The short answer: it depends on who sends your money. All banks and money providers have different fee structures, and they all take different margins on the daily exchange rate. Depending on the size of your transfer, you could save money by comparison shopping before you send money with your bank or a currency specialist.
There are a host of reasons why you’d need to send money internationally. You might be paying for a destination wedding, purchasing an overseas property or adding a coveted item to your collection from a dealer overseas.
But how much will it cost to send money internationally? Let’s break it down.
1. Money transfer fees can vary greatly depending on your provider
Whenever you send money internationally, your bank will typically charge a fixed money transfer fee. You could pay up to €50 to transfer the money, but the fee will depend upon the bank that you’re using, as well as how much money you’re sending.
Some banks will charge a different rate depending upon the currency in which your money is sent, so you might pay a higher fee if you send the money in Aussie dollars rather than in your recipient’s local currency. If you want your money transfer expedited, you might incur yet another additional fee.
If you’re using a money transfer service, some fees depend on how you’re sending the money, whether it’s from a funded account, a credit card, or a debit card.
2. Watch out for the margin on the exchange rate
In addition to the international transfer fee, a margin on the daily exchange rate is also tacked on to most foreign transfers. OFX grew from the idea that there had to be a better, fairer way to move money around the world. So, we offer competitive exchange rates and no OFX fees on your global money transfers.
3) Your recipient may also be charged to receive foreign payments
Some banks charge their customers a fee to receive international transfers. At OFX, we use our global network of local bank accounts to move your money at the local level in an effort to reduce these fees. Sometimes, that means your recipient may be charged less by their bank to receive the funds when you use OFX.