Whether you’re sending money overseas to support your family, fund education, pay off debt or any other reason, it’s important to understand the costs associated with these transactions. So how much do international money transfers really cost? Let’s start with the basics.

Basic costs of sending money overseas

Exchange rates: Currency exchange rates fluctuate constantly, impacting the amount received by the recipient. Understanding the exchange rate offered by your money transfer service is vital to ensure you receive the best deal possible. 

Transfer fees: Most money transfer providers charge fees for their services. These fees vary widely depending on who you send money with, so it’s important to compare providers and choose the most cost-effective option (more on that later).

Comparing providers 

How much your transfer will cost is a critical consideration when comparing providers. 

While many people default to their existing bank for international transfers, banks are renowned for charging high fees and offering unfavourable exchange rates, often resulting in recipients receiving less than expected, or receiving surprise hidden charges. 

Alternatively, online remittance platforms like OrbitRemit are a great solution due to their competitive advantages on cost, as well as speed and convenience.

OrbitRemit’s low fixed fees and transparent pricing

With OrbitRemit, a flat transfer fee and highly competitive exchange rates means you’ll always know what your transfer will cost before it’s been made, and you can be sure of the amount that reaches your recipient. 

Our low fixed fees are between $0-6 depending on the send and receive currencies. Use the currency calculator to find out the live exchange rate and the fixed fee for your specific transfer.

These measures are all part of the reason we were able to save our customers millions of dollars vs using the banks last year.

So if you’re seeking a great deal on cost-effective international money transfers, look no further than OrbitRemit! Sign up today to start sending affordably.