Interbank charges/fees.

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Wiracocha
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Interbank charges/fees.

Postby Wiracocha » Mon Feb 18, 2019 2:07 pm

G'day all,

For anyone who has an INTERBANK account here, could you please advise me on my queries,please?

1) If you receive international money transfers, what fees do they charge?
I mean, is it a set charge or a percentage of the amount received? (For example, Scotiabank Peru has a set charge of $24.00 for any amount received in US dollars.)

2) Will they accept a DIRECT(*) international transfer that is in Soles already, or does it have to be in US dollars via an intermediary int'l bank? e.g Citibank ...like Scotiabank insists on.

3) Does Interbank charge account keeping fees and ATM withdrawal fees? (Scotiabank is free of those charges)

Side note: I do have a Scotiabank account here, but I am exploring bank alternatives that can/will accept direct Int'l transfers in Soles, (*) ...which my navy pension could be sent in, by the Reserve Bank of Australia converted from Aussie dollars to Soles, but Scotiabank insists on US$'s only via an intermediary int'l bank.(more fees)

Hope someone can advise me from their own experience(s) or knowledge of banking, as I am trying to avoid the intermediary bank fees.

Cheers,
W


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adrian Thorne
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Re: Interbank charges/fees.

Postby adrian Thorne » Tue Feb 19, 2019 8:12 am

Wiracocha wrote:G'day all,

For anyone who has an INTERBANK account here, could you please advise me on my queries,please?

1) If you receive international money transfers, what fees do they charge?
I mean, is it a set charge or a percentage of the amount received? (For example, Scotiabank Peru has a set charge of $24.00 for any amount received in US dollars.)

2) Will they accept a DIRECT(*) international transfer that is in Soles already, or does it have to be in US dollars via an intermediary int'l bank? e.g Citibank ...like Scotiabank insists on.

3) Does Interbank charge account keeping fees and ATM withdrawal fees? (Scotiabank is free of those charges)

Side note: I do have a Scotiabank account here, but I am exploring bank alternatives that can/will accept direct Int'l transfers in Soles, (*) ...which my navy pension could be sent in, by the Reserve Bank of Australia converted from Aussie dollars to Soles, but Scotiabank insists on US$'s only via an intermediary int'l bank.(more fees)

Hope someone can advise me from their own experience(s) or knowledge of banking, as I am trying to avoid the intermediary bank fees.

Cheers,
W



See thread http://www.expatperu.com/expatforums/viewtopic.php?f=37&t=17021

Charges Nill Nought, Nothing at all stages. Money in account in two days. I went the route Bank (no charge) OFX or UKForex Austalian co. (No charge) BCP (No charge) The account number extension for TIN can be obtained as explained but should also be shown on your online account.
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Re: Interbank charges/fees.

Postby Wiracocha » Tue Feb 19, 2019 10:41 am

Thanks Adrian,
My main focus/conern is on question 2,please.
I am not talking about money transfer companies, I need to know about Aussie bank direct to Interbank, in Soles, and IF they will accept direct transfer in Soles.
I have done my best to layout my quieries, but can re-word if needed.
Cheers,
W
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Re: Interbank charges/fees.

Postby 69roadrunner » Tue Feb 19, 2019 5:59 pm

Wiracocha wrote:Thanks Adrian,
My main focus/conern is on question 2,please.
I am not talking about money transfer companies, I need to know about Aussie bank direct to Interbank, in Soles, and IF they will accept direct transfer in Soles.
I have done my best to layout my quieries, but can re-word if needed.
Cheers,
W

Ain't gonna happen, cowboy. Ya gotta render unto Caesar.
G'day
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adrian Thorne
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Re: Interbank charges/fees.

Postby adrian Thorne » Tue Feb 19, 2019 11:28 pm

Wiracocha wrote:Thanks Adrian,
My main focus/conern is on question 2,please.
I am not talking about money transfer companies, I need to know about Aussie bank direct to Interbank, in Soles, and IF they will accept direct transfer in Soles.
I have done my best to layout my quieries, but can re-word if needed.
Cheers,
W


The only reason I mentioned a Forex was because my bank would levy a charge to send, but not to transfer to a Forex. The important issue is to use the TIN account number when transferring. All the main banks use this system and have a trade agreement. Since August of last year I have used this method on three occasions without any charges or rejection.
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Re: Interbank charges/fees.

