Orange Money international money transfer guide [2024]
Everything you need to know about sending money abroad with Orange.
International bank transfers, also known as international wires, while often relatively easy to arrange, can unfortunately get fairly costly. And what makes things more complicated is that not all of the charges are spelled out upfront.
Which is why it may not be a bad idea to use an alternative like Wise for your international transfer.
Read on to find out more.
Provider | Upfront Fee | Exchange Rate | Total Cost |
---|---|---|---|
Wise (US$ to C$) | US$8.45 | The real exchange rate | US$8.45 |
Santander USA (US$ to C$) | US$0¹ | Exchange rate + likely mark-up⁵ | US$0 + likely rate mark-up⁵ + likely other bank fees |
Santander USA (US$ to US$) | US$40¹ | (not applicable) | US$40 + likely other bank fees |
You may notice that Santander in the US shows 2 different international wire fees.
Confused why would one international transfer cost $0 and the other $40?¹ It’s pretty simple. Because your $0 transfer is rarely $0.
Why? It has to do with the exchange rate.
Banks and major transfer services generally roll a bulk of their profit into poor exchange rates. Santander even explicitly even states this in their fine print.⁵ Which means if you’re sending the same currency that you want the recipient to receive, the bank can’t build a profit into the exchange rate. Which means, in Santander’s case, they then charge a $40 wire fee.
Why so much more? On average, banks often mark up the rate you see on Google by around 4-6%, and pocket the difference. Which means you should be on the lookout. To see if you’re getting a fair deal, compare the exchange rate you’re offered with the rate you see on Google.
On top of often hidden exchange rate mark-ups, up to 4 other banks often deduct their own fees from your international wire. A cost many don’t expect.
And that’s why free transfers may not be so free after all.
Before diving into the fees, it might surprise you to find that it’s not only Santander that can charge you for your international transfer.
That’s because most traditional banks make international transfers using the SWIFT system. SWIFT is a global network of banks set up to move money across borders. It works by having up to 3 intermediary banks help move your money to the end recipient, much like if you needed to take a series of connecting flights to get to your ultimate destination. Each of these banks can add their fee — often in the range of $10-$50 — to the transaction cost as they handle your international wire.
Santander USA International Wires | Fees and costs |
---|---|
Incoming international wire (in USD) | In US dollars: $13¹ + likely other bank feesⁱ |
Incoming international wire (in a foreign currency) | In other currencies: $0¹ + likely exchange rate mark-upⁱⁱ + likely other bank feesⁱ |
Outgoing international wire (USD to USD) | In US dollars: $40² + likely other bank feesⁱ |
Outgoing international wire (USD to foreign currency) | In other currencies: $0¹ + likely exchange rate mark-upⁱⁱ + likely other bank feesⁱ |
Outgoing international wire (using only a single non-USD currency) | “The fee will be assessed on the monthly service fee date and will be included as part of the monthly service charge. It will not be displayed as an individual wire transfer fee.”³ |
ⁱOther bank fees | If the wire is made by SWIFT, up to 4 additional banks could deduct their own flat fee. |
ⁱⁱExchange rate mark-up | Santander notes that they may add a mark-up to the exchange rate they offer you.⁵ |
With Santander, as you may have noticed above, you can send a international transfer in US dollars, or in some cases, you can specify the amount in the currency of the account the cash is going to. This isn’t an option for every destination, though, so you’ll need to check the small print for your specific needs.⁴
Also, because pricing may vary by destination, currency, and account, double check with your local Santander branch before you make a decision.
Understanding the exchange rate is important when arranging an international money transfer. Banks often hide additional profit in a poor exchange rate, so customers can’t see the true cost of the transfer easily.
In regards to the exchange rates they offer clients, Santander notes in its Foreign Exchange Disclosure Notice (bold ours):
Unless otherwise disclosed, Santander will generally attempt to provide you with a single "all-in" price which will include any [bid/offer spread](https://wise.com/gb/blog/bid-ask-exchange-rate-fx-d efinition). For foreign exchange transactions additional amounts may apply, including (without limitation): (a) the costs related to execution including execution venue fees, clearing and settlement fees and other fees paid to third parties involved in the execution of the transaction; and (b) any sales commission or mark-up ("sales margin") determined taking into consideration a variety of factors including, but not limited to credit and capital charges, processing and service & relationship costs.
