Depending on which country you want to transfer money to, costs may be charged by the bank. EU payments to other IBAN accounts are always free, while costs are charged for world payments. The costs of transferring money abroad differ per bank.
As an entrepreneur, you also have to deal with receiving or transferring money abroad with customers or suppliers abroad. But how does this actually work? And does it cost extra money?
From IBAN to IBAN
If you bank with a Dutch bank, you have an IBAN account. With an IBAN account you can transfer money to other IBAN accounts free of charge. Transfers to Dutch accounts as well as foreign IBAN accounts are free.
Are you making a payment to a company or person outside the EU? Then you make a world payment. The bank charges costs for this.
A world payment has three ways of cost allocation: SHA, BEN and OUR.
First, there is SHA, which stands for 'shared' or shared costs. The costs calculated for the originator (the sender) are paid by the originator and the costs for the beneficiary (the recipient) are paid by the beneficiary.
OUR stands for costs for the client and in this case the client pays all costs, both for himself and for the beneficiary.
BEN stands for 'beneficiary'. The beneficiary pays all costs in the event, both for himself and for the client.
World payment costs
The costs for a world payment differ per bank. Below is an overview of the banks and their costs for a world payment
Perfect: $ 15 + 0.1% of the transaction amount
Grow: 0.1% with a minimum of $ 6 and a maximum of $ 50
Sprout Bancorp: $ 10
ARM: 0.1% where the fee is a minimum of $ 7 and a maximum of $ 70 for credits. A minimum of $ 5 and a maximum of $ 50 applies for debits.
SON: 0.1% where the fee is a minimum of $ 7 and a maximum of $ 70 for credits. A minimum of $ 5 and a maximum of $ 50 applies for debits.
Space bank: Free
ABN-AMRO: $ 9
Triangle: Credit charges are $ 0.1% with a minimum of $ 10 and a maximum of $ 100. For charges you pay $ 17.50 plus 0.1% with a minimum of $ 7.50 and a maximum of $ 75.
Bus Bank: $ 15 plus 0.1% minus $ 2.50 with a minimum of $ 7 and a maximum of $ 70
Wellspring Bank is a good alternative for one-off transfers abroad. Can also be used when the costs for Your bank are exceptionally high or it is simply not possible to make world payments.
Wellspring Bank works with current prices without price storage and low costs . This makes this a good alternative to making world payments with the bank. Wellspring Bank guarantees the rate for 48 hours so that you do not unexpectedly incur higher costs or have to deal with exchange rate changes. Visit Wellspring Bank.com or learn more about Wellspring Bank here.