UniCredit International Transfers & Exchange Rates
UniCredit is an international banking group with headquarters in Milan. They see themselves as more of a Pan-European commercial bank, servicing 92 companies and offices in Europe. They offer traditional banking services, corporate and investment banking. The bank has a distribution of companies and offices globally, including 8 in Asia and Oceania, 1 in the UAE, and 2 in the Americas.
The bank has an extensive presence in 23 European countries, including Austria, the United Kingdom, Germany, and France.
About UniCredit
The UniCredit bank believes that sustainability is part of their DNA. It is based in Italy and is ranked as Italy’s remaining bank with systematic importance. As a matter of fact, Unicredit is ranked the 34th biggest bank asset-wise worldwide. Formed in 1998, the core service offered by this bank include corporate and investment banking, wealth management, and commercial banking.
In terms of international money remittance, Unicredit offers cross-border payments within Europe and countries outside Europe. They consider international transfer as any transfer to a non-European country because cross-border payments are governed by the European Economic Area(EEA) policy. International money transfers are fulfilled by way of a wide distribution of correspondent banks worldwide.
UniCredit Bank offers cash pick-up locations and the ability to send and receive money to bank accounts. This is made possible by visiting their branches and offices or by using their digital platforms.
UniCredit Exchange Rate and Fees
Like many other remittance companies, Unicredit generates revenue by charging their clients for money transfer services. Additionally, they also make margins from exchange rates. Unlike traditional international money transfer services, UniCredit does not offer tiered rates for transfers. Instead, they have some unique options with which they charge for their services.
UniCredit bank charges all cross-border transactions as foreign currency payments.
Fees and Tariffs
UniCredit prides itself as a bank that provides comprehensive protection for the customers' interests. They seek to provide convenient options for money transfers and help the client choose the right one. There are three different options the bank offers that covers all aspect of transfers.
BEN Option: This is an option where the beneficiary bears all transfer costs. The recipient has to have a bank account outside the European Economic Area. The transfer is irrespective of the currency of payment.
Share Option: The cost of the transfer is bor
ne by both the beneficiary and the remitter. The remitter will pay the cost at UniCredit, while the recipient will cater for the cost until the transaction gets to them. The recipient costs involve other banks along the chain as well as a service cost when withdrawing the funds.
UniCredit Preferred Option: The bank dubs this as ‘our option’. The remitter is required to shoulder all costs incurred for the transfer. It is a fixed cost. The beneficiary will receive the total amount sent.
Regarding tariffs for transfers, we could only find the charges between Europe and the United Kingdom.
| UniCredit (Currency) | Minimum Transfer Amount | Speed of Transfer | Fees/Tariffs |
| GBP £-EUR | No Minimum | 1-7 days | €1.123 |
| EUR € - GBP | No Minimum | 1-7 | € 0.828 |
Please note that there are no tariff guidelines for other countries offered. A customer can see the specific tariff based on the amount and country they input on the Unicredit app.
Exchange Rate
Like a majority of banks, FX exchange rates offered are at the reserve of the bank. For remittances between the UK, the united states, and European Union countries, the FX margin charge stands at 3.6%.
For transfers denominated in other currencies apart from the Euro, the rates are calculated by referencing the benchmark currency(EUR). The rate change is based on the rate the bank provides on that date.
When the costs are expressed as a percentage, and the transaction currency is different from the benchmark currency(EUR), the transaction amount is converted to the benchmark currency.
Additional Costs
UniCredit explicitly states the three options customers can use for cross-border remittances. However, they do not state the additional cost the beneficiary or the sender gets charged for the transactions. Customers should note that charges may apply in the cancellation or amendment of a money transfer request.
How Do the UniCredit Bank Transfer Fees Compare to Using a Money Transfer Provider?
In most cases, money remittance companies provide value for money. Banks, although reliable, have higher fees and their exchange rate margins are higher. With international remittance companies, customers maximize the amount of money received. Fees are competitive, and spreads on the exchange rates are smaller. In fact, some money remittance companies offer mid-market rates.
UniCredit customers can send and receive money globally. The most common service for this bank is cross-border transfers between the United Kingdom and Europe. Fees are €1.123 for transfers from the UK to Europe. Conversely, the bank charges € 0.828 for transfers to the UK. Compared to major money transfer services like Xoom and World Remit, UniCredit offers reasonable fees that compete favorably.
However, note that international money transfers offer many options to credit the beneficiary, including mobile money, cash pick-up, and bank account. The fees charged for these services vary widely depending on a myriad of factors. UniCredit bank only credits the recipient bank account.
UniCredit Pros and Cons
With an extensive network, UniCredit can credit bank accounts in many different parts of the world. They have a strong presence in Europe with over 80 locations that offer their clients money transfer services. Some of the standout advantages and disadvantages of UniCredit Bank include:
Pros
Cons
UniCredit Bank Swift Codes
How to Open an Account and Transfer Money With UniCredit?
UniCredit Bank offers its prospective customers several accounts, including current, FX account and overdraft account.
Residents of countries where UniCredit operates can provide the following documents to open an account.
Copy of identity card.
Copy of Permanent Residence certificate (Issued with the last 90 days). Customers are required to submit the original copy for inspection.
Transferring cash requires a customer to visit a bank branch or use digital platforms. Bank customers can transfer cash via the banks, the e-banking platform, and the UniCredit bank app. To use the digital platforms, users get a token serial number for secure.
Customer Service Details for Users of UniCredit Bank
We checked reviews from reputable third-party websites like Trustpilot. From the user feedback, UniCredit bank fails terribly in ratings. Out of 847 reviews, 87% of the respondents rated the company as ‘Bad’ with a rating of 1.3 stars.
The main concerns from the customers were poor customer service and ineffective digital platforms.
Can I Use UniCredit for International Bank Transfers?
UniCredit clients can transfer money to bank accounts globally. This is due to their extensive corresponding banks in many countries. They also have branches and offices in the Middle East, Americas, Europe, and Asia.
Summary
UniCredit Bank is part of the UniCredit Group, with branches and offices in several regions around the world. Being a pan-European bank, most of their branches are based in Europe. They also provide money transfers in collaboration with other banks worldwide.
