Which bank charges less fees for

Which bank charges less fees for

The international bank transfers They represent one of the most expensive money transfer operations of all. Depending on the amount to be sent, this amount perro amount to several hundred euros, if not more, since the commissions imposed by banks are really high.

And if that was not enough, yesthey smell later between 2 and 5 business days to be credited.However, there are methods to avoid wasting so much money or time along the way and here we are going to tell you how you perro do to send your money abroad cheaply and easily.

How is an international transfer made?

To make a international bank transfer It is necessary to know some information about the recipient of the money, such as full name, country of destination, currency, bank SWIFT/BIC code and bank account number.

He Swift Code either BIC code is an identifier for financial institutions and banks that consists of between 8 and 11 characters.

Then, with all this information we perro go to the bank to make the transfer or the option of making it by phone call or through the mobile phone aplicación.

How much commission do banks charge for international transfers?

To find out how much commission to pay for a international transferFirst you have to know that there are two types of transfers; the SWIFT and the KNOW. The first is the most traditional and widespread to which hundreds of thousands of banks are affiliated around the world for international transfers in different currencies.

The KNOWfor their part, correspond to the Single Payment Area in Euros and includes all member countries of the European Union and it was created in 2008 to facilitate the movement of money among all its member countries. In this case, the regulations establish that banks must treat this type of transfer as national.

Now, to make a SWIFT transfer several expensive commissions will have to be paid. The first is the management commission of the sending bank, then there are the commissions of the intermediary banks and finally those of the destination bank.

To determine who is responsible for the commissions we must determine the shipping method:

• OUR shipping method: the sender is responsible for all expenses.

• SHA sending method: the sender will pay the commissions of his bank and the rest of the commissions will be deducted from the amount sent.

• BEN shipping method: the recipient is responsible for all fees, so all fees are deducted from the amount sent.

The minimum charged by Spanish banks for an international transfer is between €15 and €42 or a percentage of the amount to be sent depending on the modality. Also keep in mind that there is a commission that is applied to the exchange rates.

Yes ok the average exchange rate is regulated by the marketbanks usually vary this rate in their favor and this also affects the amount sent.

Banks that charge less commissions for international transfers in 2023

As we saw previously, the bank fees for transfers international are high regardless of the entity we choose. That is why we present these two alternatives to make international transfers.

Chase, you are freed from commissions.

chase It does not apply transfer commissions for amounts of US$5,000 or more, for cómputos less than that the commission is only US$5. It also has a real-time exchange rate calculator to know exactly how much money is being sent.

Through its Chase Mobile Aplicación Or from its website it allows you to send money to more than 140 countries.

Wise, save money and time

With more than 7 million users who use it to make international transfers, wise has become a excellent option for its low commissions and the real exchange rate. This British company specializing in electronic money management has a 0.05% commission rate, that is, €5 for every €1000 of transfer and a money conversion commission of between 0.35% and 2%.

Consejos to make international transfers

To make international transfers our suggestion is that you avoid the payment methods traditional if you don’t want to waste a lot of money on commissions.

A practical option is Withdraw money from your account and make a deposit in the recipient’s accountin case your bank operates in our country. Although the same process, it costs more time but frees us from commissions.

A second option is have the Bizum applicationthat just by linking it to our bank account, we cánido send money to those who are on our contact list.

But what many people are actually doing is opt for virtual banks; entities like N26 either EVO BankThey do not charge commissions for international transactions and the money arrives instantly.

We hope you liked our article Which bank charges less fees for
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