Unlike banks, CurrencyWave is up front about the charges levied on international currency transfers. CurrencyWave does not charge for setting up an account and there are no annual subscription fees.
With any international payment made through a bank or broker, the charges are made up of two elements:
1. a fee for sending the payment through the banking system;
2. a ‘spread’ or mark-up that is applied to the wholesale exchange rate
- CurrencyWave does not charge a fee for sending an international payment*.
2. We apply a small spread to the wholesale exchange rate, which is included in the rate we quote you. The percentage rate applied depends on the amount converted and is calculated as follows: –
1% on amounts from £1,000 to £10,000
0.75% on amounts from £10,000.01 to £50,000
0.5% on amounts above £50,000
Our spreads are up to 85% cheaper than mark-ups applied by the banks, who never disclose these charges to their customers.
*Receiving banks sometimes use the services of a 3rd party correspondent bank who may charge to process their incoming payments.