4 ms·

SEPA transfers are free :)

by bouk 6y ago

lumberjack 6y ago
Amounts of 50,000€ are treated differently. Previously this was the maximum amount you could transfer. Now they just convert the transfer to SWIFT or some other protocol and you get charged accordingly.
Tenoke 6y ago
Technically yes but SEPA is not quite so ubiquitous and definitely not so quick. Even within Euope more often then not I just end up paying the fee and doing my international transfers via TransferWise anyway.
- jacquesm 6y ago
  I transfer quite a bit of money to our freelancers all over Europe and SEPA has served us very well, I'd definitely not use a service like TransferWise over regular banks for such payments, and that's besides the ease of integration with our accountants who can now easily match up invoices with payments from the current account.
  - Tenoke 6y ago
    I understand it as a business but sadly banks in e.g. Bulgaria add extra fees on top of SEPA transfers which you can sometimes avoid and sometimes not.
ravingraven 6y ago
They certainly are not. Not between countries (even if they are EU countries and both use the Euro) and not for 1 billion Euros/Dollars. Edit: A lot of people here are saying "I do not pay for it so it is free". Just because you don't pay does not mean it is free for everyone. The law just states that fees must be the same for domestic and EU transfers, not that the transfer is free and, there are countless examples of regions where there are no banks that charge nothing (especially regions where a lot of intra-EU immigrants come from).
- theelous3 6y ago
  They certainly are, just not for 1b.
  - ravingraven 6y ago
    Transfer 10 Euro to Greece and let me know how much of it will actually get there.
    - pjc50 6y ago
      From a Euro bank account all 10 euro should arrive.
      - ravingraven 6y ago
        They do not, around 7 Euro will arrive (depending on your bank, but all Greek banks charge a fee). I am a Greek expat in Germany, I do those kinds of transactions very often.
- rsynnott 6y ago
  > Not between countries (even if they are EU countries and both use the Euro) If your bank is charging differently for transfers to euro denominated accounts in other countries, complain to the regulator. This isn't allowed.
  - ravingraven 6y ago
    A) Not charging differently does not mean it is free (which was the original argument). B) The "target" bank can still charge you independently of your bank. E.g. (and I do this kind of transfer very very often so I am 100% sure it is so and I am also 100% sure this is legal): A transfer from Germany to Germany is free. A transfer from Germany to Greece is not as the Greek bank charges a fee.
    - hocuspocus 6y ago
seibelj 6y ago
It is interesting you think that $1 billion could be transferred in that system (pseudo)anonymously, at any time of day or night, for 48 cents... if something that size could be done at all.

SEPA transfers are free :)

by bouk 6y ago

SEPA transfers are free :)

Amounts of 50,000€ are treated differently. Previously this was the maximum amount you could transfer. Now they just convert the transfer to SWIFT or some other protocol and you get charged accordingly.

Tenoke 6y ago

Technically yes but SEPA is not quite so ubiquitous and definitely not so quick. Even within Euope more often then not I just end up paying the fee and doing my international transfers via TransferWise anyway.

jacquesm 6y ago
I transfer quite a bit of money to our freelancers all over Europe and SEPA has served us very well, I'd definitely not use a service like TransferWise over regular banks for such payments, and that's besides the ease of integration with our accountants who can now easily match up invoices with payments from the current account.
- Tenoke 6y ago
  I understand it as a business but sadly banks in e.g. Bulgaria add extra fees on top of SEPA transfers which you can sometimes avoid and sometimes not.

ravingraven 6y ago

They certainly are not. Not between countries (even if they are EU countries and both use the Euro) and not for 1 billion Euros/Dollars. Edit: A lot of people here are saying "I do not pay for it so it is free". Just because you don't pay does not mean it is free for everyone. The law just states that fees must be the same for domestic and EU transfers, not that the transfer is free and, there are countless examples of regions where there are no banks that charge nothing (especially regions where a lot of intra-EU immigrants come from).

theelous3 6y ago
They certainly are, just not for 1b.
- ravingraven 6y ago
  Transfer 10 Euro to Greece and let me know how much of it will actually get there.
  - pjc50 6y ago
    From a Euro bank account all 10 euro should arrive.
    - ravingraven 6y ago
      They do not, around 7 Euro will arrive (depending on your bank, but all Greek banks charge a fee). I am a Greek expat in Germany, I do those kinds of transactions very often.
rsynnott 6y ago
> Not between countries (even if they are EU countries and both use the Euro) If your bank is charging differently for transfers to euro denominated accounts in other countries, complain to the regulator. This isn't allowed.
- ravingraven 6y ago
  A) Not charging differently does not mean it is free (which was the original argument). B) The "target" bank can still charge you independently of your bank. E.g. (and I do this kind of transfer very very often so I am 100% sure it is so and I am also 100% sure this is legal): A transfer from Germany to Germany is free. A transfer from Germany to Greece is not as the Greek bank charges a fee.
  - hocuspocus 6y ago

seibelj 6y ago

It is interesting you think that $1 billion could be transferred in that system (pseudo)anonymously, at any time of day or night, for 48 cents... if something that size could be done at all.