Postby Wiracocha » Wed Feb 20, 2019 6:24 pm

G'day Adrian,

I need to explain a bit more.

My navy service pension is generated by the Dept.of Veteran Affairs in Australia, and they pass onto the RBA (Reserve Bank of Aust') who then send military pensions to all Vets living overseas. The RBA is not my bank....it is the official government bank of Australia which controls all other banks, interest rates etc etc....kinda like the Banco de la Nacion here in Peru.
The advantage of this is that the RBA gives the official ,exact exchange rate AUS$'s > US$'s

The Migraciones here demanded that my pension be paid by the Aust' Govnmt automatically each month...OR no Rentista carnet...but that is another story...mentioned in earlier posts here.

Because I was complaining to the DVA about that the fact that the RBA has to use Citibank Int'l for pension transfers to Peru in US$'s, in my case, and the Citibank picks a %áge commission from my pension, and then Scotiabank Peru takes another USD$24.00.
I was then informd that the RBA sends many pensions to many countries in the local currency, so WHY NOT Peru? I was advised by the DVA that the RBA can transfer/change my pension into Soles for Peru....so ask why not of Scotiabank
I pushed Scotiabank here and was advised me that it has to be in US$'s and via an intermediary bank. Cannot be in Soles...carumba!! I even tried to communicate with their HO in Canada...but fell on deaf ears...no reply.
I
Soooooo, is the reason I want to investigate with INTERBANK about the same possibility of receiving in Soles. DIRECT from the RBA. I am not keen on other banks here.

I guess if no-one on this website can offer a similar experience and answers....I will just have to put my query in writng in Spanish( via Google translate) and take to the local Interbank close by....and play it be ear, so to speak!! The answer should be a simple "yes" or "no"'...hopefully yes.
Was just trying to get an answer in my native tongue here .. :-)

Sub-note: For all other transfers from my/ourAussie bank accounts, I/we DO use a good transfer company in Aussie, but,of course they are a bit lower than the official exchange rate( par for the course)...which covers their slim profit margin, a commission to an intermediary bank (Citibank) and a smaller commission to Scotiabank here.
My contact at Scotiabank showed me this hidden commission on her computer, but is not shown in my visible bank account details....then she told me "I did not show you that !! ".
That method works a treat, but I cannot do my pension that way...thanks to Migraciones rules for Rentistas. :-(

Cheers,
W
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adrian Thorne
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Re: Interbank charges/fees.

Postby adrian Thorne » Wed Feb 20, 2019 7:51 pm

Scotia will except transfers in to a ''Soles'' account. In this country it is quite common for clients to open both a soles and Dollar account. All accounts including Scotia operate according to the Banking agreements. The accounts have separate account numbers of 10 - 16 digits for both accounts plus an additional account number (20 digits) for sending and receiving funds in the local currency from abroad, avoiding the intermediary. The source is irreverent as I illustrated by using a Forex. There is nothing special for you to do other than to ensure the transfer is in local currency and the correct account number is applied with your bank details. This number can be obtained using the generator supplied in the link http://www.expatperu.com/expatforums/viewtopic.php?f=37&t=17021 Or when you access your on line account the number will be provided there. You will see it is an identical number with addition digits.
If you prefer to change to Interbank there is no problem. They operate the same system as does BCP, who I am with. For some reason this service is not publicised by the banks and they are never very helpful with their advise
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Re: Interbank charges/fees.

Postby Wiracocha » Thu Feb 21, 2019 12:10 am

Thank you Adrian.
I am aware of the interbanking code & SWIFT details etc, as that is how my pension comes now, and also other transfers by my transfer company in Aussie.
I will give it a try in Soles and open a separate account for that and not tell Scotiabank my reason.
I will then advise my Aussie pension authority of those details and request my Aussie pension be converted to Soles and transferred in that way for the next payment.

If it bounces, that is, Scotiabank rejects it from the RBA, then it will be weeks before the money is returned to the RBA in Aussie, and then have to be re-issued in US dollars again by the RBA...in the worst case scenario.
Fortunately, we don't depend totally on my pension here, so I will take the chance on your advice...thanks.
Cheers,
W
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Re: Interbank charges/fees.

