Originally Posted by gpmac12
I got a follow-up in writing from my bank.
All they are aware of is that ECARDONE LTD, through JPMorgan Chase Bank sent them 1882 USD for me.
They are not aware of what happened to the missing 28 USD, as it was to be for 1910 USD.
let me explain, how bank wires work. When sending an international bank wire, you can choose between 3 options of who pays the bank fees:
BEN – Beneficiary pays for all bank fees
OUR – Sender pays for all bank fees
SHA – Sender pays for HIS bank’s fees and Benefeciary pay’s for HIS bank's fees (shared).
This is a standard practice and all exchangers send wires with SHA. Some might give you the OUR option but you would have to pay extra money on top of the standard wire fee (personally I don’t know any exchanger that would offer this). We do not offer that option for a simple reason because you can never know the exact cost of the wire untill it is received by the beneficiary. And we can never know, if your bank charges $10 or $20 for incoming fee, and if your bank had to use correspondent banks (just like your bank had to use JP Morgan as a correspondent bank because they do not have a direct connection). It is impossible to determine this extra fee up front. Anyway, we sent the wire with SHA disposition, we paid $20 for our bank’s fees and you paid for your bank’s fees. You can see that your wire had to go through JP Morgan, so if you had a bank account with JP Morgan you would most likely pay no extra $28 (it’s a bigger bank and does not have to use correspondent banks).
We receive hundreds of wires every day, and our bank charges no incoming fees and in 99% of the cases no fees for correspondent banks. It just comes down to a good choice of a bank when receiving international wires.
You are right with one thing. It will be good to put a note on our webpage for users that have little experience with international wires that there may be fees deducted upon receipt of the wire. “Depending on how a bank wire is routed, payments from and to some countries can be charged extra fees by correspondent and/or intermediary banks. The correspondent bank fees may be deducted from the amount received.“
And a note to your suggestion for using the other service – their webpage is not even 3 weeks old, try exchanging $2000 with them and let us know of the outcome.