You transfer money abroad?

Then one has to keep in mind: There are in some cases considerable differences between the offers of the financial institutions? in the procedure and the conditions.


You have to check the total

The destination country and the bank transfer, so that no high fees are incurred or delays and rebookings happen,” says Thomas Mai, financial expert at the Consumer Center Bremen.n the euro area SEPA (Single Euro Payments Area), a uniform, fast, inexpensive procedure for cashless payment transactions has existed since 2014. This means that transfers to EU countries, as well as Iceland, Liechtenstein, Norway, Monaco, Switzerland and San Marino, are processed via the same form with IBAN and BIC account and bank numbers as national money transfers.

Where the money should be transferred is the deciding factor in referrals
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For a SEPA transfer

Sender and recipient must have only one account in one country of the so-called European Economic Area (EEA) and the amount must be expressed in euros. By the way, SEPA transfers should be completed within one day.


The details on the transfer must be correct and complete.

The name and address of the beneficiary, the digits of the IBAN and the BIC code of the recipient bank should be scrutinized several times,” advises consumer advocate Mai. Otherwise, the transfer could come back or incur extra costs at the receiving bank.

Digital SEPA transfers are often free of charge

Thanks to Europe: SEPA transfers today incur significantly lower costs than the traditional foreign remittances to European countries. Because EU law requires the equalization of fees between Member States. However, financial institutions distinguish settlement processes and account models.
Anyone who operates online banking or enters the transfer itself at the bank terminal will usually be spared extra charges. Paper-based bookings that trigger customers at the counter, however, cost. Unless the account already covers that.


Check the terms and conditions of the receiving bank

“In the comfort and premium model, paper bookings are included, with the active account we charge 1.50 euros for paper transfers,” explains Yvonne Heidemann of the Berliner Volksbank, the third largest cooperative bank in this country.