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UniCredit International Transfers

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.

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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 AmountSpeed of TransferFees/Tariffs
GBP £-EURNo Minimum1-7 days€1.123
EUR € – GBPNo Minimum1-7€ 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
Inexpensive transfer fees – The fees charged for sending money from and to the UK are cheap compared to other banks and money transfer services.
Extensive network – UniCredit has many subsidiaries and offices across the world, especially in Europe. Transfers are made possible via a wide network of correspondent banks.
Multiple options to pay transfer fees – UniCredit offers 3 different ways to pay fees. Remitters can pay all the fees, and the beneficiary can also pay the fees. Additionally, the remitter and the beneficiary can share the fees.
Flexible payment options – Payment can be made via bank transfers, credit and debit cards.
Multiple currency options – Customers can use other currencies apart from the Euro.
Cons
Restrictive exchange rate margins – At 3.6%, the exchange rate margins are higher than other services.
Limited payout options: Transfers are only possible to other bank accounts and cash pick up across their various branches. Transfer through mobile money is not possible.
Hidden charges – Unicredit does not clarify the schedule of fees for countries outside the UK and Europe.

UniCredit Bank Swift Codes

BankCountryCity
Ulster Bank Ireland LimitedIrelandDublin
Ulster Bank Ireland Ltd DublinIrelandDublin
Ulster Bank Iom LimitedIsle Of ManDouglas
Unicredit Bank Austria AgAustriaAmstetten
Unicredit Bank Austria AgAustriaBad Ischl
Unicredit Bank Austria AgAustriaBad Voeslau
Unicredit Bank Austria AgAustriaBaden
Unicredit Bank Austria AgAustriaBludenz
Unicredit Bank Austria AgAustriaBregenz
Unicredit Bank Austria AgAustriaBruck An Der Mur
Unicredit Bank Austria AgAustriaBrunn Am Gebirge
Unicredit Bank Austria AgAustriaDornbirn
Unicredit Bank Austria AgAustriaEisenstadt
Unicredit Bank Austria AgAustriaFeldbach
Unicredit Bank Austria AgAustriaFeldkirch
Unicredit Bank Austria AgAustriaFulpmes
Unicredit Bank Austria AgAustriaGmunden
Unicredit Bank Austria AgAustriaGraz
Unicredit Bank Austria AgAustriaHall In Tirol
Unicredit Bank Austria AgAustriaHallein
Unicredit Bank Austria AgAustriaHard
Unicredit Bank Austria AgAustriaHoechst
Unicredit Bank Austria AgAustriaHohenems
Unicredit Bank Austria AgAustriaHollabrunn
Unicredit Bank Austria AgAustriaHorn
Unicredit Bank Austria AgAustriaInnsbruck
Unicredit Bank Austria AgAustriaJenbach
Unicredit Bank Austria AgAustriaJudenburg
Unicredit Bank Austria AgAustriaKapfenberg
Unicredit Bank Austria AgAustriaKitzbuehel
Unicredit Bank Austria AgAustriaKlagenfurt
Unicredit Bank Austria AgAustriaKlosterneuburg
Unicredit Bank Austria AgAustriaKnittelfeld
Unicredit Bank Austria AgAustriaKorneuburg
Unicredit Bank Austria AgAustriaKrems Donau
Unicredit Bank Austria AgAustriaKufstein
Unicredit Bank Austria AgAustriaLeibnitz
Unicredit Bank Austria AgAustriaLeoben
Unicredit Bank Austria AgAustriaLienz Osttirol
Unicredit Bank Austria AgAustriaLiezen
Unicredit Bank Austria AgAustriaLinz
Unicredit Bank Austria AgAustriaLustenau
Unicredit Bank Austria AgAustriaMaria Enzersdorf Suedstadt
Unicredit Bank Austria AgAustriaMistelbach An Der Zaya
Unicredit Bank Austria AgAustriaMoedling
Unicredit Bank Austria AgAustriaMuerzzuschlag
Unicredit Bank Austria AgAustriaNeunkirchen
Unicredit Bank Austria AgAustriaNeusiedl Am See
Unicredit Bank Austria AgAustriaOberpullendorf
Unicredit Bank Austria AgAustriaOberwart

Common questions answered about UniCredit Bank

Can I open a UniCredit Bank account in any country?

It is possible to open a UniCredit account in all countries where the bank has offices and branches. Users in countries where the bank operates can open a bank account online. Access is granted once the bank completes due diligence. However, requirements for opening the account may differ because of contrasting regulations in different jurisdictions.

In countries where UniCredit branches are not available, it is difficult to open a UniCredit bank account.

Customers from other countries can open a bank account if they meet the following criteria:

  1. Present a copy of their passport
  2. Have a Work permit
  3. Certificate of employment
  4. Temporary resident certificate

Does UniCredit Bank have an app?

International money transfers from UniCredit can achieved via the bank’s digital platforms. The e-banking system is called E-BA plus, and the mobile app is dubbed Bullank mobile (M-BA). The mobile app is compatible with both android and IOS.

Are there transfer limits?

Strict regulations govern transfer limits for companies in Europe. Customers can transfer up to EUR 50,000 or its equivalent in foreign currency.

However, transfers above EUR 15,000 or equivalent in another currency require a transfer order form. UniCredit does not provide transfer limits for other countries where it has a presence.

How long do transfers take with UniCredit Bank?

Cross-border remittances can be done from the branch, the mobile app, or the online banking system. Unicredit provides timelines for how long cash should take in transit. However, customers should note that transfer times are also subject to processing times at the recipient’s bank. Typical transfer times for UniCredit are as follows:

Type of Cross Border PaymentTime Taken to Process (Banking Days)Time Taken for Delivery and Processing at Beneficiary’s End(Days)
Standard transfer request received in written form or e-form by 15:00 h2 days2-7 days
Money transfer request received by 13:00 h either in written form or e-form1 day1-7 days
Cross border payment request received by 12:00 h0 days0-7 days

For incoming international transfers for UniCredit’s clients, the request is processed according to the value date indicated on the money transfer request.

Customers should note that processing will only follow the stipulated timelines if the information on the transfer request is correct.

What are customer support options available?

UniCredit offers various channels for customer support. Customers can walk into all their branches and offices for one on one interaction with the bank representative.

There is a call center available to handle customers’ queries. The numbers provided are 1 84 84 and +359 700 1 84 84. Customers can also request support via Facebook and Twitter. 

Complaints or compliments can be sent via email to ccm@unicreditgroup.bg or by filling their online feedback form. Additionally, the bank also offers a phone number, 02/923 20 23, which clients can call for complaints.

Can I use a UniCredit debit card when traveling abroad?

UniCredit customers can get a debit card to use when traveling overseas. The card will assist the customer in withdrawing money in the local currency quickly and conveniently. Customers can be issued with a Visa or a Mastercard. Additionally, customers can access their bank accounts via the mobile app and online system.

Clients with an FX account can use their debit card for purchases without facing the risk of exchange rates. 

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.

  1. Copy of identity card.
  2. 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.  

Artiom
Written by
Artiom

Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in PR and Outreach but he has a broad knowledge of search engine optimisation and all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team manages and creates unique marketing tactics, and generally supports the overall growth of the website.