They may charge a commission or service charge High street banks are particularly bad at charging high, fixed fees - but don’t worry, we’ve got some good alternatives for you. These fees can range from anywhere between $1 to $25 or more. Some providers, especially banks, will charge you a fixed fee to send money. *The standard exchange rate is also known as the standard, mid-market or interbank exchange rate. That $18 difference is their margin, where they make a profit. The “best” exchange rate available is the “base” exchange rate.* Some currency providers make money by offering you a slightly worse rate, and take a profit on the difference - this is known as the “margin” or “spread.” For example, the base rate might get you $1,000 US dollars for $1,412 AUD, but a provider charges you $1,430 AUD. They may offer a slightly worse exchange rate But what we do know is the different ways they can charge you for your international money transfer: 1. ![]() The question is, how much does it cost them to transfer money overseas relative to what you pay them? We don't know. When you send money abroad using your bank or a specialist international money transfer company, exchange rates and fees vary because money transfer companies need to make money too. You’re probably not looking forward to a long, exhaustive explanation of currency exchange rates and fees, so we’ll keep this mercifully brief!
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