Transferring Money Abroad? Does the Exchange Rate Really Matter?If you are sending money to another country, let’s start with the obvious: you want as much of your money as possible to arrive at its destination. Most people are used to banks and other companies charging a ‘sending fee’ or some other such up-front charge for the transaction. The cost of this up-front can range but £25 or $60 are examples we hear of quite regularly. So, if you are sending pounds sterling from the UK, you could be down by £25 before your money even leaves your UK bank branch (or the equivalent in your local currency).
You could be down by £25 before your money even leaves your bank branch.But here’s the kicker . . . the up-front fee is just the opening act.