Jargon Busters

What does 0% commission money transfers mean?

Buyers beware: Any time you see a money transfer broker, bank or airport bureau boasting ‘we offer 0% commission money transfers’ or ‘no transfer fees’ don’t be fooled into thinking it’s free to send money abroad. This is a marketing gimmick.

International money transfer companies make profit in two ways. The first, is through a fixed transfer fee. The second is via profit built into the rate of exchange. The difference between a good and bad money transfer deal will often be guided by the exchange rate.

On CurrencyTransfer, we use the analogy of a supermarket in our approach to price transparency. If you leave a supermarket, you know the exact cost of your apples, bananas and pears. So too, in 2015, you deserve to know the true cost of making an overseas money transfer.

We’re committed to 100% price transparency and display clearly the market rate versus your sell rate side by side.