Instantly Compare Money Transfer Providers
Why compare money transfer providers through Xompare?
Why do you need to use a comparison service? It’s simple, higher fees means a worse deal, you can work that out yourself. Well, this isn’t necessarily the case. Xompare uses real time data feeds to consider all aspects of your payment service providers offering to make sure you are receiving the best deal.
£2,000 is to be converted into US Dollars and sent abroad.
- Payment Fee = 30
- FX Rate = 1.3054
- US Dollars received (less fees) = $2,571.64
- Amount is not protected from further fee deductions
- Payment Fee = £0
- FX Rate = 1.2932
- US Dollars received (less fees) = $2,586.40
- Amount is protected from further fee deductions
In this example, while Provider A has a better exchange rate than Provider B, their transfer fee negates the rate entirely, putting Provider B ahead in the value race. It is also important to note whether or not your currency transfer is protected from further transfer fees from other banks involved in the processing of the payment (such as the beneficiary bank) which is also the case for Provider B.