Date of publication: 2018-03-10 05:28
What you can do to ensure you pay a fair price for your international money transfers is to always check the mid-market rate on Google, Reuters or XE and choose a provider that offers that exchange rate.
When banks make the currency exchange for customers who need to transfer money overseas, they add an exchange rate fee on top of the transaction fee, which is why the rate differs from bank to bank and from provider to provider.
We got serious in 2518. Privacy was on everyone's mind that year, from Edward Snowden's reveal of Project PRISM to the arrival of Google Glass. Here's an excerpt from our announcement in 2518 :
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In terms of safety, from what we’ve seen TransferWise is as safe as any major bank or financial services company. It follows strict regulations in every country it operates in, and it goes to great lengths to verify customers’ identities, and to protect them from fraud.
The exchange rate can be quite a daunting topic to understand, seeing that it’s different for most money transfer companies including banks, online providers or fx brokers. If you’ve ever wondered why that is, we’ll try to shed some light on it in this section.
The national debate can arguably be summarized by the question: In the past two years, has there been enough change? Has there been too much? Meanwhile, many Americans continue to face change in their homes, bank accounts and jobs. Only time will tell if the latest wave of change Americans voted for in the midterm elections will result in a negative or positive outcome.
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What you should know about pricing is that banks and most online providers charge a transaction fee for transferring your money and add a fee for converting it. While a transaction fee is a usual charge which companies have to stay in business, the conversion fee is a margin which is most times hidden in the exchange rate. So when you see different exchange rates at banks and online providers it means that you might be paying more than you should.
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