International Money Transfer Fee Calculator

Calculate the fees of an international money transfer with ease. Whether you’ve been using a a money transfer company or a bank, you can simply input the data into the Fee Calculator below and discover how much you paid. We will also provide feedback on whether the margin was reasonable, and break down the international money transfer fees (whether direct wire transfer fee or exchange rate markup). These rates are relevant for Spot Trades, we have a separate calculator for Forward Contracts.

International Money Transfer Fees Calculator: What Are the Fees?

When you transfer money abroad, you are likely paying higher international money transfer fees than you have imagined. This is why our calculator comes in so handy.

large amounts of money

There are three types of fees you are paying on an international money transfer with a bank:

  1. Wire fee (fixed fee per transaction)
  2. Commission (most banks boasts in 0% commission)
  3. Exchange rate markup or in other words, the difference between the real exchange rate and the one assigned to customers – and this is the bees knees right there with up to 5% difference, or 5% in hidden fees

How to Obtain the Best International Money Transfer Fees

The below companies are offering fee-free international money transfer, with excellent foreign currency rates. Our staff has worked hard to compare international money transfer fees and charges, and these are the most recommended companies in our book.

Currencies Direct
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere

    96% Client Satisfaction
  • Min Transfer: £/€ 100
  • Currencies Supported: 40
  • Offices : UK, EU, Singapore, and Australia.
  • Our Rating : 93.4%
  • Extremely Tailored Service

    MoneyFact's Best Provider Award

    Diverse Hedging Options
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, Australia, USA, HK, UAE, and South America.
  • Our Rating : 92.8%
  • Extremely Tailored Service

    Industry Veteran since 1979

    Diverse Hedging Options

Using our money transfer fee calculator you can understand exactly how much markup did the bank apply for you on a past transaction, or a current transaction in which you have received a quote for.

Money Transfer Fee Calculator [Current Quote or Past Transfer]

Did you get a good deal?

Notes for this calculator

  1. We do not guarantee any accuracy. We do not promise that companies that we recommend will necessarily be any cheaper than what you pay. We merely give you an indication of the markup you actually paid, together with an automated response on whether you paid too much based on the amount sent and currencies used.
  2. The “average markup” component is dynamic and will change based on every currency route and amount you will choose. The data which we used in order to come up with an average markup is a combination of data from thousands of referrals we sent through to money transfer providers over the years, together with data from the World Bank and statistics we collected about bank margins and money transfer providers’ markups. For legal reasons we cannot disclose the data in which this tool was based on.
  3. The international money transfer fee is calculated based on the last rate from each day. That means that if you made your transfer during the course of the day, the markup may be higher or smaller than the one we calculated. On average, currency pairs move 0.15% or less during the day, making a small impact on our calculation, but some days currencies may move at 1% or more. You have to take that into account when you use our calculator.
  4. If you insert your deal’s date in an invalid time when the currency markets are not working, there will be no output (“Sorry, no results” message should appear). If you received a quote during the weekend, put Friday as the value date to the deal for the calculator to be able to process it.


How Money Transfer Fees Are Calculated

There are three pillars to international money transfer fees (in addition to a fourth pillar, which is the recipient-side fees), as follows:

1. Flat International Wire Transfer Fees

The fixed cost of transferring money abroad. Will range anywhere from free to £25 or equivalent in bank fees, across the world.

2. Commission

A fee relative to the volume of the transfer. A 1% commission means that 1% of the money transferred abroad will be taken off to cover commission costs. Commission-based fees became uncommon in western countries, and most foreign exchange facilitators will pride themselves at having 0% commission.

3. Markups

The exchange rate markup (or “spread”), is what we calculate on our International Money Transfer Fee Calculator ™ appearing on the top of this page.

A margin, markup or spread is essentially the difference between the rate offered to clients and the real interbank rate*. You can view today’s foreign exchange rates with additional explanations here.

4. Recipient Fees

This is something we do not take this into account, because there are so many variables involved. Generally speaking most banks in most western countries do not charge recipient fees, but in theory they may be levied and be as high as 1-2%. Choosing the right payment method, using trenches and comprehensive knowledge of banking facilities in a certain country can help you avoid these.


* Interbank rates examples for today:

1 Pound is €1.1946 EUR | 10,000 Pound are €11,945.6173 EUR

1 Pound is $1.3555 USD | 10,000 Pounds are $13,555.0028 USD

1 Pound is A$1.8880 AUD | 10,000 Pounds are A$18,880.3568 AUD

1 Pound is ¥154.1136 JPY | 10,000 Pounds are ¥1,541,136.0448 JPY


Average markup concept

If you’re expecting to pay nothing at all for your overseas currency transfer, it is not going to happen. Even though all our recommended companies are are offering no wire transfer fee on their international money transfers, they are not able to provide clients with the current interbank exchange rate, or they will not turn any profit. The question is how much you’ll pay in proportion to the amount you are transferring abroad or receiving from abroad.

To calculate the average markup indication on our calculator we used comprehensive data that we collected from our referred clients to money transfer providers, on an anonymous basis(we make money by referring readers to recommended money transfer companies, and with most providers we can get detailed reporting about the deals our referral clients have conducted and how much they paid in fees). We combined that with sampling and mystery shopping we did in-house with a variety of providers, together with information from the World Bank for smaller transfers.

It is not necessarily the most representative average fees, but we feel our guidance is firm. We have been running, one of the leading money transfer information portals online, for the past 4 years, and we take great pride in the international money transfer calculator.

Have fun.

But wait, I saw different rates in a different comparison site, or I’m just not sure if your maths is correct

Let us repeat what we’ve mentioned several times on this page – the rates/markups we are using throughout this calculator are rates that clients we have referred to SPECIFIC money transfer companies in SPECIFIC currency routes in SPECIFIC dates. As one of the world’s largest money transfer comparison sites we do have a lot of data and vast experience and expertise in the topic but it doesn’t mean that if we said something about a certain rate it’s true to each and every case. It is MERELY AN INDICATION.

With that being said, we do feel this money transfer fee calculator can help you understand whether you are being quoted fairly or not, beyond the direct wire transfer fees.

Other money transfer comparison sites may show real live feeds of the rates offered (or the international money transfer fees taken at any given time). We don’t go down this route because we feel that when we do that, it is bound to be imprecise. Additionally, these rates that they are presenting are negotiated specifically for their users, while we have different rates for our readers that we negotiated. What you could definitely do is get a quote from one company featured  on that competitor’s site and see if their quote matches with the information present on the website, and at the same time sign up with one of our top recommended companies and ask them for a quote, and just compare the two to see where you’re getting the best deal. Remember that there are no free international money transfers anywhere in the world.


Summary: international money transfer fees with banks and service providers

  1. Remember these simple rules in order to minimise your international money transfer fees!
  2. The international wire fees (the flat fees) is not all that meaningful for a very large transfer. What matters is the exchange rate.
  3. There is no such thing as a “no fee money transfer” because the exchange rate will never be exactly the official interbank rate. It will be either much worse, or slightly worse, that’s all.
  4. Compare money transfer fees by looking at the exchange rate provided to you by your banks vs commercial companies for fx transfers. Make that fee comparison in real-time to make sure it’s accurate.