Personal Finance

Wire Receiving Fee Deducted - Charge to Sender?

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  • Sep 16th, 2014 7:29 pm
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[OP]
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Jun 3, 2006
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Wire Receiving Fee Deducted - Charge to Sender?

This happened twice already, once with ING before Scotia's acquisition, and with Scotiabank.

I'm helping my sister transfer some funds for her investments, and she told me she issued an instruction to the bank in Hong Kong that fees are to be charged to sender, yet both times when I receive it, the bank here charges to my account the fee?
8 replies
Deal Fanatic
Jul 1, 2007
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The bank here doesn't have the ability to charge a bank in Hong Kong for the fee. Most your sister can do is transfer an additional $10 or whatever to cover the fee.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Newbie
Mar 12, 2008
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When the sender pays the fees, the sending bank adds on what they think the fees will be. It's an avg fee. All banks have different fees as to what they charge for incoming wires. And they can not go back and collect more as there was only a set amount sent.
Also, depending on where the funds are coming from and what bank, there may be an intermediary bank which the fundss pass through, and this bank will also take a fee. Hope this helps.
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Nov 23, 2005
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Your bank will always have an incoming wire fee that is normally $15-20. Intermediary fees might also be deducted along the day which you have no control over.
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boyoflondon wrote:
Sep 16th, 2014 12:58 am
Your bank will always have an incoming wire fee that is normally $15-20. Intermediary fees might also be deducted along the day which you have no control over.
Came to say the same. Unless you have a plan that covers it, incoming wires have fees.
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Aug 18, 2008
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Just curious, we can look up the Incoming Wire Fees at our bank easily, but is there any way to know of any Intermediary Fees in between?
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Akitakara wrote:
Sep 16th, 2014 1:14 pm
Just curious, we can look up the Incoming Wire Fees at our bank easily, but is there any way to know of any Intermediary Fees in between?
No way to really find out. Even once your bank receives the money, they won't be able to see who took off how much along the way.
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ToniCipriani wrote:
Sep 15th, 2014 11:14 pm
I'm helping my sister transfer some funds for her investments, and she told me she issued an instruction to the bank in Hong Kong that fees are to be charged to sender, yet both times when I receive it, the bank here charges to my account the fee?
With Scotiabank, receiver always pays a fee - it's in their fee guide. Scotiabank has no way of collecting the fee from the sender - it's a meaningless instruction :(

If you want it for free, you can transfer into an iTrade account, however, it's slightly more complex and error prone than a regular banking account because you have to route the payment to a holding account first.
[OP]
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coolspot wrote:
Sep 16th, 2014 2:08 pm
With Scotiabank, receiver always pays a fee - it's in their fee guide. Scotiabank has no way of collecting the fee from the sender - it's a meaningless instruction :(

If you want it for free, you can transfer into an iTrade account, however, it's slightly more complex and error prone than a regular banking account because you have to route the payment to a holding account first.
Yeah that won't work. I work at an IB so I have brokerage restrictions, I can't have an iTrade account. I'll tell her to stop giving that instruction going forward. She is opening her own account soon though.

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