Who pays for the fees on a wire transfer?

[Phoenix]

I was just wondering. I've always paid the fees/ charges (both sender's and recipient''s) when I send a wire to a vendor. But it seems that that is not the norm.

What about transactions on Preloved? Who bears the charges?

 

[Gypsy]

Pre-loved I don't know. But if I was the seller, then I'd assume the buyer would. As for the vendors, I've always paid the fee myself.

 

[Phoenix]

Pre-loved I don't know. But if I was the seller, then I'd assume the buyer would. As for the vendors, I've always paid the fee myself.

Gypsy, do you mean BOTH the sender's and recipient's fees?

 

[CharmyPoo]

I don't think it is normal to pay the recipient's fees for a wire. I rarely do wire transfers but I honestly only remember covering my own fees as the sender and never the recipient's fees (meaning they will get less in their pocket upon receipt). How would you even know what the fees are on the recipient's side as that is determined by their bank?

For a private seller, it is a different story and transaction fees should be discussed in advance. I.e. do you pay the recipient's wire fees, do you pay their paypal fees, etc.

 

[chrono]

When dealing with a vendor, I've always paid the sender's fee only. If I am a private seller, I would make it clear that I would not cover the sender's fee.

 

[Dancing Fire]

My credit union does not charge a fee for wire transfer within the U.S.

 

[smitcompton]

Hi,

I don't understand why the recipient would be charged a fee. The transfer just comes in as a deposit to a bank account. I know of no bank that charges to take your money. I'm like DF--my bank doesn't charge wire transfers either way. If your bank charges you a fee to transfer, thats on you.

Annette

I'm wondering if added fees are assessed, if it could be that these transfers are international. If I have purchased an item overseas and put it on my credit card, a small additional charge gets tacked on to my bill. Thats quite the usual for my CC company to do that.
Are there any money exchange rates that might come into play?

 

[KristyDarling]

I'm not aware of a fee on the recipient's end. When I'm buying from a vendor, I pay the sender's fee and that's it.

 

[arkieb1]

There is often a fee at the other end as well when I have done wire transfers, particularly to US banks. So I pay fees at my end and negotiate if we know the bank at the other end is going to charge a fee for doing a International transfer and it also depends on the amount. One of the more recent wire payments I made to another P/S member for a preloved item, I had a US bank that was being used as an Intermediary bank for a lady in Hong Kong and in this case I paid fees in Australia and both the US bank and the bank in Hong Kong charged fees so it ended up being an over the top amount in fees and charges, and I paid the fees because I didn't realise there would be that amount of fees as opposed to using Paypal, if I had known I would have used Paypal.

 

[Gypsy]

Pre-loved I don't know. But if I was the seller, then I'd assume the buyer would. As for the vendors, I've always paid the fee myself.

Gypsy, do you mean BOTH the sender's and recipient's fees?

No. I don't think so. I haven't done it too often. But I'm pretty sure I've only paid MY fees as the sender.

 

[WinkHPD]

I can not speak for other vendors, only for myself. I am charged a fee of $13 for every transfer that I receive.

I pay that.

Some of my clients are charged to send the wire and some are not. Those that are pay those.

Some banks, (name of bank redacted) for example, will often charge their client a fee to send the money and then after doing so charge another fee that is taken from the amount that is received by my bank who then charges me $13. I end up getting $20 - $25 less than I am supposed to get because of this "hidden" fee. If it is a one time thing I will usually eat that. If it is someone who is sending me money regularly I ask that they speak with their bank about the "hidden fee" and the extra fee suddenly stops. (Please hear the contempt for sleazy hidden fees by banks!)

When dealing with large amounts, I am not comfortable taking a credit card or a PayPal payment due to the problems with fraudulent payments that can be retracted after the item is delivered. With a wire transfer, once that money is in my account it is mine to keep or refund and not subject to the types of fraud perpetrated with stolen credit cards.

If you are the buyer though, you need to be very sure of the reputation of the person you are sending the money to, as you can not call the bank and have it refunded if you are not happy with the purchase.

Wink

 

[Phoenix]

Thank you, everyone, for your responding.

I didn't realise that US banks don't charge the recipient a fee. Here, in Singapore, all wire transfers - whether within SG or internationally - attract both a sender's fee and a recipient's fee (though the latter is usually not quantified until after the wire has been received). It makes sense that the sender absorbs sender's fee. It's usually negotiable/ agreed upfront who absorbs the recipient's fee. I just wasn't sure what was "protocol" re recipient's fee for wires sent in/ to the US.

Your replies have clarified matters for me. Thx again.

 

[Phoenix]

Hi,

I don't understand why the recipient would be charged a fee. The transfer just comes in as a deposit to a bank account. I know of no bank that charges to take your money. I'm like DF--my bank doesn't charge wire transfers either way. If your bank charges you a fee to transfer, thats on you.

Annette

I'm wondering if added fees are assessed, if it could be that these transfers are international. If I have purchased an item overseas and put it on my credit card, a small additional charge gets tacked on to my bill. Thats quite the usual for my CC company to do that.
Are there any money exchange rates that might come into play?

I think the fees are exactly that, at least partially, to cover the spread.

 

[arkieb1]

I don't think that is true. I pay an exchange rate fee in Australia (which varies each day and they always give you a much lower rate than the actual real rate just to rip us off more) + I pay a fee for the wire transfer to an Aussie bank or company. Then some banks, (not all) but a lot of them now in the US charge the vendor (companies and private individuals) a fee to put the money from an International source into their bank. This last amount which can be a shock to some vendors is the part that can cause the arguments. It is usually around $25.00 to the US, but I have had ones as high as $60.00 to $85.00 when a US bank is being used as an Intermediary bank to somewhere else (like an Asian or African country).

 

[mochiko42]

I don't think that is true. I pay an exchange rate fee in Australia (which varies each day and they always give you a much lower rate than the actual real rate just to rip us off more) + I pay a fee for the wire transfer to an Aussie bank or company. Then some banks, (not all) but a lot of them now in the US charge the vendor (companies and private individuals) a fee to put the money from an International source into their bank. This last amount which can be a shock to some vendors is the part that can cause the arguments. It is usually around $25.00 to the US, but I have had ones as high as $60.00 to $85.00 when a US bank is being used as an Intermediary bank to somewhere else (like an Asian or African country).

That's my experience for sending money from Hong Kong to the US, too. Both parties get charged a fee and you get a crummy exchange rate to boot.