Here are some tips on decreasing your money transfer costs: Shop aroundĪs we mentioned, different financial organizations have different money transfer fees and if you have the time, shopping for the best deal can save you money. Luckily, there are a few ways you can save money on international transfer fees.
Money transfer fees can add up, especially if you are frequently sending or receiving money.
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How to save money on your international money transfer fees Western Union’s online send money form makes it easy to start sending money because you know how much your transfer will cost. Up to $20 per transfer for domestic transfers.īefore initiating a transfer, use a bank or transfer service’s online calculator (if available) to estimate your money transfer fees and international money transfer fees. Up to 3% of the amount in foreign currency. Up to $35 per transfer for international transfers. Up to $25 per transfer for domestic transfers. Up to $50 per transfer for international transfers. Up to $35 per transfer for domestic transfers. Up to $45 per transfer for international transfers. Up to $30 per transfer for domestic transfers. The table below shares some of the costs associated with money transfers for the most popular banks in the United States: Bank Name How much does a money transfer cost?Īs you can see above with the variable fees, figuring out how much a money transfer costs depends on several factors. Before initiating a money transfer, check with your financial institution to get a quote for how much it will cost or what fees you may incur. There can be additional fees associated with a money transfer, such as online versus in-person transfers, cancellation fees, correspondent bank fees, and more. This markup is generally a percentage of the amount of money being sent, so it can factor in significantly if you’re sending a large amount of money. Remember that some banks charge a higher markup when converting local currency for an international transfer. Make sure to account for the exchange rate so you know exactly how much you will receive from a transfer, or how much you need to send your receiver to ensure they get the correct amount of money. Or in other words, 1 EUR is equal to about 1.21 USD. For example, as of March 2021, you could trade about 1 USD for 0.83 EUR. An exchange rate refers to how much one currency is valued against another currency. While an exchange rate isn’t necessarily a fee, it is a money transfer cost that you should consider. The intermediary bank may charge a transfer fee in addition to the transfer fees from the sending and receiving banks. Some money transfers may involve a third-party (or intermediary) bank that facilitates the money transfer between banks that don’t have a financial relationship together. Most banks separate fees into sending fees and receiving fees, and whether the transfer is domestic or international. Here are some of the most common types of money transfer fees you may encounter: Transfer feesĮvery bank or financial institution will have its own fees for money transfers that range depending on the bank. Understanding these pieces will help you feel confident when sending money. If you’ve ever transferred money, you know that the fees depend on several factors, including the bank itself, whether the transfer is domestic or international, and whether there are fees from an intermediary bank. Before you transfer funds, learn about money transfer fees, requirements, and how to save money on your next transfer. While money transfers can be fast, convenient, and easy to initiate, they include fees that vary depending on several factors. It’s helpful to know that transferring money around the world is as easy as initiating a money transfer and having your receiver get the funds almost instantly, but how much does it cost? People send money internationally and domestically for several reasons, from paying back a friend for lunch to helping a loved one with a down payment on a home.
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