Summary
When sending money abroad, the real cost often goes beyond visible transfer fees. The article explains that providers frequently hide charges in exchange-rate markups rather than charging upfront fees, making transfers seem cheaper than they are. Banks and remittance services may also involve intermediary and receiving bank deductions, which further reduce the final amount received. These hidden costs can add up to several percentage points of the total transfer. The piece urges users to compare the mid-market exchange rate with the offered rate, review full fee breakdowns, and choose transparent providers to avoid unnecessary losses when making international money transfers.
Finance Monthly
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