c u r r e n c y & c h a n gi n g money
The recipient bank requires your bank for a standard EU transfer: Account number Exact designation of account wording Recipient bank Bank indentifier code and/or BIC code Recipient bank’s IBAN (International Bank Account Number) D o m e s t i c Ba n k T r a n s f e r Mind the due date of your payment and the time involved to complete the transfer. Check your account statement to ensure the amount was actually deducted from your account. If you make many, regular transfers, it may be worth examining a different kind of account charging – a flat-rate account containing all entry lines may be less expensive. For individual deductions, the posting line is cheaper for standing and debit orders as for transfers with pay-in slips. Pa y i n g T r a n s f e r F e e s There are various ways to play transfer fees: You assume the fees incurred by your bank. You assume the recipient’s fees as well. In this case, the recipient pays no additional cost. You authorize that the recipient will pay all transfer fees. When deciding, consider a possible contractual rule regarding assuming transfer fees. In general bills can be paid directly as the issuing company. In this case, you must also assume the recipient’s cost. 219