy solution Jan 14, 2003

I personally think each side should pay their own business expenses, but that\'s not actually how it works out for me. I don\'t think there\'s an easy solution. Some (esp. large) customers have their system set up so that their bank fees get taken out of my invoice amount. I also get charged by my bank for receiving electronic payments, so this really gets me. I\'m still trying to work out the best way to deal with this - maybe open an Internet bank account with a German bank or something like that. I\'m not sure how the fee structure works there.

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Ralf Lemster  Identity Verified
Germany
Local time: 23:11
English to German
+ ...
Each side should bear its costs Jan 14, 2003

I think it\'s fair that each side should bear its costs, since that is what\'s under your control: you can influence the amount of fees you pay by choosing a particular way of payment, or a specific bank, but how are you supposed to control the fees paid (or not paid?) by a client or freelancer?

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Domenica Grangiotti  Identity Verified
Local time: 23:11
English to Italian
+ ...
Cheques vs. wire transfers Jan 17, 2003

I recently discussed the issue with my bank and this is what I understood:



- If the sum you are going to receive is not large (let\'s say up to 200 Euro, to give you an idea), then it is better to ask to be paid by cheque: commissions to your bank are not going to be too high (2 Euro seems fair!). On the contrary, since it is very expensive for an agency to orgazise a wire tranfer (35 USD from the US, so I was told), it seems really UNfair (at least to me) to add this cost on top of a small invoice. You on the contrary would bear no costs, if they are paid when the wire transfer is issued.

We must trust the post service, though.

- If the sum is larger, then I definitely prefer to receive a wire transfer and it is fair to ask the agency to bear the cost.

Please remember you always lose something when currency is different from your country\'s (your bank will certainly apply a \"safe\" - for them - exchange rate!!).



I hope I was clear enough.

Have a good day.

Domenica


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Claudia Iglesias  Identity Verified
Chile
Local time: 18:11
Member (2002)
Spanish to French
+ ...
I'm dissappointed with the EURO Jan 17, 2003

\"one currency for Europe\" is the slogan.



In fact...

I\'ve got an account in France, and for a small job of 40 euros payed with a Spanish check, I lost 17. I understand banks have charges and fees, but for now, the lesson I get is not to work for small jobs.

Sharing the costs would seem fair to me, but you have to get the client convinced of that too.

The solution I\'d expect and wish is no fees for money transfers inside EU. And then their slogan would mean what it means.


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xxxfrenchengl
French to English
I have an account in France. one in Germany and another in Spain Jan 17, 2003

Quote:


On 2003-01-17 12:31, c.iglesias wrote:

\"one currency for Europe\" is the slogan.



In fact...

I\'ve got an account in France, and for a small job of 40 euros payed with a Spanish check, I lost 17. I understand banks have charges and fees, but for now, the lesson I get is not to work for small jobs.

Sharing the costs would seem fair to me, but you have to get the client convinced of that too.

The solution I\'d expect and wish is no fees for money transfers inside EU. And then their slogan would mean what it means.





And the fee is 5,34 euro for each check, please do not say 17 euros it is impossible even if you receve the money in USD.

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Florence B  Identity Verified
France
Local time: 23:11
Member (2002)
English to French
+ ...
It depends on the banks Jan 17, 2003

Mine takes €11.50 (including 8 for the Bank of France) + a percentage (2% I think). I think the issuer pays something as well, but I never dared asking..

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Nikki Scott-Despaigne  Identity Verified
Local time: 23:11
French to English
Each to his own Jan 18, 2003

I agree with Ralf. Claudia\'s comments are also valid.



Vive l\'euro? Not so sure. It\'s actually cheaper for me to receive money from Swiss clients and UK clients than from countries which are in the euro zone! WOrk that one out if you can.



Each paying his own charges is the only realistic way of doing it. I have just two accounts - one personal a/c with one bank in France and one business a/c with another bank in France. There are incredible differences between banks too. I\'ve had clients pay m from Swiss and New Zealand accounts where no fee has been charged at all, and others from the bank across the road which will cost me a few euros.



Electronic transfers are expensive - I have yet to understand why. If this is the way we are supposed to go (facility, security, speed) then why does it take a long time and why does it cost so much?



Cheques are even worse. Whatever the amount here, with one of my banks, paying in a non-French cheque will cost me a minimum of 50 €. At that rate, crediting money to my account would end up making me lose money.



