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How Much Does It Cost to Send Money Abroad

How Much Does It Cost to Send Money Abroad

Whether it’s for business or personal reasons, sending money abroad is a popular practice to do. However, the process is not as simple as domestic bank transfers. Transferring money internationally is not free; you need to pay more than the amount you send. So how much does it cost? The simple answer is: it depends on the banks/companies you use to transfer money

All banks and money transfer companies have different fee structures. The margins they take on the daily exchange rate are also different. So, your choice of money transfer provider or bank will impact your overall transfer costs. Know the costs and factors influencing it to find the best way to send money abroad.

People also read: 6 Things You Need to Know Before Sending Money Internationally

 

The Total Cost Comes from Three Types of Fees

Even though the costs are different, they all come from the same type of fees: exchange rates, transfer fees, and hidden fees. All these costs add up to your overall money transfer costs. 


1. Exchange Rates

This is essential to keep your eye on when **sending money abroad** as they are very competitive. Money transfer providers usually charge 0.25 - 3% above the exchange rate you see online, while banks generally charge around 3 - 6% above the exchange rate. This is why people are more likely to use money transfer providers than banks.
 

2. Transfer Fees

The second fee you have to pay is the transfer fee. The amount differs depending on which bank or money transfer provider you use and how much money you want to send. Some banks will charge different fees depending on the currency you send your money. Meanwhile, money transfer providers' transfer fees might differ depending on how you send the money, whether from a credit card, a debit card, or a funded account. 


3. Hidden Fees

This is the fee that you don't expect they will charge you. It can be a provision fee, receiving bank fees, or any other type of fee. This is more common when you send money abroad through a bank.

 

Factors that Impact the Cost

Choosing the most valuable bank or money transfer provider is one of many solutions to make transferring money to foreign bank accounts cheaper. Several factors have a big impact on the cost of sending money abroad. 


1. The Payment Providers 

As we mentioned before, how you choose to send money will make a big difference in your money transfer cost. Whether you use a bank or money transfer provider, every financial institution has different capabilities that lead to different service prices. That's why it is essential to choose the most valuable providers or banks before you decide to send money abroad.

2. Time and Speed of Transaction

You can pay more or less depending on when you transfer the money, as the exchange rate is constantly changing. Moreover, the transfer cost is also impacted by how fast the recipient will receive the money. Transferring money to a foreign bank account usually takes between three to five days. However, you can make it faster by adding additional fees. 

3. Currencies and Countries

The last factor is the currencies and countries you choose to transfer money internationally. A particular country is more expensive than the other, especially countries that lack modern finance technology because they need to do everything manually. 

The amount of money being transferred may also affect the costs. The more money you send, the better the rates are likely to become. The best way to send money abroad is to choose providers offering the cheapest fee and the most secure transaction process. For this reason, consider using Flip as your international money transfer solution. 

Using Flip Globe, you won’t be charged any additional fees. All you need to pay is what Flip shows you in the transaction tab. You will find the cheapest exchange rates here, even cheaper than Bank Indonesia. As for the fund security, you don’t have to worry because Flip Globe has been registered and supervised by Bank Indonesia! 

 

People also read: A Complete Guide To Send Money Overseas Using Flip

Want to experience the convenience of sending money abroad using Flip? Download the Flip app from your App Store or Play Store right now!
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