When making a international transaction with a regular bank, there is the option which of the involved parties should be charged for the incurring fees.
With bunq, there is no such option. They will charge the recepient by default. Resulting in a shortage in the paid amount.
Example.
Pay an in voice of US based supplier to US bank account.
Invoice amount 25.000 USD
To keep it simple, we assume transaction costs are the same accros both bunq and 'other bank' of 50 USD
Transaction with bunq:
Receipient will get: 24.950 USD.
The counterparty is dissatisfied, because the invoice is not fully paid because of the fees incurred with the transaction. It looks bad on me as the sending party, they got the impression I try to cheapskate them. Bunq has no option to select the landing of transaction costs.
Resolution: Make a second payment, for the shortage of 50 USD. But again, we will be charged with international transaction costs. Guess, how much the costs will be. It is better to overpay the invoice, and have recepeint use it as a downpayment.
Regular bank:
Recepient will get: 25.000 USD
Supplier is happy, invoice is paid in full. By default the charges for the international transaction are charged by the sender. So in my account there is an additional transaction of 50 usd.
Everybody is happy, the transaction went smoothly. Counterparty relation is ok, as the ful amount is paid in one transaction.
Suggested improvement for bunq:
- Change the default behaviour of international costs like traditional banks.
- Make it an option to select which party should be charged for the costs involved with the transaction.
