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sandydintx · Jul 12, 2006, 01:39 PM

I work for a company that insists on charging our international customers any and all wire transfer fees charged to us. All of my intl customers say this is horrible and no other US company treats them this way. Does anyone have any input, fair trade information, suggested reading or experience with this?

I feel like the fees are part of the cost of doing business but have failed thus far to convince accounting of this.

Anything, anyone can offer would be greatly appreciated

Thanks!

CaptainForest · Jul 12, 2006, 03:01 PM

In the end, what other US companies do is of little consequence.

This is about to company policy.

You could talk to someone at your company who has some power and authority and say that this policy is causing you to lose international customers and create negative reputation for your company.

In which case, the policy might wish to be revisited.

Alexey · Feb 27, 2007, 10:22 AM

Originally Posted by sandydintx

I work for a company that insists on charging our international customers any and all wire transfer fees charged to us. All of my intl customers say this is horrible and no other US company treats them this way. Does anyone have any input, fair trade information, suggested reading or experience with this?

I feel like the fees are part of the cost of doing business but have failed thus far to convince accounting of this.

Anything, anyone can offer would be greatly appreciated

Thanks!!

Sandy,

I have the same issue and agree: it sucks big time.
Now one option would be PayPal and if anybody can give any other options, please make a post; it's unacceptable for people to pay 15$ to receive a transfer.

Thank you

excon · Feb 27, 2007, 11:15 AM

Hello Sandy (you too alex):

If you both work for companies who overcharge their customers, then they're not going to be in business for long. Lots of companies do business wrong - in fact, most of 'em do.

The good news is, there are companies out there who DON'T rip off their customers, so you're customers have a choice. You too, have a choice. You don't have to work for these losers. Better now when YOU choose it, than later when it's chosen for you.

excon

Alexey · Mar 1, 2007, 10:35 AM

Originally Posted by excon

Hello Sandy (you too alex):

If you both work for companies who overcharge their customers, then they're not going to be in business for long. Lots of companies do business wrong - in fact, most of 'em do.

The good news is, there are companies out there who DON'T rip off their customers, so you're customers have a choice. You too, have a choice. You don't have to work for these losers. Better now when YOU choose it, than later when it's chosen for you.

excon

Excon,

Focus... please.. . We are not trying to find a way in life but other payment methods that might not bring fees to our customers.

excon · Mar 1, 2007, 03:38 PM

Originally Posted by Alexey

Excon, Focus.... please... . We are not tring to find a way in life but other payment methods that might not bring fees to our customers.

Originally Posted by sandydintx

All of my intl customers say this is horrible and no other US company treats them this way.

Hello Alexey:

No. You're complaining about the people you work for. If you REALLY had your customers well being in mind, you'd send them to one of the other companies that DON'T rip them off. Sandy knows which ones... She mentioned them.

excon

Alexey · Mar 7, 2007, 07:40 AM

The only thing I'm looking for is a solution. Changing companies is not even close to a solution. Nobody wants to rip off customers, these are not even fees we take, these are bank fees that I would really like to avoid. There are options Like PayPal but unfortunately in my case that is not possible.
If you are facing an issue you need to find a solution not run away from the problem, and blame the system on your way out.

OlleOle · Mar 16, 2008, 02:27 PM

Hello,

I am immegrated from Germany 8 month ago and have the same issue.

To transfer Money from other countries into the USA is no problem: E.g. with moneybookers.com You pay really low fees.

The cheapest way I found out to transfer money into the US is the Citi Bank. They have many branches all over the world. And the fees to transfer money from other countries into the US are ZERO! Also the account management can be free.

I did not find a way to transfer money from the US to other countries for nothing. But the Citi Bank charges only $10 for amounts up to $3000. This fee is only for wire transfers in other countries at the Citi bank ATMs. The Citi Bank is not my favorite bank. Because they have a new management and it need to find ways to make more money. So they increased the fees for all their services in the last time. Also they were cutting down my abilities for online transfers without saying me the reason. So I am not able to make the $6 online transfers to my German account as written in their terms and conditions.

So I hope to find a better way to solve this problem.

Ole

sandydintx · Mar 16, 2008, 02:43 PM

Thank you everyone for your input. Nothing has changed and I still have my customers so guess it is a moot point.

TT123 · Jul 10, 2008, 06:00 AM

I am running into a similar situation. Olleole is correct with CitiBank, they don't charge you any incoming wire transfer fees. The problem I have is that customers many times tend to not pay their outgoing wire transfer fees. Their bank automatically deducts the fees from the payment they made.

From a management point of view, I am one that believes that the customer should pay their own wire transfer fees. If you are someone that makes payments to other countries; most likely you pay the correct amount to the vendor plus the wire transfer fees (ranges from $25~45 depending on the bank).

Furthermore, if a small customer doesn't pay the wire transfer fees on a $500 purchase, your profit can be cut by 30%, that's not good business.

I guess PayPal is a solution but they charge you 4% interest on a transaction. It actually becomes cheaper for the customer to make a wire transfer because they only have to pay a flat fee. But I recommend using a credit card terminal service because you get the money deposited directly into your bank account. With PayPal you have to transfer the money into your bank account manually and that can take as long as 5 business days before you get the money.

The solution that I'm implementing now is to send a disclaimer to all my customers letting them know about our "New Policy" of charging T/T charges. This way, they are notified before hand and there should be no excuses for not paying the amount. The less surprises there are on both sides the more smoother the transaction.

It really is not fair for those honest customers that actually pay the wire transfer fees to let the customers that don't pay the fees get away. In fact, I think it's those companies that don't pay the "small fees" that you should be extra careful with. So you should be firm with companies like that so they don't trample all over you.

finanalyst · Oct 11, 2011, 09:07 AM

I disagree with Olle Ole and TT123. Citibank does charge and they charge heavily on wire transfers and are one of the most expensive banks around regarding service fees. My parents wire me money every month from Europe and I realize every time that citibank withholds a big amount of it. Forcing me now to look for another bank to do business with... maybe Bank of America or Capital One.