KBC incoming US charge?

WLad · 24-02-2021 11:51pm #1

Hi, does anybody know how much it costs to receive a USD transfer to a KBC current account? Can't seem to find it on their site at all. The amount will be between 2 and 3 k.

Henry Ford III · 25-02-2021 12:31am

Ring them and ask.

WLad · 25-02-2021 12:43am

Ah wow. Never thought of that, so silly. I'll just do that at 12pm at night. Thought maybe someone on here would know, hence asking. Thanks for the reply.

Jim2007 · 25-02-2021 12:57am

WLad wrote: »

Ah wow. Never thought of that, so silly. I'll just do that at 12pm at night. Thought maybe someone on here would know, hence asking. Thanks for the reply.

They probably won’t be able to tell you with much accuracy. Many US banks depend on intermediary banks to process international transactions and some of them take a slice as it goes through the systems.

beachhead · 25-02-2021 1:13am

WLad wrote: »

Hi, does anybody know how much it costs to receive a USD transfer to a KBC current account? Can't seem to find it on their site at all. The amount will be between 2 and 3 k.

For the exchange rate you could try oanda.com-click on currency converter.It shows commercial rates.Fairly accurate but "tourist rate"(the rate you'll get)is about 10% less.for instance if euro to dollar is e1 to $1.30 you'll get $1.17.Then substract KBCs charges.Oanda are good for all the most traded currencies,also useful for those curencies that are restriced.

WLad · 25-02-2021 1:18am

Thanks for the replies. Yeah it's mostly the actual charge kbc put on me I'm afraid of. I know say for AIB it's nominal but I've heard some banks it can be a lot.

JTMan · 25-02-2021 7:46am

WLad wrote: »

Hi, does anybody know how much it costs to receive a USD transfer to a KBC current account? Can't seem to find it on their site at all. The amount will be between 2 and 3 k.

You will almost certainly get ripped off with the FX margin.

Suggest you use other options such as Revolut.

Bobeagleburger · 25-02-2021 7:47am

Use Revolut

G_R · 25-02-2021 9:28pm

KBC don't deal in foreign currencies, if you send a non euro payment to a KBC account it will be returned. If you get the US bank to convert to euro and send they will accept the income SWIFT payment with no charge, but the US bank will likely charge you a fortune to do that.

As others have suggested, your best bet is using something like revolut or transfer wise. Shop around and see where you get the best rate. If its a small amount and the charges are negligible then it may just be easier to get the US bank to send as euro.

WLad · 26-02-2021 1:41am

G_R wrote: »

KBC don't deal in foreign currencies, if you send a non euro payment to a KBC account it will be returned. If you get the US bank to convert to euro and send they will accept the income SWIFT payment with no charge, but the US bank will likely charge you a fortune to do that.

As others have suggested, your best bet is using something like revolut or transfer wise. Shop around and see where you get the best rate. If its a small amount and the charges are negligible then it may just be easier to get the US bank to send as euro.

It will be about 3k I reckon. I've been told that the US firm will convert to EUR if I want but it will cost me hundreds as its a terrible rate. I'll need to look into Revolut charges so, or possibly transfer to a family member's AIB.

G_R · 26-02-2021 4:34pm

WLad wrote: »

It will be about 3k I reckon. I've been told that the US firm will convert to EUR if I want but it will cost me hundreds as its a terrible rate. I'll need to look into Revolut charges so, or possibly transfer to a family member's AIB.

Revolut is free charge wise, but they will apply a small FX margin. Likely the best price you will get to be honest

Darc19 · 27-02-2021 3:52pm

beachhead wrote: »

For the exchange rate you could try oanda.com-click on currency converter.It shows commercial rates.Fairly accurate but "tourist rate"(the rate you'll get)is about 10% less.for instance if euro to dollar is e1 to $1.30 you'll get $1.17.Then substract KBCs charges.Oanda are good for all the most traded currencies,also useful for those curencies that are restriced.

That's the type of rate you get in airports.

Bank to bank transfer would never be near this level. Even cash exchange in a bank would be 3% max.