Confused yet? They get a bit clearer in that same document:
Santander may (in its own discretion) apply mark-up to your order in accordance with our mark-up policy.⁵
To translate into plain English, Santander is stating that they probably make money on the exchange rate they offer you. That means Santander gets one exchange rate, and then offers you another that’s not as good. And keeps the difference. This profit is often referred to as a “spread” or a “mark-up” — Santander calls it both. And, despite the fact that these spreads are often an average of 4-6% of amount you’re sending, they aren’t stated as a fee or a charge when you set up the wire.
And, because Santander doesn’t publish their rates online, you’ll have to call or go into your local branch to find out the rate for your currency pairing.
However, it may surprise you to find out that Santander may not be the one that decides what exchange rate should be used for your international money transfer. The rate might be selected by an intermediary bank processing the transfer, or the recipient’s own bank when the money arrives.
Unfortunately, in these cases, you won’t be able to see the rate used until after the transaction has been processed. Which may hurt. A lot.
If the costs of making an international transfer with Santander seem too opaque and tough to calculate, then it’s good to know that you have other options. Instead of a traditional bank, you might find that you’re better off using an international transfer specialist like Wise. Wise uses the fairest exchange rate out there. No mark-ups and no hidden costs to worry about — just small transparent fee for every transaction.
For people who travel a lot, the Wise borderless multi-currency account could make life even easier. You can hold your cash in any one of dozens of different currencies simultaneously, and move your money between currencies easily. You can even accept domestic payments in regions like the EU, the UK, and Australia using your very own free local bank details.
Find out for yourself if you can get a better deal with Wise, today.
There are several ways you can send money internationally with Santander in the US.
Technically, if you want Santander to do your international wire for you, it will have to be done at your local branch.³ You’ll be asked to provide the details of the recipient and might need to show your own ID documents.
Visit wise.com
ⁱ The cheapest option for you will likely be bank debit (ACH) or paying by debit/credit card. Bank debit can be slightly slower, but has higher limits than if you pay by debit card. Both options will deduct the money directly from your Santander account.
ⁱⁱ Especially on your first transfer, you may be asked to verify your identity with an ID, address proof, the reason for your transfer, or even your SSN just like you would when you open a bank account in person at a regular financial institution.
ⁱⁱⁱ It may be helpful to note that when sending money through Wise you won’t actually need international banking details for your recipient. You’ll need their local banking details — the same information they would give to a friend inside the country for a domestic bank transfer. That likely means you may not need their SWIFT/BIC code, but more like the domestic equivalent.
When you place your international money transfer you’ll need to give your bank the following details:³
If you’re expecting to receive an international transfer you’ll have to give the sender some information to make sure the money goes to the right place. Each bank will have its own requirements based on the specific details of your transaction, but you may need to pass on the following information:⁶
If you’re sending the transfer via Wise and will be receiving it into your Santander account in the US you can give the person your name and email address and then fill in your bank details yourself later. Otherwise, you can also give the following details:
The length of time it takes for an international transfer processed through Santander to be received depends a lot on where it’s headed. You can expect most transfers to take several business days, but it’s worth confirming the exact details for your transfer with branch staff when you arrange it.
If you need a little more help you can call Santander, send them a secure email, or pop into your local branch.
Whether you decide to stick to your regular bank for your international wire transfer, or use an alternative service, you’ll need to check out both the upfront and intermediary fees, and the exchange rates used. That way you can make sure you’re getting the best service for your specific needs — and not paying too much for it.
Source 1 (June 28, 2018)
Source 2 (June 28, 2018)
Source 3 (June 28, 2018)
Source 4 (June 28, 2018)
Source 5 (June 28, 2018)
Source 6 (June 28, 2018)
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Everything you need to know about sending money abroad with Orange.
What is Ria and how does it work?
Your full guide to international Amscot wire transfers.
Your full guide to M-Pesa international transfers.
Your complete guide to Pangea Money Transfer safety
Your guide to understanding and avoiding wire transfer scams