through a wire transfer, the account holder can send funds to another account of another person in the same or a different entity. Banks differentiate between transfers SEPA and international. The first are those implemented within the European Union and nine other countries (Iceland, Liechtenstein, Norway, Monaco, San Marino, Switzerland, Andorra, the United Kingdom and the Vatican City State).
Outside the countries mentioned above, it is considered an international transfer. In this sense, the Bank of Spain explains that if the countries of the originator and beneficiary of the transfer are located in the SEPA area, they must have Same costs as national payments. Furthermore, if it is a correspondent bank, the payer entity must inform its client of the possibility of charging its own expenses.
“In cases of cross-border transfers, times for funds to reach the destination account may increase (particularly if the source or destination is outside the EU),” adds the Trade and Development Bank. It must be borne in mind that regardless of the type of transfer, the entity You may be charged a commission for the transportation service.
Percentage of transfer amount
The Bank of Spain notes that “commissions charged by entities They are freeexcept in cases where they are limited by law.” And it should always be included in the opening contract. In fact, in order for the entity to collect this commission, it must inform you in advance of its terms and you must accept it expressly or implicitly, and in the case of transfers, the facility can To charge the holder a commission for this service, which is usually… Usually a percentage of the transfer amountwith a minimum for each operation.
If you are in a hurry, you can make a Instant or immediate transfer, where funds are received into the credit account in a maximum period of 20 seconds and this can be done 24 hours a day and every day of the year. In these cases, the entities charge a commission for providing this service, which is usually a fixed amount.
Distribution of transportation costs
There are three possibilities for distributing transportation costs. First: The payer is the one who bears the expenses that his entity goes through, and the beneficiary bears those that his entity bears, so that the expenses are shared. Which is what is called Sha condition. Another option is for the payer to pay all transaction costs (Our condition). Finally, the beneficiary may also be responsible for these matters (Bin sentence).
The option will depend on the terms stipulated in each party’s contracts with its banking entities. However, in the case of transfers that are carried out in the Ceiba area, the regulations state that expenses will be shared (SHA).
Irrevocable payment to make the transfer
One of the characteristics of transfers is that they involve an irrevocable payment. That is, the general rule is that no, it cannot be cancelled. “Once we press the button, the money is already out; “So it’s best to review everything well before doing it,” advises BdE. In case of error, indicate as an alternative a second corrective transfer or ask the beneficiary to return and agree to the amount received. If rejected, the owner must go to court to correct the money transfer.
However, for the types of transfers that by their nature are executed some time after they are ordered, there are some entities that, “Very exceptionallyEnable the customer to undo this operation either directly from the Internet Banking application or by contacting their personal manager.
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