Unlike banks and brokers, CurrencyWave is transparent about pricing. We do not charge for setting up an account and there are no annual fees.
With all currency payments made through banks and brokers, the charges are made up of two elements:
1. a fee for sending an international payment via SWIFT;
2. an exchange rate that includes a ‘spread’ or mark-up over the wholesale rate
- CurrencyWave does not charge a fee for sending or receiving an international payment*.
2. We apply a small spread to the wholesale exchange rate, which is already included in our rates quoted online. The spread is fixed and is applied as a percentage of 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 exchange rate spreads are fixed so you get consistent pricing and are up to 85% lower than the fees applied by banks.
*Receiving banks sometimes use 3rd party correspondent banks who may charge a fee to process their incoming payments. These fees are outside of our control.