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Hidden international transaction fees

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  • 19-09-2013 7:12pm
    #1
    RonanC
    Registered Users Posts: 552 ✭✭✭


    I transferred $100 to a US account last week and incurred an extra charge from BOI of €5 which is fair enough.

    Unbeknownst to me, BOI then send the money to an intermediary bank (JP Morgan) who take another flat fee.

    The receiver got $70 and then was charged $10 by their bank they so ended up with $60 from my payment of ~$110.

    What annoys me the most is that nowhere did BOI tell me about the fee from the intermediary bank.  Three banks have managed to take $50 to handle one transfer of $100.


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    #2
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi RonanC,

    Thanks for getting in touch.

    The only charges from Bank of Ireland, to transfer funds via 365Online to USA, are the €5 charge you mentioned and a 20c current account transaction fee.

    Before customers are asked to confirm an international transfer, there is a message at the bottom of the screen stating the following:

    Foreign banks may deduct charges from the amount sent to the beneficiary. These charges can vary with some having no maximum and are in addition to any Bank of Ireland charges.


    There is also reference to intermediary bank charges in the 365Online FAQ section, which you can view here.

    Thanks
    Tara


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    #3
    RonanC
    Registered Users Posts: 552 ✭✭✭RonanC


    Surely BOI must know exactly how much your intermediary charges are as it makes it impossible to pay exact amounts to beneficiaries in that case?  

    How can I find out if the fees charged are a flat fee or percentage of the transaction?

    Bank of Ireland: Tara wrote: »
    Hi RonanC,

    Thanks for getting in touch.

    The only charges from Bank of Ireland, to transfer funds via 365Online to USA, are the €5 charge you mentioned and a 20c current account transaction fee.

    Before customers are asked to confirm an international transfer, there is a message at the bottom of the screen stating the following:

    Foreign banks may deduct charges from the amount sent to the beneficiary. These charges can vary with some having no maximum and are in addition to any Bank of Ireland charges.


    There is also reference to intermediary bank charges in the 365Online FAQ section, which you can view here.

    Thanks
    Tara


  • Options
    #4
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    RonanC wrote: »
    Surely BOI must know exactly how much your intermediary charges are as it makes it impossible to pay exact amounts to beneficiaries in that case?  

    How can I find out if the fees charged are a flat fee or percentage of the transaction?
    Hi RonanC,

    The intermediary charges are not a Bank of Ireland charge. These are charges applied by an intermediary bank for their role in transmitting the payment on to the foreign bank. As they are not BOI charges and can vary from bank to bank, we are unable to advise in advance what an intermediary charge would be.

    Thanks
    Tara


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