When you send money to a bank account in a different currency than the recipient bank uses, for example, sending CHF to the UK, the transfer usually goes through the SWIFT network. SWIFT connects banks around the world so your money can reach the right destination, even when there is no direct link between the two banks.
You can think of it like sending a package internationally. If there is no direct courier route between the sender and the receiver, the parcel is handed over between logistics hubs along the way. Each hub helps move it forward, but some may charge for their part.
What are correspondent fees?
Correspondent fees are charges taken by intermediary banks that help process your transfer within the SWIFT network.
These fees are not charged by ZEN.COM. They are set and deducted by other banks involved in processing the transfer.
If your bank and the recipient’s bank do not have a direct relationship, the money is passed from bank to bank before it reaches the final account. These intermediary institutions are called correspondent banks. Each of them may deduct its own fee for handling the transfer.
Because the route can change depending on the banks involved, the correspondent banks and their fees are not always the same. This is why the final amount received can vary.
How much can I be charged in correspondent fees?
Correspondent fees vary by bank, but they are typically between 15 and 50 USD or the equivalent in another currency. In some cases, the fee can be higher.
You usually notice these fees when you or the recipient receive less money than expected, even though you sent the correct amount.
Returned payments
If the recipient’s bank does not accept your SWIFT transfer, the money is returned to your ZEN account. However, the full amount you originally sent may not come back.
This happens because correspondent fees and other processing charges may already have been deducted while the transfer was in progress. The exact amount deducted depends on the banks involved and the terms of the transfer.
How can I avoid losing money due to correspondent fees?
To reduce or avoid correspondent bank fees, you can use transfer options that do not rely on the SWIFT network, when available. These include:
- SEPA transfers
- Local bank transfers
- Card transfers
- Internal ZEN.COM transfers, such as ZEN Buddies
To learn more about sending transfers in ZEN, see: