| Pages in topic: [1 2] > | IBAN, BIC: Euro Payment in Canada or US Thread poster: 00000000 (X)
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00000000 (X)
English to French
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Hi --
A European company wants to pay me by bank transfer. Has anybody in Canada or the US had experience with that kind of payment?
What I'm trying to know is what typical bank fees are in order to choose whether to use a Canadian or a US account.
Thanks!
Esther
[Edited at 2004-09-27 15:54]
| | | | Parrot 
Spain
Local time: 14:14
Spanish to English
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| International Banking Account Number | Sep 27, 2004 |
and Bank Identification Code (a.k.a. SWIFT).
| | | | Ralf Lemster
Germany
Local time: 14:14
English to German
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Hi Esther,
P.S. What do IBAN and BIC stand for?
International Bank Account Number
SWIFT Bank Identifier Code
Use the forum search function - both concepts have been discussed in numerous threads; this article from the EU website is also relevant.
HTH, Ralf
| | | | 00000000 (X)
English to French
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TOPIC STARTER
Ralf Lemster wrote:
Hi Esther,
P.S. What do IBAN and BIC stand for?
International Bank Account Number
SWIFT Bank Identifier Code
Use the forum search function - both concepts have been discussed in numerous threads; this article from the EU website is also relevant.
HTH, Ralf
Thank you, Ralf. What I'm interested in is to hear from people based in North America about their personal experience. I hadn't realized the little P.S. would become the focus of my post.
Best,
Esther
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| Ugh, ask your banks | Sep 27, 2004 |
Hi Esther,
I've had annoying problems with this. You will probably have to contact your banks directly. I'm guessing that your Canadian bank might be "nicer" to you... I think it would be typical for your American bank to charge you up to USD 25 or 30 for a transfer. Grr! I have a Canadian client that also wanted to pay me by bank transfer, so perhaps they are more used to it.
Otherwise, you might be able to get the European client to write you a check, but it usually t... See more Hi Esther,
I've had annoying problems with this. You will probably have to contact your banks directly. I'm guessing that your Canadian bank might be "nicer" to you... I think it would be typical for your American bank to charge you up to USD 25 or 30 for a transfer. Grr! I have a Canadian client that also wanted to pay me by bank transfer, so perhaps they are more used to it.
Otherwise, you might be able to get the European client to write you a check, but it usually takes a long time and there are still fees for cashing those in the US, too.
Carley ▲ Collapse
| | | | sarahl (X)
Local time: 05:14
English to French
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| My experience | Sep 27, 2004 |
Sad news, Esther
My American bank never heard of IBAN or BIC, and I'm pretty
sure Canadian banks are the same way.
I think BIC is different from swift, in that it's an
electronic transfer when swift is manual and takes much
longer because of all the controls etc.
Also, a swift code is all letters, when a BIC is all numbers.
Good luck!
Sarah
| | | | 00000000 (X)
English to French
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TOPIC STARTER | Canadian Money Transfer | Sep 27, 2004 |
Carley Hydusik wrote:
Hi Esther,
I've had annoying problems with this. You will probably have to contact your banks directly. I'm guessing that your Canadian bank might be "nicer" to you... I think it would be typical for your American bank to charge you up to USD 25 or 30 for a transfer. Grr! I have a Canadian client that also wanted to pay me by bank transfer, so perhaps they are more used to it.
Otherwise, you might be able to get the European client to write you a check, but it usually takes a long time and there are still fees for cashing those in the US, too.
Carley
In Canada, money transfers by email cost something like $1.50, with no fees for the recipient. That's from a Canadian bank. I don't know about international transfers.
My Canadian bank (RBC) doesn't charge anything for cashing foreign checks. My U.S. bank asks $25 to $40 depending on the country.
Different strokes for different folks... U.S. customers get expensive strokes from the banks.
| | | | Ralf Lemster
Germany
Local time: 14:14
English to German
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Sorry, Esther, I know this is (slightly) OT again, but...
Sad news, Esther
My American bank never heard of IBAN or BIC, and I'm pretty
sure Canadian banks are the same way.
Not surprising, as IBAN is predominantly used in Europe to date.
I think BIC is different from swift, in that it's an
electronic transfer when swift is manual and takes much
longer because of all the controls etc.
Also, a swift code is all letters, when a BIC is all numbers.
