April 10, 2012
Inspired by the article in Frankfurter Allgemeine Sonntagszeitung we made a few calls today to see how much others are charging for sending money abroad.
What will happen if you send 1000 GBP from London to your friend in Paris? How much money will you get?
When using TransferWise you will get 1,207.44 EUR. Using other services your results will vary a lot:
These numbers speak for themselves. To avoid being ripped off always check how much money you will receive before making a transaction. Remember that bulk of the charge gets hidden in the exchange rate.
Besides the bad exchange rate commissions, the fees vary as well, winner here is Western Union again with 48 GBP fee, next is HSBC who charges 17 GBP, closely following is Lloyds with 15 GBP. NatWest is almost a darling as they only charge a 10 pound transaction fee.
All these rates were checked on the morning of Tuesday 10th of April.