Correspondent bank at UniCredit — why was a fee suddenly charged?

Visas to Italy
1

UniCredit said you don’t need to choose a correspondent bank — it’s selected automatically. But recently the correspondent bank charged a fee; that didn’t happen before. Has anyone run into this? Why have they suddenly started charging if they didn’t before?

2

I used to lose about 6–7% on a thousand; I had N26, which doesn’t work with SWIFT, so everything went via who-knows-where. But the point is the same — the correspondent bank’s fee depends on the route, and it’s not UniCredit that sets it; an intermediary bank takes its cut. You should ask UniCredit exactly which correspondent bank the transfer goes through — maybe the route has changed.

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3

Thanks, I’ll go and ask which bank it’s going through — maybe they really changed the route. 6–7% is just insane, honestly.

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4

And UniCredit also takes an extra €3 on top — that’s their own fee, separate from the correspondent bank. So even if the route is fine, you’ll still get hit twice.

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