Receiving inheritance from abroad: What you need to know
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
If you need to either send or receive cash from abroad to your ABN AMRO account, it’s a good idea to understand a bit about how international money transfers work. As you’d expect, different types of transfers will take different lengths of time to process - and fees can vary, too. A lot depends on where you’re sending money to, and in what currency. Likely, you could actually save even more money by using a transfer service like Wise. Understanding your options means that you can pick the best service based on your needs.
Please see the Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
A quick example before we get started.
A theoretical online bank transfer sending €1000 from the Netherlands to a pound sterling bank account in the UK.
While the prices between the two may not look too different at first glance, it isn’t just the stated fees you need to pay attention to.
What isn’t often mentioned is that, on average, banks and money transfer providers often mark up an exchange rate by 4-6% to make money on converting your currency. Which means **it’s a good idea to compare the exchange rate you’re offered with an online currency converter to find out how much your international transfer is really costing you.
In addition, nearly all transfers sent internationally are sent via SWIFT. Which means there are likely 1-3 intermediary banks in addition to the recipient bank that may levy fees of their own. Costing you even more.
Provider | Fee | Exchange Rate | Total Cost |
---|---|---|---|
ABN AMRO (Holland) | €9 ¹ | Exchange rate + markup | €9 + exchange rate markup + likely fees from both intermediary and recipient banks |
Wise | €6.02 | The mid-market exchange rate - the same one you find on Google | €6.02 |
Correct at time of writing - 21-Jul-2023
Please see the Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Now that you know a bit more about how much an international transfer really costs, here’s all you need to know about making an international transfer with ABN AMRO - so you can send your money safely and with no unwelcome surprises.
ABN AMRO’s normal international money transfer rates, and the terms attached to a transfer, vary depending on the destination and currency, and the specific account you hold.
Before you start, it’s a good plan to understand the fees involved, as there are various differences based on whether you’re transferring online or in a branch.
ABN AMRO Bank Transaction | Regular Fee |
---|---|
Incoming international transfer | ABN AMRO doesn’t charge for receipt of international transfers made in euros, through the SEPA system. If your money is coming from outside the SEPA area or isn’t in euros, there’s a charge of €9¹ |
Outgoing international transfer | Payments made online in euros to European accounts at SEPA compliant banks are fee free. However, fees might be applied for urgent transfers, or to make your transfer in a branch rather than online.Payments made in a currency other than euros or to any account outside of the SEPA area are charged at €9¹ if processed online, and €11.50 in branch, with additional fees if you need an urgent transfer |
Additional fees may apply¹ | See additional fees section |
Correct at time of writing - 21-Jul-2023
If your transfer is being done in a different currency, it’s not only the flat fees which are important. The amount your recipient will actually get depends also on the exchange rate used - so as a sender, you also need to know if the exchange rate used is fair. ABN AMRO’s terms and conditions clarify:
>The bank exchanges the amount on the instruction date in the case of outgoing payments and on the date on which the bank credits the amount to the account in the case of incoming payments. For this purpose the bank uses the exchange rate which is set by the bank and applies at the time that the bank exchanges the amount.
In general terms, ABN AMRO will be able to tell you the rate applied when you place your transfer. However, it’s not always ABN AMRO that sets the exchange rate used. Instead, an intermediary bank might choose the exchange rate to apply, and this may vary widely from the exchange rate given on Google. If an intermediary bank chooses the exchange rate, you’re unlikely to find that you’re getting a great deal.
ABN AMRO has a few other charges you should be aware of, they’re all detailed in the terms and conditions if you want to read more.
International transfers with ABN AMRO | Additional fees |
---|---|
Recipient fee (OUR) | You can opt to cover the costs applied by the recipient bank, known as OUR. These costs vary depending on the bank and transfer details. |
Queries and/or inquiries about an international transfer | €25 |
Changing details or completing the international transfer form | €20 |
Handling fee for cancelled international transfers | €25 |
Correct at time of writing - 21-Jul-2023
Aside from these charges, you might also find that banks other than ABN AMRO add flat fees if your transfer is processed using the SWIFT system. That’s because there are often several banks involved in getting your money to the right place, and they can also take a cut as a fee for helping to process the transaction.
If you’re worried about the fees involved in your international money transfer then it’s worth understanding all your options. Many customers can get a better deal using a specialist in international money transfers like Wise, rather than sticking to their regular bank. Wise usesthe real exchange rate to process your transfer and add only a small transparent cost per transaction.
A Wise multi-currency account is another useful tool for people who live and work overseas, or who like to travel regularly.
With a borderless account you can hold your money in any of several different currencies, and then exchange it using the mid-market exchange rate whenever you need it. If you get paid in the EU, the UK, Australia or the US but you don’t actually live there, a borderless account also allows you to get paid like a local using local bank details. It’s a great option for remote or freelance workers who aren’t fixed to a location or work with businesses across the world, because it cuts out international transfers entirely. So there are no extra, hidden fees to worry about.
See for yourself if you can get a better deal with Wise.
Please see the Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
The easiest and quickest way to make an international money transfer is online. However, to do this you might have to change your internet banking settings the first time. There’s a two hour waiting period after the settings are changed and before you’ll be able to use the international money transfer services for the first time, so be prepared. This is a step put in place to ensure the security of your account - if you have any problems, you’ll find a lot of information about how to make an international payment with ABN AMRO, online.¹
If you need to process your transfer in a branch, this is also possible. ABN AMRO offers English speaking telephone banking and has offices with staff specifically trained to support expats and non-residents, in the major cities. You can make an appointment here, or give the customer service team a call if you have any problems. Be aware, though, that fees charged for processing transfers in a branch are much higher than if you do it online.
(Source 13 February 2018)
To make your international bank transfer, you're going to need a few key details. The exact information you’re asked for will depend on whether you’re transferring within the SEPA (Single European Payment Area) area, or outside, but you can expect to need the following:
You’ll need to give the sender the following to receive an international money transfer with ABN AMRO:
You’ll find your IBAN on any bank statement, on your debit cards, or by logging into the online banking system, and you can use this helpful tool to find or check your SWIFT/BIC code.
If you’re sending money within the SEPA the transfer will arrive within 1 working day at the latest.
Outside of Europe, ABN AMRO says transfers should take no more than a couple of working days - however, the speed of the transfer will be dependant on the recipient’s bank, and can’t be guaranteed.²
You can make an urgent transfer, for an additional fee. Within the SEPA area, an urgent transfer will cost between €5.50 and €17, depending on how you place the transfer. Elsewhere, the costs are €9 in addition to the usual transfer charges.¹
(Source 13 February 2018)
If you have specific questions about your transfer, you can talk to the advisors at ABN AMRO:
Wherever your money is headed, you’re more likely to get the best deal for your situation if you do your research in advance. That’ll mean your transfer is processed quickly and safely, and without any unnecessary fees, so you can save yourself some cash at the same time. Make sure to compare the cost of an international transfer with your bank, to those of Wise. There’s a chance that you’ll be able to save some money.
Sources:
1.[ABN AMRO Pricing] (https://www.abnamro.nl/en/images/Generiek/PDFs/010_Prive/01_Betalen/Voorwaarden_Betaaldiensten/Conditions_Payment_Services.pdf)
2. [ABN AMRO Speed/Processing] (https://www.abnamro.nl/en/personal/payments/making-payments/processing-times.htm)
3. ABN AMRO Foreign Transfers
Last checked: 21-Jul-2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
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