What can I do if the bank charges fees for the transfer?
When you initiate a wire transfer there could be 3 options:
- Banking fee charged to the client (could be up to EUR 20 for the client – 0 for the benificiary)
- Shared banking fee (between EUR 0.10 and EUR 0.50 for the client – 0 for the beneficiary)
- Banking fee charged to the beneficiary (0 for the clients – could be up to EUR 20 for the beneficiary)
The concerned clients may choose option 1 but should use option 2 (shared banking fee)
As it is a normal SEPA transfer, banks should not charge a fee for it. Alternatively, a free account from Revolut, Bunq, N26 or similar can be used.