When you send money abroad, the banks charge hidden fees. Most people don’t even realise that they are getting stung. Here’s where they hide:
The real exchange rate is called the mid-market rate. It’s the official, fairest rate - the one you see on Reuters.
Banks take this ‘real’ exchange rate and do something very sneaky. They change it.
This means that when you send a specific amount, you get less money on the other side than you should.
What happens to the money you lose? The banks keep it. That’s the hidden fee.
Oh, and there’s more.
On top of that you get charged another fee. Like a service fee. For your unfair service.
Altogether, this works out to a chunky £50 out of every £1000 you transfer.
TransferWise always gives you the real exchange rate and charges a small and transparent fee which we tell you up front before every transfer you make.