![]() ![]() ![]() Recipient receives = 103,491 BDTįinally, the third money transfer company offers:Įxchange Rate from GBP to BDT = 106.52 Transfer fee = 2.5% or £25 This means the entire £1000 budget will be converted to BDT as there is no fee to pay. This means that £10 of the budget would be spent on the transfer fee and £990 would be converted to BDT using the Exchange Rate. Someone has a maximum of £1,000 and wants to send money to Bangladesh, for example, to be converted into the local currency, BDT. In fact, you always need to consider both factors together. Or, you might think that lowest fees are the way forward, irrespective of the Exchange Rate. You might think that the company offering the best Exchange Rate is the one to go with, no matter what the fees are. Which is more important, Exchange Rates or Transfer Fees? If you are paying a fixed fee every time you send money, it’s worth considering making a smaller amount of larger transfers rather than several of a lower amount. Some companies will also charge the recipient for receiving their payment. So, don’t always go for the fee-free option, or the lowest fees, think about the Exchange Rate as well. In order to this their Exchange Rates tend to be lower. As with banks (see below) there are money transfer companies who promote themselves as being “fee free”. These can either be a set amount (fixed fee), or a percentage, ranging from anywhere from 0.5% to 3.9%. What do I need to know about Transfer Fees?Īnother factor to compare carefully are transfer fees. At Small World, we constantly check our rates against competitors and banks to give our customers the best rates possible. Most of these rates are continually changing, so it’s always worth checking to ensure you know the rate at the moment you transfer money. Am I looking for a high or low Exchange Rate?Īs the sender, you are looking for a higher rate, meaning you get more foreign currency for your money. Money transfer companies like Small World set their own Exchange Rates, giving customers the chance to shop around for the best rate. Many factors will influence a currency’s Exchange Rate – including political, social and economic factors. How do Exchange Rates impact my money transfer?Īn Exchange Rate states how much your country’s currency is worth or will buy in another foreign currency.įor people in Great Britain, the Exchange Rate will tell you how much your Pound Sterling is worth when converted to US Dollars, Euros or any other world currency. To get the best deal, you should always look out for two things: Understanding how the process works is important to ensure you get the right deal when considering international money transfers. Of course, other factors need to be considered, such as speed of transaction and security. Whether you send money online, or via an agent, the chances are you’ll be looking for the most cost-effective option each time. ![]()
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