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Sending an international money transfer can be expensive due to hidden costs and low exchange rates. Even a small overseas transfer could leave a large hole in your bank balance.
That’s why it’s important to make sure you’re aware of all the fees and charges that apply to an online money transfer before sending your money. By comparing transfer providers and the services they offer, you can find an affordable and convenient way to send your money overseas.
Online money transfer fees vary widely. For example, while companies like XE Money Transfer and OFX don’t charge any fees for online transfers, there are other companies that charge a fee in the form of a percentage or flat rate.
Here’s what some of our top providers charge for an online transfer fee.
|Money transfer provider||Online transfer fee starting at…|
|WorldRemit||Varies according to transfer amount|
|XE Money Transfer||$0|
When you consider the fees a company charges as well as the exchange rates it offers, you’ll be able to determine how cost-effective it will be to transfer money with that particular provider.
The first and most important factor is the transfer provider you choose. Each company has its own unique fee structure and you’ll need to consider this in conjunction with the exchange rates available to calculate how affordable that company’s transfer service is.
But there are a number of other factors that can influence the fee of an online money transfer.
It’s also worth pointing out that some providers and banks will require that your beneficiary pay a fee in order to receive an international money transfer. Remember to consider this when weighing up your transfer options.
Knowing what you’ll pay for an online money transfer fee, plus which factors could sway the total price of the transaction gives you the upper hand when deciding on who to make an international money transfer with.
By comparing all of your options, you’ll be able to send money as affordable and efficiently as you’d like.
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