Some banks charge different money transfer fees when you initiate the transfer online versus going into a branch. Many financial institutions use a marked-up exchange rate as part of their service fees. Because of this, some banks offer lower fees if you let them convert the funds before transferring, or if you provide the currency already converted. Contact your financial institution to see if this option is available. International money transfer services like Western Union can help you easily send money abroad, and the fees may be less compared to traditional banks.
Plus, Western Union can be a more convenient option because there are additional methods to send money such as cash pick-up. Western Union offers easy, reliable ways to send money with fees based on the services you need. While these fees can range, you can get a free estimate when you start sending money with Western Union online. In the send money form, you can easily adjust different parameters, such as how your receiver wants to get the money and how you want to pay.
Deciphering the different types of money transfer fees can be confusing, but Western Union makes it easy with convenient ways to send and receive money. Send money online, with our app, or from hundreds of thousands of agent locations globally. Register online to get started today. All Rights Reserved. Cookie Settings. Money transfer fees: how much will your transaction cost? Australia By Cecilia Hendrix April 1, Here are some of the most common types of money transfer fees you may encounter: Transfer fees Every bank or financial institution will have its own fees for money transfers that range depending on the bank.
The intermediary bank may charge a transfer fee in addition to the transfer fees from the sending and receiving banks. An exchange rate refers to how much one currency is valued against another currency. For example, as of March , you could trade about 1 CAD for 0. Or in other words, 1 EUR is equal to about 1. Make sure to account for the exchange rate so you know exactly how much you will receive from a transfer, or how much you need to send your receiver to ensure they get the correct amount of money.
Remember that some banks charge a higher markup when converting local currency for an international transfer. There can be additional fees associated with a money transfer, such as online versus in-person transfers, cancellation fees, correspondent bank fees, and more.
Before initiating a money transfer, check with your financial institution to get a quote for how much it will cost or what fees you may incur. As you can see above with the variable fees, figuring out how much a money transfer costs depends on several factors.
No charge. Money transfer fees can add up, especially if you are frequently sending or receiving money. Luckily, there are a few ways you can save money on international transfer fees.
As we mentioned, different financial organizations have different money transfer fees and if you have the time, shopping for the best deal can save you money. You can research both bank and non-bank options and compare prices online, or ask your local branch questions like:. These transfers take a little longer, but they are generally cheaper.
Some banks charge different money transfer fees when you initiate the transfer online versus going into a branch. Many financial institutions use a marked-up exchange rate as part of their service fees. Because of this, some banks offer lower fees if you let them convert the funds before transferring, or if you provide the currency already converted. Contact your financial institution to see if this option is available. Transfer fees 1 and exchange rates provided are estimates only and are not guaranteed.
Additional taxes and fees may apply. When sending money online or with the app, you can always check the applicable transfer fees1 and exchange rates before you make a money transfer. Western Union offers real-time information on exchange rates 1 to help you stay up to date on the latest developments when sending money internationally.
Check current exchange rates 1 before making a money transfer online, with our app or at an agent location.
If sending money online or with our app, navigate to the send money form and select the destination you are sending funds to and how you wish to pay.
If sending money at an agent location, you will be able to see the cost of your money transfer at the counter. You may receive transfer fee 1 discounts 4 and other promotions by registering with our loyalty program, My WU SM , and can earn points every time you send a qualifying money transfer. Easily track your transfer online and with our app using the MTCN. Send money for cash pick-up at an agent location near your receiver. When choosing a money transmitter, carefully compare both transfer fees and exchange rates.
Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice. Additional third-party charges may apply, including SMS and account over-limit and cash-out fees. Funds availability subject to terms and conditions of service. See Mobile Form for Restrictions.
To avoid these fees or for reduced fees, use a debit card or check other payment methods. Points used will not be reversible and if amount of transfer fee is less than redeemed discount, no cash, credit or refund will be provided. Western Union exchange rates and money transfer fees 1.
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