Fees can vary widely depending on the provider you’re transferring with. Overall, providers make money on your transfer in two ways: by marking up the exchange rate and by charging you a transfer fee.
- Compare exchange rates: Use currency’s mid-market rate as a base to compare against the rates you are offered at your selected provider. You can choose a provider whose rate is best.
- Fees can vary depending on the provider you are transferring with. Ideally, provider which you are going to use makes money on your transfer in two ways, by marking up the exchange rate and by charging you a transfer fee.
- Check for hidden fees. Read the print for total fees that are applied apply to your transfer, including any fee your recipient will need to pay.
- Send to choose more money per transfer. Many providers discount transfer fees when you send larger amounts.
- Be alert for special offers. Keep an eye on promotions, for example, no fees on your first transfer.
- Comparison. The best way to save is by comparing rates, fees of each provider and looking at their benefits and drawbacks.
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