What it costs to send money

The cost of sending remittances differs from one company to another as each may set their own fees. The companies offering the service to transfer money abroad impose administrative fees in order to do this. When this is done, an exchange rate is retrieved to exchange to the recipient country's currency. The amount of these fees varies substantially in many cases. Remember to look at both how much the fixed fee is and what exchange rate is. A company that is cheap regarding one fee can be expensive regarding another and the actual transferred amount could be lower than that of a competing company. Also, always ask if any costs are charged in the recipient’s country when you are considering making an actual transfer.

Remember to include all of the costs. It's how much that gets to the recipient that is important! 

  • Fees
  • The exchange rate margin
  • Recipient’s costs for collecting the money