The charges applying to international transfers comprise a processing charge and the exchange rate difference.
Whenever you enter international payment instructions in Touch, an estimate of the charges will always be displayed to give you an idea of how much it will cost you.
The processing charge
You can choose from three options:
- Principal pays the costs (OUR): you pay all the charges applying to the transaction, i.e. those levied by KBC and by the beneficiary's bank.
- Shared costs (SHA): Each party pays their own charges, i.e. you pay KBC's charges and the beneficiary pays their bank's charges.
- Beneficiary pays the costs (BEN): the beneficiary pays all the charges i.e. those levied by KBC and by the beneficiary's bank.
Watch out with payments in US dollars. These always go through the US. Many US banks do not comply with the OUR option (whereby the principal pays all the charges) and consequently payments will be converted to the SHA system with shared charges. This means that the payee shares in the charges. In such situations, the payee will not receive the full amount of the transfer, even if the principal chooses the OUR charges option.
The exchange rate difference
The actual rates at which you buy foreign currencies in KBC Touch may be slightly different than the official rates due to the fact that exchange rates constantly fluctuate. Rates are adjusted every hour at KBC, but deviations are always possible.