Bank Commission On Foreign Transfer - Business

Bank Commission On Foreign Transfer - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Bank Commission On Foreign Transfer (1310 Views)

Bank Commission On Foreign Transfer by felifeli(op): 9:53am On May 25, 2016

Please if I want to transfer $120 abroad, how much can I hope to pay bank for doing the transfer ?

Re: Bank Commission On Foreign Transfer by shocker007(m): 10:08am On May 25, 2016

felifeli:
Please if I want to transfer $120 abroad, how much can I hope to pay bank for doing the transfer ?

Aside 0.5% rate, you also get charged $25 flat swift fee.
That's UBA, and I think many other banks do same.

Why not use other means for your transfer?
Paypal e.t.c

Re: Bank Commission On Foreign Transfer by felifeli(op): 10:13am On May 25, 2016

shocker007:
Aside 0.5% rate, you also get charged $25 flat swift fee.
That's UBA, and I think many other banks do same.

Why not use other means for your transfer?
Paypal e.t.c

Which means I will have to move money into my Paypal account . How? Same as transfer isn't it ?

Re: Bank Commission On Foreign Transfer by shocker007(m): 10:17am On May 25, 2016

felifeli:
Which means I will have to move money into my Paypal account . How? Same as transfer isn't it ?

No, you don't incur any other charges other than the amount sent.
However, for the receivers end, he/she incur charges depending on the paypal country. But for UK, no charges.

Let me know the country you sending to so as to advice you better.

Re: Bank Commission On Foreign Transfer by felifeli(op): 10:26am On May 25, 2016

shocker007:
No, you don't incur any other charges other than the amount sent.
However, for the receivers end, he/she incur charges depending on the paypal country. But for UK, no charges.

Let me know the country you sending to so as to advice you better.

I get what you mean. But if I don't have money in my Paypal account and need to move money into it from Nigeria, the process demands that I also pay bank charges and transfer fees isn't it ?

OK if I am using my visa card how much will be deducted from my account for a $200 payment ? I want to know before I get nasty surprises.

Re: Bank Commission On Foreign Transfer by shocker007(m): 10:38am On May 25, 2016

felifeli:
I get what you mean. But if I don't have money in my Paypal account and need to move money into it from Nigeria, the process demands that I also pay bank charges and transfer fees isn't it ?

OK if I am using my visa card how much will be deducted from my account for a $200 payment ? I want to know before I get nasty surprises.

Depends on the Bank and the type of account you've got.
You only get to pay $200 equivalent in Naira and nothing more.
But for dorm account, Bank like UBA will charge you 2% but not for other banks I know of

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