Wire Transfer Fee

[Sean_T]

Just wondering for future purchases, who pays for fees incurred on the recipient's end? In this case referring to vendors.
Bear in mind I will be doing international wire transfer into US.

I spoke to JA about this and was told all fees is to be covered by sender, as that is the reason for the wire discount.
Not sure about other vendors though.

 

[tyty333]

It is normal that you, the sender, pays the fee. You are the one who chooses how to pay the vendor and occurs the cost associated with your choice.
To carry your example to extreme, if you take a loan out to pay for the stone, the vendor is not responsible for paying the interest on the loan. That's
all on your end and based on your decision.

I find for smaller items (say less than $1k) its not even worth paying by wire transfer. The cost of the transfer and the discount you're given by the vendor
or sort of a wash so you might as well pay by credit card.

 

[bmfang]

tyty, no real choice for us from NZ or Australia as vendors like WF or BGD only accept payment from international purchasers by wire rather than cc or PayPal.

 

[Crystal_Dreams]

Also from Australia here. I find certain wire companies provide a better exchange rate than what PayPal uses. Of course, you lose te credit card protection aspect of paying that way too... but yes, the buyer always covers fees in my experience.

 

[Wallyhenry]

I'm in Canada but I'm also looking at wire transfers for purchasing from a vendor in the US. One thing I learned in my case is the banks do not offer exchange rates that are as competitive as currency exchange businesses, in my case it made a difference of a few hundred dollars for the stone I was buying (and my stone wasn't that expensive).

Also make sure to ask the banks to provide you a clear break down of the wire transfer fees along with whether they provide a tracing/tracking service. Some of them have hidden communication fees, others charge you a % of the amount being transferred and others charge a fixed fee. Do your research and you'll find yourself saving a few hundred dollars on a simple wire transfer

 

[canuk-gal]

HI:

I dislike wire transfers since our Canadian banks charge a hefty sum for the transfer.

cheers--Sharon

 

[arkieb1]

Another Aussie here - I always pay all the wire fees and charges, and obviously get ripped off on the exchange rate too - but sometimes the vendors have to absorb a fee that ranges from $10US to $40US to change currency from bank to bank at their end or to accept an International transaction. The banks like to make money out of all of us.

 

[Romy]

HI:

I dislike wire transfers since our Canadian banks charge a hefty sum for the transfer.

cheers--Sharon

My Canadian bank told me it's USD20 to do a wire to the US. Did you bank charge you more?

Their foreign exchange rate is not competitive, I agree.

 

[canuk-gal]

My Canadian bank told me it's USD20 to do a wire to the US. Did you bank charge you more?

Their foreign exchange rate is not competitive, I agree.

Yup. 50 bucks.

 

[Shellcm]

I paid BGD using PayPal from Australia it wasn't a huge amount though- possibly they allowed it due to lowered risk?

 

[Wallyhenry]

Yup. 50 bucks.

It depends on the value of the transfer. My bank charges 0.2% of the funds transferred +$10 “communication fee” with a minimum charge of $25 CAD

 

[Sean_T]

I was charged 8NZD for transfer fee incurred on recipient's end so not bad at all. My question is mainly because we wouldn't know how bad the fees are at recipient's end.

 

[WinkHPD]

I find on almost all transfers received by senders in NZ or Australia that an extra $25 is gone from the funds transmitted to me. Probably bank fees for the intermediary bank. We just write it off as a cost of doing business. My bank also charges me another fee to receive the money.

We find the security of the wire well worth the extra fees, and the 5% we offer for wire transfer is well worth the security offered. I never have to worry about the wire being sent by a fraudster, as I would have to do with a credit card.

Wink

 

[Yang Kin]

Just wondering for future purchases, who pays for fees incurred on the recipient's end? In this case referring to vendors.
Bear in mind I will be doing international wire transfer into US.

I spoke to JA about this and was told all fees is to be covered by sender, as that is the reason for the wire discount.
Not sure about other vendors though.

But how can we know how much fee will the bank charge on the recipient's end? Will the salesperson inform?

 

[Crystal_Dreams]

I have only ever paid for the fees for SENDING the money (which I believe is where the majority of the fees are) and not for the vendor receiving it.

Given my bank tries to charge me anywhere from $30-60 to send internationally, I opt to use a wire transfer company which charges a grand total of $5 and offers me a much better rate.

 

[Yang Kin]

I have only ever paid for the fees for SENDING the money (which I believe is where the majority of the fees are) and not for the vendor receiving it.

Given my bank tries to charge me anywhere from $30-60 to send internationally, I opt to use a wire transfer company which charges a grand total of $5 and offers me a much better rate.

Hey, mind sharing which country and which transfer company you use?

 

[Crystal_Dreams]

I live in Australia. I don't think there are any rules against sharing something like this

I have used OrbitRemit in the past for purchases requiring wire payments without any issues. They have (occasionally) been a little slow, but always prompt to respond to my questions when I wanted to see where my transfer was up to. They only wire to a limited number of countries I think, so you would have to see if yours / destination country is on that list.

 

[Yang Kin]

I live in Australia. I don't think there are any rules against sharing something like this

I have used OrbitRemit in the past for purchases requiring wire payments without any issues. They have (occasionally) been a little slow, but always prompt to respond to my questions when I wanted to see where my transfer was up to. They only wire to a limited number of countries I think, so you would have to see if yours / destination country is on that list.

Thanks alot!

 

[natstat]

Hi, another Aussie here. I paid for my WF diamond using my credit card. The 3% wire discount would be lost in fees and crappy fx rates. I also used a credit card where the fx fee is waived.

 

[Yang Kin]

Hi, another Aussie here. I paid for my WF diamond using my credit card. The 3% wire discount would be lost in fees and crappy fx rates. I also used a credit card where the fx fee is waived.

Perhaps you can try OrbitRemit like @Crystal_Dreams mentioned. I used a similar service in Malaysia and the exhange rate and fee is lower than a typical bank.

 

[Sean_T]

I got 0.7228 for nzd to usd through my bank a month ago. Doesn't seem too bad?

 

[Sean_T]

Perhaps you can try OrbitRemit like @Crystal_Dreams mentioned. I used a similar service in Malaysia and the exhange rate and fee is lower than a typical bank.

Hello fellow Malaysian. Hows gst and duty importing jewelry?

 

[Sparkles88]

I live in Australia. I don't think there are any rules against sharing something like this

I have used OrbitRemit in the past for purchases requiring wire payments without any issues. They have (occasionally) been a little slow, but always prompt to respond to my questions when I wanted to see where my transfer was up to. They only wire to a limited number of countries I think, so you would have to see if yours / destination country is on that list.

I've just used OrbitRemit for my IDJ purchase, it's my my first time using OrbitRemit and purchasing from IDJ. I'm nervous but excited!
Thanks for sharing @Crystal_Dreams, I'm from Australia too.

 

[Yang Kin]

Hello fellow Malaysian. Hows gst and duty importing jewelry?

6% GST on the loose diamond price, based on exchange rate provided by the courier (I think). Then 6% GST on the freight charges, and also 6% GST on the insurance amount. Both taxes on freight charger and GST are quite minimal, so don't worry about it.

 

[MarionC]

I use Currencies Direct regularly. They've been great. Recently had to send an international wire from my local bank and paid $50 on my end. Seller may have incurred fees on his end, but I was not responsible for that.

 

[rockysalamander]

But how can we know how much fee will the bank charge on the recipient's end? Will the salesperson inform?

I think you have to sort this out yourself. Unless you are chatting with a bank in another country, most SA and even vendors won't have any idea about fees for transfers.