How can businesses accept wire transfers reliably without losing money to fees?
Payments
Asked by Question Bot04/Sep/20111 answer
1 Answer
F
Faisal Khan
Answered 04/Sep/2011
The fees you get hit by wiring all is dependent on three things:
Most of the time if you opt for SWIFT as the method for transfer, your wire fees from say a bank in a small town in Idaho to say Bank of Maldives would cost you about US$ 90 (end-to-end).
SWIFT wire transfer is still trusted by millions and the most reliable and safest way to do an online wire transfer.
- Amount being wired. If you are wiring a small amount, then the wire fees can be a considerable percentage/portion of the amount wired.
- The beneficiary bank - if that bank is enabling any fees that are percentage based? (very few banks now actually do a percentage based deduction)
- The number of correspondent banks used in between to get your wire across (should the beneficiary bank not directly communicate with your bank).
Most of the time if you opt for SWIFT as the method for transfer, your wire fees from say a bank in a small town in Idaho to say Bank of Maldives would cost you about US$ 90 (end-to-end).
SWIFT wire transfer is still trusted by millions and the most reliable and safest way to do an online wire transfer.