Every year, lots of people send money to Hungary. But because of lousy tactics, most of them ended up paying dearly, sometimes paying almost 20% of the total amount which is ridiculous.
Banks and online money transfer services get away with this because they “hide” it by bundling it into their “special” conversion rates. Basically, it is a hidden fee.
Are you one of the people who ended up “paying too much” to transfer money?
If the answer is yes, then this article is for you.
This our 26th post on sending money to other countries. If you want to check out the rest of the post, here are the links: Philippines, Brazil, Australia, Kenya, Mexico, Macedonia, Poland, Egypt, Romania, Indonesia, India, Bangladesh, Ukraine, Bolivia, Serbia, Pakistan, Colombia, Morocco, Chile, Turkey and recently, Thailand.
So how do you actually avoid paying too much when you send money to Hungary?
Below are tables that contain the most popular options for sending money, their upfront rates and their hidden exchange rates. As you notice, some services claim to have zero charge but then more than make up with ridiculous exchange rates. Avoid these services at all cost!
Note:
- Minimum transfer of $500 for OFX (previously USForex).
Note:
- Minimum transfer of £500 for OFX.
- Five free transfers with CurrencyFair
Notes:
- Worldremit can only send 995 CAD from Canada to Hungary.
- 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 |
| CurrencyFair* | €3 | €4 | €7 | 1-3 days |
| OFX* | €0 | €7.5 | €7.5 | 1-2 days |
| Transfergo | €1 | €9 | €10 | 1 day |
| WorldRemit | €4 | €9 | €13 | 1-3 days |
| Paysera | €3 | €16 | €19 | 1-3 days |
| Azimo | €3 | €23 | €26 | 1-2 days |
| Western Union | €0 | €29 | €29 | 1-2 days |
| Exchange4free | €0 | €35 | €35 | 3-5 days |
| Wire transfer | €20-35 | €20-40 | €40-75 | 3-5 days |
| Skrill | €10 | €40 | €50 | 3-5 days |
| MoneyGram | €5 | €59 | €64 | Minutes |
| Travelex | €0 | €111 | €111 | 3-5 days |
Note:
- Minimum transfer of €500 for OFX.
- Five free transfers with CurrencyFair
Note:
- OFX (Previously OzForex) rate requires a minimum amount of $500.
- 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.