Bank commission charged for direct DACS payment to EU bank accounts

[shearwater]

Hello all,

 

I write to ask to Alamy colleagues from EU about bank commissions charged in DACS direct claim payments to their EU bank accounts.

 

This year I received my first DACS payment directly claimed by me. On 1st October I received the payment of 35pounds in my spanish bank account. In the transfer detail I can see a charged commission of 25€. So I got only 15€ of a 40€ payment 

 

I asked my bank and they said that they didn’t charged me any commission. They claim the transfer has shared costs and that the commission was collected by an intermediary bank, which seems that did the currency conversion too. They told me to ask the emisor for the MT103 payment document, which is a document that should reflect the transfer details with commissions charged from sender to receiver.

All I know is that DACS use HSBC UK Bank for payments.

 

So my question is: Have you got any kind of commission for DACS payment to EU bank accounts? 

Is this normal or may be worth ask DACS?

 

I can say that I have never had any commission applied to any payment from Alamy to the same bank account. Not sure which bank Alamy uses.

 

Looking forward to hear your experiences.

 

Thank you and regards!

 

[Roadrunner]

2 hours ago, meanderingemu said:

 

the issue is not what you pick, it's claiming that there is no fee.  This reminds me of discussions on some forums where people prefer the approach of Micro agencies that don't display how much they pocketed vs Alamy's more explicit method. 

Here is what the issue is now.

[shearwater]

On 16/12/2021 at 19:15, CarloBo said:

You're right UK is still part of SEPA, I don't think it's due to Brexit.  As a rule of thumb, banks that are smaller, don't have multicurrency account, have no branches in the country of receiver...etc need an intermediary bank to facilitate the transfer and they charge up to 100$ each transaction.

The best way to avoid intermediary bank transfer feee is to cut banks out

I think you may be right, an intermediary bank to make the currency conversion and send it to the receiver. What surprises me most is that my bank detailed the fee of the intermediary bank.

My question would be if the DACS payment were only a couple pounds…how much the intermediary bank would have charged? 

I would love to cut out banks. I will ask DACS for another payment method for next year.

Thank you and regards.

Edited December 17, 2021 by shearwater

[biel]

Tell me here any new payment method or DACS people get a lot of request asking the same quiz. Thanks.

[shearwater]

On 09/01/2022 at 19:31, biel said:

Tell me here any new payment method or DACS people get a lot of request asking the same quiz. Thanks.

 

I’ve contacted DACS yesterday requesting alternative payments to international members. They have answered me very kindly:

 

“Your point is valid and I shall look into it as I can appreciate it must be very frustrating to lose such a large proportion of your royalties in bank fees. The next payments will not be made until September so we have time to look into this properly and see if we can come up with a solution that we can integrate into our systems.”

 

So I would encourage you and any other EU and international DACS members to contact them requesting alternative payment methods (Paypal, Payoneer, Skrill,…any others?). The more we are, the more they will look into it.

 

Best regards

[biel]

ok 🙂