If you often send money to the Czech Republic, are you aware of hidden fees banks and money transfer services charge you?
Don’t feel bad if you’re not; many people do. That’s why we call it a “hidden” fee!
If you notice whenever you send money, banks and money transfer services always change it to local currency. This is where they take a huge cut; some may claim to have “zero charges” but then they charge you with ridiculous exchange rates.
As an example, say you send $1000 from the US to the Czech Republic using Travelex–a service which has $0 fees upfront yet has hidden conversion charge at $124 so you ended up paying more than if you were to use Wise (formerly TransferWise) for example, which has an upfront cost but no hidden charge!
So if you want to maximize the money you send, you need to do due diligence and check the rates banks and services use in sending and exchanging money. We even made it simpler for you–below are tables where you can check the declared and hidden conversion cost of some of the most popular options for sending money.
Note:
- Minimum transfer of $500 for OFX (previously USForex).
Note:
- Minimum transfer of £500 for OFX.
- Five free transfers with CurrencyFair
Note:
- Worldremit can only send 995 CAD from Canada to Czech Republic.
- Minimum transfer of $500 for OFX.
- Five free transfers with CurrencyFair
| Transfer method | Fees to send €1000 EUR | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| Wise, formerly TransferWise | €7 | €0 | €7 | 1-2 days |
| OFX* | €0 | €7.5 | €7.5 | 1-2 days |
| Azimo | €3 | €5 | €8 | 1-3 days |
| CurrencyFair* | €3 | €5 | €8 | 1-5 days |
| Transfergo | €1 | €10 | €11 | 1 day |
| WorldRemit | €4 | €10 | €14 | 1-3 days |
| Paysera | €3 | €12 | €15 | 1-3 days |
| MoneyGram | €5 | €19 | €24 | Minutes |
| Exchange4free | €0 | €25 | €25 | 3-5 days |
| 1st Contact Forex | €5 | €21 | €26 | 1-3 days |
| Western Union | €0 | €30 | €30 | 1-2 days |
| Small World FS | €10 | €24 | €34 | 3-5 days |
| Skrill | €10 | €40 | €50 | 3-5 days |
| Wire transfer | €20-35 | €20-40 | €40-75 | 3-5 days |
| Travelex | €0 | €105 | €105 | 3-5 days |
| Xpress money | €38 | €237 | €275 | 3-5 days |
Note:
- Minimum transfer of €500 for OFX.
- Five free transfers with CurrencyFair
Note:
- Minimum transfer of $500 for OFX (Previously OzForex).
- Five free transfers with CurrencyFair
Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.