How much can I save on the CurrencyTransfer money transfer comparison platform?
As a money transfer comparison business, we regularly scour the market to compare how competitive we are. On average, we cut around 85-90% in hidden foreign currency transfer fees compared to the average high street bank.
All foreign exchange suppliers make money in two ways:
(1) Transaction Fee. The average bank charges anywhere from £15-40 as a visible transfer fee for the privilege of making an international money transfer. On the CurrencyTransfer.com marketplace, there are NO, ZERO, NADA in transaction fees. As an example, if you’re a business making a couple payments a month, you could be paying nearly £1,000 a year alone just in transaction costs.
(2) Hidden fee within the rate of exchange. On top of transfer fees, the average bank can charge ‘hidden fees,’ namely profit built into the exchange rate of up to 5% of the value of your transfer. On a £100,000 money transfer, this can cost an unknowing customer up to £5,000.
Smart businesses transfer money abroad via FCA regulated currency brokers. This isn’t fault proof. Be wary of opaque brokers who offer you a fantastic exchange rate on day one (often called a ‘honeymoon rate’), only to widen and widen their markups as you become more comfortable using their service. This is called ‘Margin Creep’.