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Bank transfers in the Eurozone
Thread poster: Tim Drayton
Tim Drayton
Tim Drayton  Identity Verified
Cyprus
Local time: 06:51
Turkish to English
+ ...
Jan 18, 2008

Cyprus entered the Eurozone at the beginning of this year. I welcomed this development because I do a lot of business with Eurozone countries. I thought this would mean that I could receive transfers in euros to my bank account in Cyprus at no extra cost. However, I have just received a notification letter from my bank concerning a transfer in euros from a Eurozone country (France) which has been paid into my account and I see they have deducted EUR 1.71 by way of "Cost of Advice" and EUR 4.00 b... See more
Cyprus entered the Eurozone at the beginning of this year. I welcomed this development because I do a lot of business with Eurozone countries. I thought this would mean that I could receive transfers in euros to my bank account in Cyprus at no extra cost. However, I have just received a notification letter from my bank concerning a transfer in euros from a Eurozone country (France) which has been paid into my account and I see they have deducted EUR 1.71 by way of "Cost of Advice" and EUR 4.00 by way of a "Processing Fee". I receive the full amount of bank transfers originating from Cyprus. I thought it wasn't supposed to be this way. Should I be complaining? ▲ Collapse
 
Ralf Lemster
Ralf Lemster  Identity Verified
Germany
Local time: 05:51
English to German
+ ...
Obtain the payment confirmation from the payer Jan 18, 2008

Hi Tim,
The rules for standard eurozone cross-border payments (which must not cost more than a domestic euro transfer) only apply for electronic payments made using IBAN & BIC. Before you file a complaint with your bank, I suggest to obtain a copy of the payment confirmation from the payer (if at all possible). This should allow you to tell if (i) the payment was made electronically, and (ii) IBAN and BIC were used.

HTH, Ralf
 


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Bank transfers in the Eurozone







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