Postby adrian Thorne » Thu Feb 21, 2019 10:09 am

You are correct in saying a SWIFT code but this is a separate system. There are sever variants and in Europe it is known as I BAN. For what ever reason SA did not adopt this and therefor created there own known as CCI or TIN. As far as I am aware, this is still controlled by SWIFT. The important factors are that the transaction is made to an account in the currency received. and your account number is adjusted from a 10 /14 digit number in the case of Scotia to a 20 digit. The account checker is here https://scotiaenlinea.scotiabank.com.pe/bancaInternet/InicioCCIServlet
If it worries you may I suggest you send a small sum from Aussie to your Soles account at Scotia and see how the cookie crumbles. It only takes a couple of days and am sure it will put your mind at rest.
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Re: Interbank charges/fees.

Postby Wiracocha » Thu Feb 21, 2019 11:50 am

G'day Adrian,

My Aussie money transfer company (WorldFirst) can only send in US dollars to here, they said cannot do in Soles, when I asked some time ago. So will have to try with my pension from the RBA...direct from them to Scotia.

The one thing that worries me is that I pushed Scotiabank Peru, back in Sept last year,. I asked clearly..."IF I have an account in Soles with Scotiabank, will you then accept the Int'l transfer directly from the Reserve Bank of Australia in SOLES".
My local customer service lady checked with H.O in San Isidro, and the answer was "NO, has to be in US$'s and via an intermediary bank", which is normal for them. Maybe they are not telling me the real story...don't know.

Anyway, I will still ask Interbank the same question, to test the water.

At the end of the day, I want my pension DIRECTLY from the RBA to my account here in Soles.....I cannot use money transfer companies for my monthly pension.
Cheers,
W
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Re: Interbank charges/fees.

Postby Wiracocha » Thu Feb 21, 2019 5:58 pm

G'day again Adrian,

In conclusion of all this....today I consulted with the local Interbank manager, and was told they will accept my pension,in Soles, direct from the RBA in Aussie., so I will open an account with them soon and set up the transfer details with my pension contact at the DVA.

I will not use Scotiabank for my pension after all this is actioned.

Thank you for all your valued advice.

Cheers,
W
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Re: Interbank charges/fees.

Postby Wiracocha » Fri Mar 22, 2019 12:58 pm

G'day Adrian,
As of this week my Aussie Navy pension arrives in Soles to my Interbank account....mission accomplished.
To top it all off, Interbank did not hit me with an International transfer cost(as was the case with Scotiabank)...which Interbank originally said could be approx' 75 Soles. The only deduction was a 20 centimos tax thing.
Very content with all that and the end result is thatI have extra Soles in my pocket...not the other banks' commissions picked out.
Cheers,
W
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Re: Interbank charges/fees.

Postby Formidable 1 » Fri Mar 22, 2019 2:23 pm

Wiracocha wrote:G'day Adrian,
As of this week my Aussie Navy pension arrives in Soles to my Interbank account....mission accomplished.
To top it all off, Interbank did not hit me with an International transfer cost(as was the case with Scotiabank)...which Interbank originally said could be approx' 75 Soles. The only deduction was a 20 centimos tax thing.
Very content with all that and the end result is thatI have extra Soles in my pocket...not the other banks' commissions picked out.
Cheers,
W


Why weren't you charged the s/75 and only 20 centimos?
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Re: Interbank charges/fees.

Postby Alan » Fri Mar 22, 2019 2:56 pm

Formidable 1 wrote:
Wiracocha wrote:G'day Adrian,
As of this week my Aussie Navy pension arrives in Soles to my Interbank account....mission accomplished.
To top it all off, Interbank did not hit me with an International transfer cost(as was the case with Scotiabank)...which Interbank originally said could be approx' 75 Soles. The only deduction was a 20 centimos tax thing.
Very content with all that and the end result is thatI have extra Soles in my pocket...not the other banks' commissions picked out.
Cheers,
W


Why weren't you charged the s/75 and only 20 centimos?


