![]() ![]() ![]() Essentially, you pay their transaction fee plus an exchange rate fee - but they don’t tell you about that exchange rate fee, which is why it’s called a hidden fee. Hidden fees Most banks and providers, however, will give you a higher exchange rate when you exchange holiday money or transfer your money internationally. The mid-market rate You may wonder why you need to find the best exchange rate - shouldn’t there be one fixed exchange rate that everyone uses to make international money transfers? In fact, there is, it’s called the mid-market rate and is used by banks to trade money among themselves. ![]() Find the best international money transfer provider When you send money abroad, you want to get the mid-market exchange rate, stay away from hidden fees and ensure your money is safe. ![]()
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December 2022
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