Costs of GLOBAL TRANSFER

The given times apply to transfers ordered before 13:30, which is the limit time for currency transfers. A transfer ordered after this time will reach the beneficiary one working day later. All times are for business days. The above transfer times refer to the west and the Middle East. Transfers to Asia due to the time shift reach at least one day later than indicated in the table. The time of execution of the EUR transfer in the express option is 15 minutes to 2 hours, provided that the beneficiary's bank participates in the quick EUR transfers system. Most European banks belong to this system.

SHA and OUR

In the SHA option, the cost of the transfer is divided between the sender and the beneficiary. The sender's cost is described in the table above. In the case of SHA transfers, the beneficiary may receive a transfer reduced by the intermediary bank fees. This is most often the case for USD transfers. In addition, the beneficiary's bank may collect the fee for accepting the currency, it depends on the parameters of the recipient's bank account.

In the OUR option, the transfer costs are entirely borne by the sender. There are no costs of intermediary banks, therefore the recipient will receive the entire amount of the transfer. There may only be charges for accepting the currency on the beneficiary's side, depending on the type of his bank account.

EUR transfers

With EUR transfer in the SHA option sent to the countries of the European Payment Area, we can be sure that intermediary banks will not collect any fees. It results from the fact that transfers are made in the SEPA standard (Single Euro Payments Area). However, extremely rarely the recipient may be charged by his bank for receiving the currency. It depends on the parameters of his bank account.

In the case of EUR transfers outside of the European Payments Area, intermediary banks fees ranging from several to several dozen EUR may occur. In addition, the beneficiary's bank may charge him for accepting the currency.

USD, GBP, CHF, SEK, NOK, DKK, CAD, JPY, CZK transfers

USD, GBP, CHF, SEK, NOK, DKK, CAD, JPY and CZK transfers are made based on the SWIFT standard. When making these transfers to countries belonging to the European Payment Area, the costs of intermediary banks can rarely occur. In this case, the fees will not be high (several units of currency).

When sending USD, GBP, CHF, SEK, NOK, DKK, CAD, JPY and CZK transfers outside the European Payments Area, ie to the USA, Asia or South America, there are almost always intermediary bank fees ranging from several to several dozen currency units. The beneficiary will receive an amount reduced by these costs. The recipient of the transfer may be additionally charged by his bank for accepting the currency - depending on the type of account.

For transfers in OUR options USD, GBP, CHF, SEK, NOK, DKK, CAD, JPY and CZK currencies there are no costs of intermediary banks, and the beneficiary should receive the entire transfer amount. However, he may be charged by his bank for receiving the currency, which depends on the parameters of his account.

Recommendations

In conclusion, we recommend that transfers of EUR, USD, GBP, CHF, SEK, NOK, DKK, CAD, JPY and CZK to the countries of the European Payment Area should be performed in the SHA option. The costs of intermediary banks, even if they occur (this is very rare) for USD, GBP, CHF, SEK, NOK, DKK, CAD, JPY and CZK currencies will be significantly lower than the cost difference between the OUR and SHA options. With EUR transfers, these costs do not occur.

Transfers of all currencies (EUR, USD, GBP, CHF, SEK, NOK, DKK, CAD, JPY and CZK) outside the European Payment Area should be ordered in the OUR option, because in most cases there are costs of intermediary banks that can reach even several dozen USD.

In order to be sure that our foreign contractor will receive the full amount for the invoice issued, it is absolutely necessary to use the OUR option.