If you run an international business and have foreign partners, you know that sending money abroad is a key aspect of such partnerships. Do you, however, have a good idea about how much such services cost you?
Even opportunities that are advertised as commission-free can make you spend a lot of money on processing. Let’s assume that you have to send money to Morocco and you are searching for the cheapest way to do it. Banks and other money transfer companies have different policies when it comes to money transfers. Some of them will charge you an upfront fee while others have no such charges but will rely on really unfavorable currency exchange rates.
If you’re based in the US and use Travelex to send 1,000 dollars to a client in Morocco, you won’t pay any transfer taxes. Once you send the money, you’ll find out that there is a fee of 172 dollars because of the exchange rate. This is the fee that you pay for converting the money from one currency to another. The following tables cover all charges that you’ll pay for sending money to Morocco from different parts of the world and depending on the service you choose.
Note:
- Minimum transfer of $500 for OFX (previously USForex).
| Transfer method | Fees to send £1000 GBP | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX* | £0 | £7.5 | £7.5 | 1-2 days |
| Wise, formerly TransferWise | £15 | £0 | £15 | 1-2 days |
| Azimo | £1 | £16 | £17 | 1-2 days |
| Western Union | £3 | £20 | £23 | In Minutes |
| GlobalWebPay | £5 | £36 | £41 | 1 day |
| Aftab Currency | £21 | £22 | £43 | 3-5 days |
| Al Ansari Exchange | £11 | £34 | £45 | 3-5 days |
| Xpress Money | £6 | £43 | £49 | 3-5 days |
| WorldRemit | £22 | £29 | £51 | 0-1 day |
| Small World FS | £30 | £21 | £51 | 3-5 days |
| Wire transfer | £15-25 | £10-30 | £25-55 | 3-5 days |
| Lycaremit | £0 | £56 | £56 | 1-3 days |
| MoneyGram | £30 | £31 | £61 | In Minutes |
| Skrill | £26 | £40 | £66 | 3-5 days |
Note:
- Minimum transfer of £500 for OFX.
| Transfer method | Fees to send $1000 CAD | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX* | $0 | $7.5 | $7.5 | 1-2 days |
| Wise, formerly TransferWise | $15 | $0 | $15 | 1-2 days |
| Xpress Money | $16 | $23 | $39 | 3-5 days |
| WorldRemit | $14 | $31 | $45 | 0-1 day |
| Al Ansari Exchange | $22 | $43 | $65 | 1-3 days |
| Skrill | $29 | $40 | $69 | 3-5 days |
| Wire transfer | $25-40 | $20-30 | $45-75 | 3-5 days |
| MoneyGram | $50 | $29 | $79 | In Minutes |
| Western Union | $40 | $46 | $86 | In Minutes |
| Travelex | $0 | $166 | $166 | 3-5 days |
Note:
- Minimum transfer of $500 for OFX.
| Transfer method | Fees to send €1000 EUR | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| Wise, formerly TransferWise | €15 | €0 | €15 | 1-2 days |
| Azimo | €3 | €22 | €25 | 1-3 days |
| Western Union | €0 | €30 | €30 | 1-3 days |
| Small World FS | €0 | €32 | €32 | 3-5 days |
| MoneyGram | €23 | €24 | €47 | In Minutes |
| Xpress Money | €30 | €19 | €49 | 3-5 days |
| WorldRemit | €22 | €29 | €51 | 0-1 day |
| Aftab Currency | €26 | €26 | €52 | 3-5 days |
| Al Ansari Exchange | €15 | €37 | €52 | 3-5 days |
| Skrill | €29 | €40 | €69 | 3-5 days |
| Wire transfer | €20-35 | €20-40 | €40-75 | 3-5 days |
| Send Valu | €28 | €59 | €87 | 3-5 days |
| Exact Change | €0 | €169 | €169 | 1-3 days |
| Travelex | €0 | €215 | €215 | 3-5 days |
| Transfer method | Fees to send $1000 AUD | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX (previously OzForex)* | $0 | $7.5 | $7.5 | 1-2 days |
| Wise, formerly TransferWise | $15 | $0 | $15 | 1-2 days |
| WorldRemit | $14 | $32 | $46 | 0-1 day |
| Western Union | $10 | $37 | $47 | 1-3 days |
| Xpress Money | $22 | $31 | $53 | 3-5 days |
| Al Ansari Exchange | $23 | $37 | $60 | 3-5 days |
| Skrill | $29 | $40 | $69 | 3-5 days |
| MoneyGram | $25 | $55 | $80 | In Minutes |
| Wire transfer | $25-35 | $30-60 | $55-95 | 3-5 days |
| Travel Money Oz | $0 | $208 | $208 | 3-5 days |
Note:
- Minimum transfer of $500 for OFX (previously OzForex).
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.