The fees for bank transfers to non-European countries can be handled in different ways. The person ordering the transfer has the choice and can specify how the charges for the transaction are to be split.
- OUR: With this option, the sender bears the costs of the transfer himself. In this case, he pays the fees incurred to the recipient bank in advance.
- SHARE: In this case, the fees for the transfer are shared between the recipient and the sender. The sender of the transfer pays the fees charged by his bank, the receiver pays the fees charged by his bank for the transfer. As a rule, this variant is most often chosen for international transfers.
- BEN: In this case, the recipient of the funds pays all fees incurred.
Alternative providers for international transfers
Consumers do not necessarily have to use banks to transfer money abroad. There are several providers on the market that handle the transfer of money to foreign accounts.
Advantages of money transfer service providers
The advantage of these so-called transfer providers is that, depending on the provider, the sender does not necessarily need an account for the transaction, but can also transfer cash. Some money transfer service providers can also transfer the money to their own trust accounts, so that the recipient does not need an account either, but can receive the money directly at a branch of the provider. An enormous advantage of the providers is the speed of the transaction. The money is usually available on the recipient's side within a few minutes.
Security and trust
In principle, the providers can be trusted, but the service providers sometimes charge high fees for their services. For example, up to 15 percent of the money transferred can be retained as a fee for money transfers.
This is how money transfers work
While the bank merely acts as an intermediary between the recipient's and the sender's accounts, money transfer service providers are trustees. The sender gives money to the service provider. The sender deposits the money in his or her own account and pays it back to the recipient elsewhere.
Money transfer providers
- Western Union: With Western Union, consumers can send money almost anywhere in the world. The company has locations all over the world. The provider's services are often used by refugees without an account who send cash to their relatives.
- PayPal: The payment service provider offers its customers the possibility to transfer money for traders in exness zar. However, a prerequisite for using PayPal is an account or a credit card.
- Moneygram: The service provider based in the USA offers, for example, the online sending of money without the need for an account.
- TransferWise: This provider is an online money transfer in the peer-to-peer process, where money is transferred directly from sender to recipient.
Retrieving transfers from abroad
Since the introduction of the SEPA area, banks are no longer obliged to check the transfer details of the senders. Therefore, senders are responsible for the information themselves. However, the introduction of the IBAN has virtually eliminated transfer errors caused by entering incorrect account numbers. This is because the recipient can be clearly identified by this number. An incorrect digit, for example, causes an immediate error message in online transfers.