Bank to bank is probably $1.23 / €1 and possibly up to 1.5% commission.

Or simply, every $1250 will give you approx €1,000

deravarra · 02-03-2021 1:09am

WLad wrote: »

Hi, does anybody know how much it costs to receive a USD transfer to a KBC current account? Can't seem to find it on their site at all. The amount will be between 2 and 3 k.

Did you not ask anyone at work? We're all getting that transfer around the same time

I also am with KBC, and their foreign exchange rate is horrendous. Not many of the irish banks do anything decent in terms of foreign exchange.

Revolut, N26, Transferwise are all good options. FTR, I am using Revolut this time round. Most of us in my department are using Revolut. Just a slight extra on top of interbank rates. Nothing near what you would lose with one of the mainstream banks.

WLad · 02-03-2021 11:30am

deravarra wrote: »

Did you not ask anyone at work? We're all getting that transfer around the same time

I also am with KBC, and their foreign exchange rate is horrendous. Not many of the irish banks do anything decent in terms of foreign exchange.

Revolut, N26, Transferwise are all good options. FTR, I am using Revolut this time round. Most of us in my department are using Revolut. Just a slight extra on top of interbank rates. Nothing near what you would lose with one of the mainstream banks.

Not sure what you mean about work. This is a once off transfer not related to work.

I will be looking at using Revolut though. Just hope the company sending the money doesn't have an issue sending to a non-Irish account.

deravarra · 02-03-2021 3:56pm

WLad wrote: »

Not sure what you mean about work. This is a once off transfer not related to work.

I will be looking at using Revolut though. Just hope the company sending the money doesn't have an issue sending to a non-Irish account.

Apologies for the assumption.

The company sending shouldn't have an issue. It's going from one bank to another, and is an international EFT. Same rules apply for both

steamsey · 02-03-2021 4:08pm

Currrency fair works well and FX rates are as good as I have found. Send USD to curr fair, they'll convert to EUR and fire it over to your KBC. Takes about a week start to finish, sometimes 4 days. Might not be worth it if only doing it once but I would not let the banks determine the FX - you'll get shafted

deravarra · 06-03-2021 3:19pm

Just wondering, how did you fare out with this?

WLad · 06-03-2021 3:30pm

deravarra wrote: »

Just wondering, how did you fare out with this?

It hasn't come through yet, I think it's going to be another month or so but I've given my Revolut account number so we'll see.

Thanks for all the advice, I'll post here once I see what I lost in the transfer ha.

daheff · 06-03-2021 4:36pm

WLad wrote: »

Thanks for the replies. Yeah it's mostly the actual charge kbc put on me I'm afraid of. I know say for AIB it's nominal but I've heard some banks it can be a lot.

depending on how the money is routed, you could pay up to 200 EUR out of the money as fees.

I'd certainly hope not though.....more likely ~50-75 eur

WLad wrote: »

It hasn't come through yet, I think it's going to be another month or so but I've given my Revolut account number so we'll see.

Thanks for all the advice, I'll post here once I see what I lost in the transfer ha.

one good thing about this delay is the USD/EUR rate has moved into your favour.

deravarra · 06-03-2021 7:04pm

WLad wrote: »

It hasn't come through yet, I think it's going to be another month or so but I've given my Revolut account number so we'll see.

Thanks for all the advice, I'll post here once I see what I lost in the transfer ha.

Did a recent transfer from the US to my revolut. Thought it was lost. Had been looking at the Euro wallet, and it came into my USD wallet

How much did the transaction cost? €47
I got an exchange rate valuing the euro at $1.20

WLad · 06-03-2021 8:27pm

deravarra wrote: »

Did a recent transfer from the US to my revolut. Thought it was lost. Had been looking at the Euro wallet, and it came into my USD wallet

How much did the transaction cost? €47
I got an exchange rate valuing the euro at $1.20

Where did the 47 charge come from? I read that Revolut only charge 3 euro per transaction depending on your plan and then 0.1 percent for any other transfers.

KBC incoming US charge?

Comments