This may sound silly, but those who worry about globalisation need not lose sleep over it yet. I prefer to have my clients in France - and Switzerland. True to form, my Swiss clients have always been excellent payers. No quibbling over price, pay on time. Organised and polite. A pleasure to work with. Yes, I work WITH the Swiss not \"FOR\" them. Appreciable.


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Ralf Lemster  Identity Verified
Germany
Local time: 23:11
English to German
+ ...
Don't confuse the government with the banks Jan 19, 2003

Quote:


On 2003-01-17 12:31, c.iglesias wrote:

\"one currency for Europe\" is the slogan.



That\'s what the European Union and the ECB would push - but please don\'t forget that they do not have control over private sector enterprises such as banks.



Quote:


In fact...

I\'ve got an account in France, and for a small job of 40 euros payed with a Spanish check, I lost 17. I understand banks have charges and fees, but for now, the lesson I get is not to work for small jobs.



To me, the lesson would be to change your bank... Alternatively, if you have a constant stream of jobs coming from one particular market, open an account with an online bank there.



Quote:


Sharing the costs would seem fair to me, but you have to get the client convinced of that too.

The solution I\'d expect and wish is no fees for money transfers inside EU. And then their slogan would mean what it means.



Once again, whose slogan? I agree that most of the fees for intra-EU payments are rather sizeable, but how you want to establish a free service is something I find hard to imagine. We don\'t work for free - neither do banks. If you find the fees you pay are too high - find another bank; there\'s more than enough competition in this sector.

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Claudia Iglesias  Identity Verified
Chile
Local time: 18:11
Member (2002)
Spanish to French
+ ...
Can you help me, Ralph ? Jan 19, 2003

Quote:


To me, the lesson would be to change your bank... Alternatively, if you have a constant stream of jobs coming from one particular market, open an account with an online bank there.





I\'d really like to open an account in Spain. Do you know if such a service exists over there?

Thanks





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xxxfrenchengl
French to English
you are right Ralf banks on line are cheaper. Jan 19, 2003

Quote:


On 2003-01-19 22:05, Lemster wrote:

Quote:


On 2003-01-17 12:31, c.iglesias wrote:

\"one currency for Europe\" is the slogan.



That\'s what the European Union and the ECB would push - but please don\'t forget that they do not have control over private sector enterprises such as banks.



Quote:


In fact...

I\'ve got an account in France, and for a small job of 40 euros payed with a Spanish check, I lost 17. I understand banks have charges and fees, but for now, the lesson I get is not to work for small jobs.



To me, the lesson would be to change your bank... Alternatively, if you have a constant stream of jobs coming from one particular market, open an account with an online bank there.



Quote:


Sharing the costs would seem fair to me, but you have to get the client convinced of that too.

The solution I\'d expect and wish is no fees for money transfers inside EU. And then their slogan would mean what it means.



Once again, whose slogan? I agree that most of the fees for intra-EU payments are rather sizeable, but how you want to establish a free service is something I find hard to imagine. We don\'t work for free - neither do banks. If you find the fees you pay are too high - find another bank; there\'s more than enough competition in this sector.



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Ralf Lemster  Identity Verified
Germany
Local time: 23:11
English to German
+ ...
Not directly, I'm afraid... Jan 19, 2003

Quote:


I\'d really like to open an account in Spain. Do you know if such a service exists over there?



Pretty sure there is, but since I don\'t have any business in that market, I wouldn\'t know where to turn to. That said, I\'m sure you\'ll get some pointers from members in the Spanish forum. Alternatively, touch base with one of the Spanish moderators (I\'ve dropped a note regarding this thread in the mods\' forum).



The only thing I can add from personal experience is that Citibank is pretty much everywhere - check www.citigroup.com/citigroup/global/esp.htm; also, they have rather favourable terms for transfers between accounts held with Citibank branches/subsidiaries in different countries.

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cailin
German to English
+ ...
TOPIC STARTER
Patagon - online banking Jan 20, 2003

Hi Claudia,



This is one online bank that I can think of off the top of my head (www.patagon.es). You will be able to find more yourself (very easily too by doing a search in yahoo.es/com or google. I searched using \"banca/o online/en línea\" and came up with some interesting links.



Further links that may be of interest for anyone who\'s thinking of opening an account: (available in Spanish)

\"Como escoger un banco\" http://www.newyork.bbb.org/en_espanol/pub/banco.html



and a list of online banks (Spain):

http://buscador.terra.com.uy/regiones/paises/espana/economia_y_negocios/finanzas/bancos/



Suerte


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