Bank Charges Help

[Dimi Terleckyj]

Hi all

Can anyone in the US clarify something for me.

I am purchasing some parts from a US supplier and am paying by money transfer and he informs me he will be charged by his bank for receiving the payment.

My bank here in Australia charges fees for me to send the money but I have never heard of a bank charging fees for someone to receive money.

Dimi

 

[Ian Anderson]

Hi Dimi
Yes this happens regularly in business transactions

Ian

 

[Jack]

Pretty standard practice..

 

[Ian Anderson]

If you send a payment in USD from Australia to say China, the American bank through which the money moves will help themselves to a lump as the money moves through their bank.

Something about US banks that makes them think they are entitled to charge, charge, charge.

Ian

 

[Jim Rosenthal]

Not all banks do this, though. It depends on your account relationship with them. My bank (PNC) does not charge me for outgoing domestic wires or incoming domestic. Overseas, they DO charge.

 

[Dimi Terleckyj]

Thanks guys

The problem arises when a supplier in the US states the cost for a product , supplied me with an invoice total which was then sent from Australia via international transfer for the full amount in US dollars.
Then after receipt of the transferred funds complains his bank charged him for receipt of funds and wants me to transfer more funds to cover his charges.

Then no doubt the bank will make further charges and he will want further payment etc, etc ,etc.

Where does it all stop ???????.

Dimi

 

[Ian Anderson]

PayPal or a credit card would be my preferred options

Ian

 

[Malcolm]

When sending money to the US not all US banks receive international payments so it may get routed via another bank on its way. There is a charge for that which you will not get quoted on but will find out when the money arrives!