Money transfers are priced based on a combination of how much you want to transfer and how much the provider’s upfront charges add to the total. This means the overall cost will largely depend on two charges that are applicable to every money transfer, fees and exchange rates:
Fees
These are the clearest costs associated with a global money transfer and will be stated explicitly by the provider. They include any commission payable on the amount you send and the transfer fees that you’re liable for.
You may also need to pay receiving fees when your money arrives at its destination. Some providers don’t state these clearly – so make sure to check if you’ll incur a charge from the receiving account so you know exactly what you’ll pay.
Exchange rates
Exchange rates determine how many Dollars, Euros or Chinese Yen you will get for the amount you want to transfer and can be something of a hidden cost because they are more difficult to calculate.
Money transfer services often don’t state the exact exchange rate they offer; instead they tend to declare the cost of a money transfer as an overall package, inclusive of fees and exchange rates.
The easiest way to find the best money transfer abroad is to compare the total cost, i.e. how much your transfer will cost once all the fees, charges and exchange rates have been taken into account.
Fees
These are the clearest costs associated with a global money transfer and will be stated explicitly by the provider. They include any commission payable on the amount you send and the transfer fees that you’re liable for.
You may also need to pay receiving fees when your money arrives at its destination. Some providers don’t state these clearly – so make sure to check if you’ll incur a charge from the receiving account so you know exactly what you’ll pay.
Exchange rates
Exchange rates determine how many Dollars, Euros or Chinese Yen you will get for the amount you want to transfer and can be something of a hidden cost because they are more difficult to calculate.
Money transfer services often don’t state the exact exchange rate they offer; instead they tend to declare the cost of a money transfer as an overall package, inclusive of fees and exchange rates.
The easiest way to find the best money transfer abroad is to compare the total cost, i.e. how much your transfer will cost once all the fees, charges and exchange rates have been taken into account.
