It’s simple. The lower the cost of converting your money to EUR, the more money for you. That’s why it’s important to see the full cost of an international transfer before you send it.
When sending money abroad, banks or other providers will likely charge you a conversion fee. But that’s not all. Hidden markups in the exchange rate can end up costing even more than the conversion fee itself. This means that when sending international transfers, many banks and providers charge you twice. All without telling you.
And if you decide to convert your money in cash, you could be charged:
- a conversion fee
- a hidden markup in the exchange rate
- and extra delivery charges, if you’re ordering your money in advance
You should always look for the best possible exchange rate, regardless of the conversion method you’re using.