Sorry, but both statements are wrong.
The BIC is the identifier code used to identify banks and their main branches within the SWIFT network. All SWIFT transfers are electronic (that's the main purpose why the network was created...), and although many BICs contain only letters, they can contain numbers as well. The BIC is the SWIFT code - see the BIC Online Directory for details.
Best regards, Ralf
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Hello, there,
I am in Canada and my bank is RBC as well.
For the USD bank transfer from Europe they will charge 10 USD no matter what the amount is - it's my personal recent experience.
Yes, you will need to ask for a SWIFT code at your branch and the exact branch name and address (it's good to have, anyway).
I believe with Euro transfer your bank will consider using your CAD account and you will get the CAD equivalent minus a fee (the branch will be able to... See more Hello, there,
I am in Canada and my bank is RBC as well.
For the USD bank transfer from Europe they will charge 10 USD no matter what the amount is - it's my personal recent experience.
Yes, you will need to ask for a SWIFT code at your branch and the exact branch name and address (it's good to have, anyway).
I believe with Euro transfer your bank will consider using your CAD account and you will get the CAD equivalent minus a fee (the branch will be able to tell you the eaxct amount of fee beforehand).
Hope it will help,
V. ▲ Collapse
| | | | NancyLynn
Canada
Local time: 08:14
French to English
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MODERATOR
Hi Esther,
Like Sarah, I encountered a brick wall of ignorance when I approached my bank: We don`t have one, I was told.
I thought it was because I live in the country and deal with a bank more used to dairy farmers and tractor dealerships than international transactions.
Well, we finally got it sorted out, and I receive regular wire transfers from various countries, but they do cost 10 CAD.
Better than PayPal, though; when I tried to transfer my PayP... See more Hi Esther,
Like Sarah, I encountered a brick wall of ignorance when I approached my bank: We don`t have one, I was told.
I thought it was because I live in the country and deal with a bank more used to dairy farmers and tractor dealerships than international transactions.
Well, we finally got it sorted out, and I receive regular wire transfers from various countries, but they do cost 10 CAD.
Better than PayPal, though; when I tried to transfer my PayPal balance to my bank account, as advertised, I used the same numbers my European agencies use to deliver the money, but PayPal claims I made a mistake in inputting this data (yeah, right!) and as a result, my funds could not be transferred to my bank account. They then dinged me 30 bucks!
Nancy ▲ Collapse
| | | | 00000000 (X)
English to French
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TOPIC STARTER
I thank you all, particularly Vlad and Nancy. I've emailed the RBC to find out how to get an IBAN and BIC. If there's anything of interest in their response, I'll post it.
Best,
Esther
| | | | sarahl (X)
Local time: 05:14
English to French
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| how about a check in USD? | Sep 28, 2004 |
Foreign banks can issue checks and cashier checks in other
currencies. I remember receiving checks in French Francs from
clients in the Netherlands and Sweden. They didn't charge me
a cent for bank charges either, they just sent me a check in French Francs in the mail.
Worth exploring.
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00000000 (X)
English to French
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TOPIC STARTER
sarahl wrote:
Foreign banks can issue checks and cashier checks in other
currencies. I remember receiving checks in French Francs from
clients in the Netherlands and Sweden. They didn't charge me
a cent for bank charges either, they just sent me a check in French Francs in the mail.
Worth exploring.
Thanks, Sarah, but if I'm going through this it's because checks are ruled out, be they in euros or dollars.
Buona notte, bella!
| | | | Heinrich Pesch
Finland
Local time: 15:14
Member (2003)
Finnish to German
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| Try to get an account in the Euro-zone | Sep 28, 2004 |
It should be possible for you to set up a personal account in one of the Euro-states (EU except UK, Sweden, Danmark). Than you can collect your fees there and transfer them once in a while to your home account etc.
Non-Euro-countries can not use the system. What people tell me is that the North-American bank system is technically about 20 years behind our's. But if you find a bank that charges reasonably low rates that will do. Wish you luck.
| | | | | Your bank has these numbers | Sep 28, 2004 |
I've had to do a number of transfers to and from the US. Your bank has the numbers, particularly if it's a larger bank. whether or not an individual teller will know them is much more questionable. Get in contact with the bank's managers, or for big banks, their national 1-800 number. Oh yes, and ask for the SWIFT code, not BIC, at least for US banks.
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