Transfer order fee
Transfers are transactions whereby you order your bank to send money from your account to another person’s account in the same or a different bank.
The bank may charge you a fee for this service, which is usually a percentage of the amount of the transfer, with a minimum amount per transaction.
- Example: fee of 0.4% and a minimum amount of €6.
Amount of the transfer: €1,500
1,200 x 0.004 = €4.8 and, as this amount is less than the minimum amount established, the bank would charge the minimum, i.e. €6.
Amount of the transfer: €5.000
5,000 x 0.004 = €20, in this case the bank would charge you €20.
The transfer costs can be paid in full by the person ordering the transfer (“OUR clause”), by the beneficiary (“BEN clause”) or shared between the two (“SHA clause”).
If you are in a hurry, you can make an instant or immediate transfer, in which the funds are received in the credited account within a maximum of 20 seconds and which can be made 24 hours a day, every day of the year. In these cases, banks charge a fee for providing this service, which is usually a fixed amount.
What requirements must be met in order to charge this fee?
- The fees charged by banks are unrestricted, except in cases where they are limited by law. In the case of transfers executed in the SEPA area, the regulations establish that the charges will be shared (SHA).
- In order for the bank to be able to charge this fee, you must be previously informed of its conditions and you must expressly or tacitly accept them.