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In the EU country where I'm from, you do pay a percentage fee each time you make a transfer to an account from a different bank.
by scribu 10y ago
In the EU country where I'm from, you do pay a percentage fee each time you make a transfer to an account from a different bank.
- otheotheothe 10y agoWhere is that? SEPA room? In germany all SEPA transfers are free
- _pmf_ 10y agoThat's wrong.
- geff82 10y agoIt's not. Should I send you my business contract with a German bank?
- icebraining 10y ago"All transfer are free for my particular contract with a specific bank" is not the same as "In Germany all SEPA transfers are free". I don't pay for SEPA transfers either. But they're not all free in my country.
- _pmf_ 10y agoQuoting the SEPA-Wikipedia page: "Banks and payment institutions still have the option of charging a credit-transfer fee of their choice for euro transfers if it is charged uniformly to all EEA participants, banks or payment institutions, domestic or foreign." Which my bank does.
- germanier 10y agoCan you do both SEPA transfers and direct debit for free on that business account? If yes, I would be very interested. What's the name of this magical bank and do they take new customers?
- mantas 10y agoLithuanian there. SEPA (both intra-country and SEPA-wide) transfers cost money. FFS, even in-bank transfers cost money. €0.10-0.40, depending on transfer direction, bank and wether done online or in-person. But banks are happy to wave fees if you signup for a discount package (debit card + iban acc + free withdrawal + free transfers) or eligible for premium account for one reason or another.
- germanier 10y agoIn Germany most SEPA transfers from consumer accounts are free (but there are exceptions). Many if not most business accounts charge per transaction.
- Tharkun 10y agoThat's simply not true. SEPA explicitly states that all SEPA transactions should cost the same amount of money. Either your bank is ripping you off, or you're not using SEPA. Clarification: that is to say for the same originating party. Different banks can charge whatever they like, but always the same amount for any SEPA payment, regardless of the target bank.
- icebraining 10y agoWhere does it say that? EC 924/2009 only says that the cost for a cross-border transfer must be the same as a corresponding national transfer, not that it must be a fixed amount. Furthermore, it leaves at the discretion of the national regular what a "corresponding transfer" means.
- shezi 10y agoWhat would be the difference between "the same" and "a fixed amount"? If it is "the same" for all transfers, would that not be a "fixed amount"?
- icebraining 10y agoIt's not the same for all transfers. It's the same for a cross-border transfer as for an equivalent national transfer. Meaning that they can charge a percentage of the transfer, rather than a fixed amount, as long as they charge the same percentage for a national transfer.
- mdekkers 10y agoHey, come and tell my bank in Cyprus. I am getting ripped off for literally hundreds of euros in fees every month on SEPA charges. I actually looked into this when they were finally forced to offer SEPA (still a hidden thing in their online banking) transfers, and I noticed they charge the same as for SWIFT. When I brought it up they said "if you make a big deal about it we will close your account"
- shezi 10y agoAnd that is partially why the thing in the article is so great: simply go to a German bank where there are no SEPA fees in the Euro area and be done with it. Lithuanian banks will realize at some point when their customers flee to other European countries.
- matt4077 10y agothat's already possible (single market etc.). It's just not widely used because people rarely trust banks without a local branch.