The 20 centimos would have been the ITF, a small transaction tax, the basic purpose of which is to give the SUNAT an idea of how much money people are moving around. Money raised by the tax is is minimal, but it gives them eyes into financial movements otherwise covered by the banking secret.

Great news that Interbank decided not to charge you. Thanks for sharing. Others will no doubt find it useful, too.
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Re: Interbank charges/fees.

Postby 69roadrunner » Fri Mar 22, 2019 4:58 pm

Wiracocha wrote:G'day Adrian,
As of this week my Aussie Navy pension arrives in Soles to my Interbank account....mission accomplished.
To top it all off, Interbank did not hit me with an International transfer cost(as was the case with Scotiabank)...which Interbank originally said could be approx' 75 Soles. The only deduction was a 20 centimos tax thing.
Very content with all that and the end result is thatI have extra Soles in my pocket...not the other banks' commissions picked out.
Cheers,
W

G,day Wira, You are a brave man, Direct deposit to Peru? You are a brave man.
Cheers and good luck!!!!
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Re: Interbank charges/fees.

Postby woodchuck » Sun Mar 24, 2019 10:44 am

I am glad to see that at least one Peruvian bank is not taking advantage of expats.
With all those extra soles, will you be buying breakfast soon?
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Re: Interbank charges/fees.

Postby Alpineprince » Sun Mar 24, 2019 11:56 am

69roadrunner wrote:
Wiracocha wrote:G'day Adrian,
As of this week my Aussie Navy pension arrives in Soles to my Interbank account....mission accomplished.
To top it all off, Interbank did not hit me with an International transfer cost(as was the case with Scotiabank)...which Interbank originally said could be approx' 75 Soles. The only deduction was a 20 centimos tax thing.
Very content with all that and the end result is thatI have extra Soles in my pocket...not the other banks' commissions picked out.
Cheers,
W

G,day Wira, You are a brave man, Direct deposit to Peru? You are a brave man.
Cheers and good luck!!!!

I have had direct deposit to Interbank for years and have never had an issue!
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Re: Interbank charges/fees.

Postby 69roadrunner » Sun Mar 24, 2019 3:49 pm

Alpineprince wrote:
69roadrunner wrote:
Wiracocha wrote:G'day Adrian,
As of this week my Aussie Navy pension arrives in Soles to my Interbank account....mission accomplished.
To top it all off, Interbank did not hit me with an International transfer cost(as was the case with Scotiabank)...which Interbank originally said could be approx' 75 Soles. The only deduction was a 20 centimos tax thing.
Very content with all that and the end result is thatI have extra Soles in my pocket...not the other banks' commissions picked out.
Cheers,
W

G,day Wira, You are a brave man, Direct deposit to Peru? You are a brave man.
Cheers and good luck!!!!

I have had direct deposit to Interbank for years and have never had an issue!

Ok, Alpine prince, yes you are a brave man too :roll:
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Re: Interbank charges/fees.

Postby Slippin' Jimmy » Sun Mar 24, 2019 4:43 pm

woodchuck wrote:I am glad to see that at least one Peruvian bank is not taking advantage of expats.
With all those extra soles, will you be buying breakfast soon?


Better to invest those extra soles in something tangible like an underwater restaurant.
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Re: Interbank charges/fees.

Postby Wiracocha » Sun Mar 24, 2019 7:52 pm

@ Alpineprice:
"I have had direct deposit to Interbank for years and have never had an issue!"

I have posted much before this...but am happy to summarise for you.

Well, I was receiving my Navy pension into Scotiabank Peru, in US dollars from Aussie, and the banks' commssions in between the Reserve Bank of Australia(RBA) to my account, was $94 including Scotabank"s nose in the trough.

I had no idea that Interbank would be the best option at that point in time.I investigated and discovered they would accept a direct transfer form the RBA in Soles. This is something that Scotiaban refused point blank to do/accept.

Interbank's local manager said that their receiving transfer commission would be approx'' S/70 soles....but when my pension arrived for the first time with them...no commission, just a 20 centimos tax.

So you said you never had an issue....well, neither have I....this is first time around...not whinging at all, if you read my previous....am happy.

Hope this clarifies my postings.

Cheers,
W
Retired ex-R.A.N Aussie in Peru.

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