Types of Transfer Fees
Sending Fees
The fee your bank charges to initiate and process the transfer. Usually a flat fee or percentage.
Receiving Fees
The fee charged by the recipient's bank for crediting the funds. Often deducted from the amount.
Correspondent Fees
Fees charged by intermediary banks in the SWIFT network. Can be $10-30 per bank involved.
Exchange Rate Margin
Hidden in the exchange rate, typically 1-4% above the mid-market rate. Often the biggest cost.
SEPA Transfer Fees by Bank
| Bank | SEPA Standard | SEPA Instant | Online/App |
|---|---|---|---|
| Deutsche Bank | Free - €1.50 | €0.50 | Free |
| ING | Free | €1.00 | Free |
| BNP Paribas | Free | €0.80 | Free |
| Santander | Free | €1.00 | Free |
| N26 | Free | Free | Free |
| Revolut | Free | Free | Free |
* Fees may vary based on account type and transfer amount. Last updated: 2024.
International Transfer Fees (SWIFT)
| Bank | Outgoing Fee | Incoming Fee | FX Margin |
|---|---|---|---|
| Deutsche Bank | €10 - €35 | €12.50 | ~2.5% |
| HSBC | £9 - £30 | £7 | ~2.0% |
| BNP Paribas | €15 - €40 | €10 | ~2.5% |
| UniCredit | €15 - €45 | €10 | ~3.0% |
| Wise | 0.3% - 2% | Free | ~0.5% |
| Revolut | Free - £5 | Free | 0% - 1% |
Tips to Save on Transfer Fees
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Use SEPA for European transfers
Within Europe, SEPA is almost always cheaper than SWIFT for euro transfers.
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Compare exchange rates
The exchange rate margin is often the biggest hidden cost. Compare rates at xe.com or similar.
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Consider fintech alternatives
Services like Wise, Revolut, and OFX often offer better rates than traditional banks.
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Batch smaller transfers
For regular transfers, batching into larger amounts can reduce per-transfer fees.