Unlike banks and brokers, CurrencyWave is up front about the charges levied on international currency transfers. We do 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. an exchange rate that includes a ‘spread’ or mark-up over the wholesale 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 our rates quoted online. The percentage rate applied is fixed and is calculated on the amount converted as follows: –
1% on conversions between £1,000 to £10,000
0.75% on conversions between £10,000.01 to £50,000
0.5% on conversions above £50,000
(conversions above £500,000 by negotiation)
Our spreads are fixed so you get consistent pricing and are up to 85% cheaper than mark-ups applied by the banks.
*Receiving banks sometimes use the services of a 3rd party correspondent bank who may charge to process their incoming payments.