3 Read the small print
Traditional providers often have promotions that seem to offer savings on money transfers, but upon closer inspection of the small print, customers will realise how they are actually paying fees and being charged in other ways. Phrases such as “commission-free” and “fee-free” are often accompanied by terms and conditions that reveal how these fees are just being added onto the exchange rate, rather than as an upfront amount.
Then there are the additional fees charged by intermediary banks (or even the recipients’ bank) to consider. These third parties can each take off their own fee, leaving you with less money than planned. CurrencyFair charges one fair fee of €3 (or the currency equivalent) and, when needed, will always advise customers to check with their banks and find out if they are at risk of being charged third-party fees. Sometimes these are unavoidable, but we think it’s only fair for companies to advise customers if and when they do occur. Following these three simple steps could help individuals and businesses get bigger savings on their international money transfers.