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01/12/2008

Sending money to Poland

There are several ways to send money to relatives in Poland, either for one-off payments or regular transfers. The costs and the time involved, however, can vary a lot.

The payee has a bank account: bank transfers

If the payee has a bank account, then an international bank transfer is an easy, secure and inexpensive option. European Regulation 2560/2001 stipulates that cross-border transfers between member states for amounts in euro less than € 50,000 may not cost more than a national transfer. The only condition is that the payee’s IBAN and BIC (or Swift) code are provided. Bank transfers are therefore an inexpensive way of sending money to Poland.

However, because Poland is not yet part of the euro zone, banks can charge exchange fees. These vary, depending on the amount and the bank. It is therefore advisable to check the costs of a bank transfer to Poland in advance.

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You need to send money quickly: Western Union and Money Gram

If you need to send money quickly to someone who does not have a bank account, Western Union and Money Gram offer a good solution.

Simply go to any Western Union or Money Gram sales point. Western Union services are also available at any Belgian post office. You will have to show your identity card and fill in a form providing details of the payee and the amount you wish to transfer. You will then be given a reference number which you must forward to the payee. To receive the funds, the payee must present his/her identity card and the reference number.

Sending money via Western Union or Money Gram has the added advantage of being fast. The payee can access the funds within just a few minutes. However, this option is quite expensive. You will be charged an exchange fee and, not unimportantly, a commission. The amount of the commission depends on the total amount of the transfer.

We strongly advise you not to use these services to send money to people you do not know. Because identity checks are never watertight, swindlers and con men often abuse such systems.

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You want to keep costs to a minimum: international postal orders

If you are not in a hurry, an international postal order may well offer a good and cheap alternative.

You do not have to be a Post Bank customer to deposit money at a post office. The payee will receive an international postal order in the mail with which he/she can collect the money from a Polish post office.

The Belgian Post charges around € 10 for an international postal order, which is added to the exchange fee. The only problem with this method is that it is slow. The money takes just as long to reach the payee as a letter. For postage to Poland you should allow a minimum of 4 to 5 days.

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You have access to the Internet: PayPal and Moneybookers

If you and your payee have access to the Internet, then certain virtual bank services such as PayPal and Moneybookers offer cheap and easy-to-use options for sending money.

Both the sender and the receiver are required to open a virtual account that is linked to an e-mail address. Opening an account is easy and free of charge.

You can then send money from your Belgian account to a Polish account from home, 24 hours a day, 7 days a week. Money transfers are free with PayPal and very cheap with Moneybookers (€ 0.50). Depositing money on a virtual account costs € 0.50 with Moneybookers, and PayPal charges € 1 for withdrawing amounts below € 100, Moneybookers between € 1.80 and € 3.50 for each withdrawal, depending on the method used.

Withdrawing funds received on a virtual account to an ordinary bank account costs between € 1 and € 2 and can take a little longer. You should expect a wait of around 15 days for the first transfer. After that, the security procedures are much simpler and withdrawals should not take more than 5 days.

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Summary

The main advantages and disadvantages of the various options for sending money to Poland are included in the table below.

Costs for
€ 1,0001		 Speed Accessibility Account
required		 Reliability
Bank transfer Vary from bank to bank2 + + x ++
Western Union € 44.50 + + +
Money Gram € 35 + + +
Postal order € 10 - + ++
PayPal3 Depend on the type of account
Can be free		 - ++ x ++
Moneybookers4 Sending: 1% (max € 0.50)
Withdrawals: € 1.80 to 3.50 €5		 - ++ x ++

 

 

 

 

 

 

 

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1 The costs do not include exchange fees. They are based on transfers of  € 1,000 to a Polish account in euros.
2 Some banks do not charge extra for international internet transfers in euros (they cost the same as national transfers).
3 No sending charges. The payee may be charged, depending on the type of account and the amount withdrawn.
4 Local Polish banks only accept transfers in zloty and charge exchange fees.
5 Depending on how funds are withdrawn from the Moneybookers account: € 1.80 via bank transfer or credit card, or € 3.50 per cheque.

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