International Money Transfer Fee Calculator

Did you conduct an international money transfer through a money transfer company or a bank? Do you want to understand how much you actually paid for your transfer in hidden exchange rate markups? Do you want to understand the quote you have just received from a money transfer company and understand the fees?

Use our easy-to-use money transfer fee calculator below.

Calculate fees & markups

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 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 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, currencies pairs would 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.


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 Wire Transfer Fees

The fixed cost of transferring money abroad. Will range anywhere from 0 to £25 or equivalent in bank 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 markups (or “spreads”), 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 into account, because there 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 those.

Average markup concept

If you’re expecting to pay nothing at all for your transfer, it is not going to happen. 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 referrals to money transfer providers (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 we some 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 3 years almost, and we take great pride in the international money transfer calculator.

Have fun.

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