Do you know how much your bank or broker in the Netherlands charges when you send money abroad? You might be in for a nasty surprise.
Typically, banks and brokers only show one flat fee when you send money abroad.
But the real cost is actually a lot higher. The banks hide extra costs in bad exchange rates, which are much lower than the real mid-market exchange rate you’ll see on Google. Research by YouGov for TransferWise shows that nearly half of Dutch people who’ve sent money abroad before have no idea they’re being given a bad exchange rate.
Think it stops there?
Nope. The bank on the other side can charge you an extra cost to receive the money. Something people who make regular payments weren't aware of: just 1 in 8 know they have to pay up on the other side.
Our research shows that Dutch people think charges over €5 to send €1000 abroad are unreasonable. So why would you accept what banks and brokers make you pay?
So, how is TransferWise cheaper?
At TransferWise we're all about transparency. No hidden charges. No nasty surprises.
TransferWise uses the mid-market exchange rate that same one you see on Google and charges a low, transparent up-front fee. That's why it's cheaper.
It's only fair. It's your money.