The distribution of transfer costs
The option to distribute costs is only applicable for international transfers. For transfers within Luxembourg, costs are borne by the instructing party.
For international transfers, you can choose between several cost-sharing options:
Shared costs (Share) called Eurogiro Classic
In choosing this option, the instructing party pays the costs invoiced by the CCP in Luxembourg. €0.20 for electronic transfers, or €0.30 for paper transfers. The beneficiary covers any costs applied by the beneficiary bank. Costs vary according to the recipient country and recipient bank.
Instructing party costs (Our)
In selecting this means of billing, CCP costs as well as any costs applied by the beneficiary bank are covered by the instructing party. This option ensures that the beneficiary will receive the whole transferred amount.
Costs borne by the beneficiary (Ben)
The CCP costs in Luxembourg and the beneficiary bank costs are borne by the beneficiary.
The shared costs option is applied by default. This means that unless you specify otherwise, you pay €0.20 (for an electronic international transfer) or €0.30 (for a paper international transfer), while the beneficiary covers any costs that may be applied by his bank.
In general, so that international transfers in the European Union are invoiced at the same price as national transfers, they must meet the following conditions:
- amount denominated in euros
- maximum amount of 50,000€
- share Eurogiro Classic costs (Share)
- beneficiary account number in IBAN format
- accurate BIC (Bank Identifier Code) code of the beneficiary bank