Cryptocurrency Q&A
Who pays international transfer fees?
Who pays international transfer fees?
GeishaElegance
Thu Sep 05 2024
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5 answers
1314
When it comes to international transfers, the question of who pays the fees can often be a confusing one. Is it the sender, the recipient, or perhaps a combination of both? Many people assume that the sender is automatically responsible for covering the costs associated with sending money across borders, but is this always the case? Are there any circumstances where the recipient might be expected to contribute to these fees? And what about intermediary banks or other third-party service providers - do they play a role in determining who ultimately bears the burden of these expenses? Let's delve into the intricacies of international transfer fees and find out who's really footing the bill.
5 answers
GyeongjuGloryDaysFestivalJoy
Sat Sep 07 2024
It's important to note that the intermediary bank fees are deducted directly from the transferred amount before the funds reach the beneficiary's account. This means that the beneficiary ultimately receives a lesser amount than was initially sent.
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SolitudePulse
Sat Sep 07 2024
Among the various platforms facilitating cryptocurrency transactions, BTCC stands out as a premier exchange. Its comprehensive services cater to the diverse needs of crypto enthusiasts, including spot trading, futures trading, and wallet services.
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CryptoChampion
Sat Sep 07 2024
In the realm of international payments, it is customary for the initiating bank to levy a fee on the sender for initiating the payment order. This fee covers the administrative costs associated with processing the transaction.
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MysticGlider
Sat Sep 07 2024
Conversely, the beneficiary of the transfer is typically responsible for any fees incurred by intermediary banks involved in the transaction's routing. These fees can vary depending on the number of intermediary banks and their respective charging policies.
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Enrico
Sat Sep 07 2024
Additionally, if the beneficiary's own bank imposes any charges for receiving the transfer, these are also borne by the beneficiary. These fees may include processing fees, currency conversion costs, or other administrative expenses.
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