Wire transfer fees

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Beebo
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Wire transfer fees

Post by Beebo » Tue Jan 09, 2018 6:41 am

I wired some money from Canadia to my Schwab account in the US.
Canadia advised an $18 fee and Schwab advised no fees for inbound wires.
On checking my Schwab account I found $20 less in the transfer.
Has anyone had any experience in Canadia wires and their fees? The Canadia receipt balances what I asked to be transferred so I'm wondering about an intermediary bank of some sort?
I will go in to Canadia later today but just wanted to ask here before I probably face the eternal run-around...
Thanks
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that genius
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Re: Wire transfer fees

Post by that genius » Tue Jan 09, 2018 8:13 am

Phnom Penh Commercial Bank have very low fees if you have an account with them.

If not, around 10%, but it's a sliding scale

Western Union? PayPal?
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Re: Wire transfer fees

Post by pczz » Tue Jan 09, 2018 11:41 am

Beebo wrote:
Tue Jan 09, 2018 6:41 am
I wired some money from Canadia to my Schwab account in the US.
Canadia advised an $18 fee and Schwab advised no fees for inbound wires.
On checking my Schwab account I found $20 less in the transfer.
Has anyone had any experience in Canadia wires and their fees? The Canadia receipt balances what I asked to be transferred so I'm wondering about an intermediary bank of some sort?
I will go in to Canadia later today but just wanted to ask here before I probably face the eternal run-around...
Thanks
Check if it is wire fees or intermediary bank fees. There are usually 3 charges
1) wire fee charged by your bank for sending the money takne at the time you do the wire
2) intermediary bank fee if the money has to go through another bank. Uk this is usually either $25 or $35 and is taken in the middle so you send $100 and only $75 arrives.
3) receiving fees by the bank the money goes to
In general if I send from uk my bank charges nothing, intermediary takes $25 and Canadia takes 1% or $10 whichever is the greater.
certain cards you do not get the intermediary bank fee and/or the wire fee. You have to check your country for best deal.
If you use your debit card in thai banks, some do not charge you ATM fees if you do it at the counter. they will tell you to use ATM but I tell them I already used my limit for the day
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Kammekor
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Re: Wire transfer fees

Post by Kammekor » Tue Jan 09, 2018 12:07 pm

Through SWIFT (which you used) there are three ways of charging you, the way you are charged is coded in the SWIFT transaction. The fact Canadia Bank charged you 18 USD doesn't tell you that much.

SHA (shared costs): both banks (sending and receiving) will charge you, but usually a relatively small amount. Not the full amount will be received though because the receiving bank will charge as well, so not popular for business use where business partners want to receive the full amount without any deductions.

OUR: the bank transferring the money will charge you fully. The receiving bank is not allowed to charge you more - it's something the two banks have to deal with without bothering you. Charges are usually steep, but the full amount is received at the other side. If not, you can reclaim the charges from the receiving bank.

BEN (beneficiary): The full amount is transferred, without any deductions or costs from the bank transferring the money, but all costs are deducted by the receiving party. Costs are usually steep.

The default setting is SHA, so that's most probably what happened in your case. Canadia Bank charged you, and the receiving bank charged you as well. Next time you might want to check what the deductions / costs for OUR or BEN are. Those might be cheaper in some cases, but not on offer with all banks because banks are always afraid they will not get paid for their services.

Beside that some intermediary banks will charge/deduct as well. If there's an intermediary bank in the USA involved then that bank will deduct money if the amount transferred is over 1.000 USD, no matter if you selected OUR, BEN or SHA. Which intermediary bank is used is quite unpredictable, and depends on the contacts / network of the bank you use to transfer the money as well as the destination of your money. If you use a Cambodian bank transferring through an intermediary bank in Hong Kong there will be no deductions 'on the road' according to my experience.
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timmydownawell
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Re: Wire transfer fees

Post by timmydownawell » Tue Jan 09, 2018 2:23 pm

There's always an intermediary bank to/from Cambodia taking a cut.
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Beebo
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Re: Wire transfer fees

Post by Beebo » Wed Jan 10, 2018 12:12 pm

Thanks.
So I spoke to Schwab, there's no fees from their end. I spoke to a surprisingly informative and frank Canadia employee who replied straightaway it was an intermediary fee of $20 and she'd been getting loads of complaints about this. She took me through the process but was unable to say who the bank was. I could have spent another $4 to get some sort of statement but I didn't want to part with any more of my money.
Looking online I see this gets quite a lot of coverage worldwide. Unless you use a specific forex trading house, paypal or something you're going to stung by these fees and basically have no idea how much the fee will be until it hits you.
I used xe a few years ago from Australia to the US, but I don't think Canadia's internet banking system is really set up to handle those sort of transactions yet unfortunately.
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Re: Wire transfer fees

Post by pczz » Wed Jan 10, 2018 11:21 pm

Beebo wrote:
Wed Jan 10, 2018 12:12 pm
Thanks.
So I spoke to Schwab, there's no fees from their end. I spoke to a surprisingly informative and frank Canadia employee who replied straightaway it was an intermediary fee of $20 and she'd been getting loads of complaints about this. She took me through the process but was unable to say who the bank was. I could have spent another $4 to get some sort of statement but I didn't want to part with any more of my money.
Looking online I see this gets quite a lot of coverage worldwide. Unless you use a specific forex trading house, paypal or something you're going to stung by these fees and basically have no idea how much the fee will be until it hits you.
I used xe a few years ago from Australia to the US, but I don't think Canadia's internet banking system is really set up to handle those sort of transactions yet unfortunately.
You can specify the intermediary bank. if you ask Canadia they will give you a list of the intermediary banks they use and if you check with the sending bank they will give you a list as well. Pick an intermediary that is on both banks lists and you will only pay 1 intermediary fee. if you leave it up to the bank you can wind up With 2 fees.
The reason you cannot know in advance what the intermediary bank fee is is because it is not a real fee. What happens is the sending bank has an agreement with the intermediary bank and they agree a fee to cherge the customer which is then split between the 2 banks. This charge can depend on the receiving bank, the amount of the transfer and your status as a customer. You can complain to your sending a bank if the charge is unreasonable. I pay $25 or $35 depending on which uk bank i use but that amount stays the same from $! to $40,000. A $25 fee on a $40,000 transfer is not unreasonable, but on a $200 transfer it would be
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Re: Wire transfer fees

Post by kptic » Thu Jan 11, 2018 2:38 am

Try to transfer it in ETH using blockchain. Western Union once charged me $150 to send 3k to Cambodia, so not the best option.
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bolueeleh
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Re: Wire transfer fees

Post by bolueeleh » Thu Jan 11, 2018 11:06 pm

china stopped buying US treasuries, USD gonna weaken further, better it get changed fast
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Re: Wire transfer fees

Post by pczz » Thu Jan 11, 2018 11:47 pm

bolueeleh wrote:
Thu Jan 11, 2018 11:06 pm
china stopped buying US treasuries, USD gonna weaken further, better it get changed fast
if only it was that simple. At the moment I get 8.755 interest in AMK. If i change my money out of usd i can get bugger all, so unless the USD drops more than 8.75% then no point in selling. Of course Mr T is so nice to china they have every incentive to dry his credit up. Once that white haired buffoon is ejected from the White Houe and/or impeached the dollar will go back up
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