Explore Market Rate, Mid Market and more!

Explore related topics

Here MoneyGram are advertising a fixed transfer fee of £2.99. It's unclear if their terms and conditions explain that they make money on the gap between their exchange rate and the real mid-market rate - the writing is too small to read.

Here MoneyGram are advertising a fixed transfer fee of £2.99. It's unclear if their terms and conditions explain that they make money on the gap between their exchange rate and the real mid-market rate - the writing is too small to read.

HSBC's page on international payments looks reasonably transparent until you break down what the phrases actually mean. 'Flat fees' do not take into account the money customers will lose through exchange rate markups, and 'live rates' do not mean real mid-market exchange rates.

HSBC's page on international payments looks reasonably transparent until you break down what the phrases actually mean. 'Flat fees' do not take into account the money customers will lose through exchange rate markups, and 'live rates' do not mean real mid-market exchange rates.

This company is advertising commission free remittances, but watch out – terms and conditions apply. In the depths of their T & Cs you can find their set exchange rate. By not using the real mid-market exchange rate, they're making commission on your transfers.

This company is advertising commission free remittances, but watch out – terms and conditions apply. In the depths of their T & Cs you can find their set exchange rate. By not using the real mid-market exchange rate, they're making commission on your transfers.

At first, HSBC states that no rate was used. Later in the statement, the exchange rate used is revealed to be markedly different from the actual mid-market rate on the day of exchange (see "hi" and "low"). By using its own exchange rate, HSBC took 2.5% of the money transferred – on top of any 'flat fees'.

At first, HSBC states that no rate was used. Later in the statement, the exchange rate used is revealed to be markedly different from the actual mid-market rate on the day of exchange (see "hi" and "low"). By using its own exchange rate, HSBC took 2.5% of the money transferred – on top of any 'flat fees'.

No commission taken and "superior" exchange rates, but HDNC do not offer the real mid-market exchange rate and will still make money through an exchange rate markup. Another example of how foreign exchange is deceptively priced and advertised.

No commission taken and "superior" exchange rates, but HDNC do not offer the real mid-market exchange rate and will still make money through an exchange rate markup. Another example of how foreign exchange is deceptively priced and advertised.

MoneyGram are claiming that this fee will be the  only one you need to transfer money abroad. What they don't mention is that on top of this fee is the inflated exchange rate that they choose to use, instead of the mid-market rate. All the money in between goes straight from your pocket, into theirs.

MoneyGram are claiming that this fee will be the only one you need to transfer money abroad. What they don't mention is that on top of this fee is the inflated exchange rate that they choose to use, instead of the mid-market rate. All the money in between goes straight from your pocket, into theirs.

World First Foreign Exchange are cutting out fees for good, but are they offering the real mid-market exchange rate and not taking a cut of your money?

World First Foreign Exchange are cutting out fees for good, but are they offering the real mid-market exchange rate and not taking a cut of your money?

The reason 'free' transfers don't exist is that UKForex are changing you money by using their own, inflated, exchange rate. When UKForex talk about the 'best exchange rates' they are referring to their own exchange rate. Not the real mid-market exchange rate. That's the best one.

The reason 'free' transfers don't exist is that UKForex are changing you money by using their own, inflated, exchange rate. When UKForex talk about the 'best exchange rates' they are referring to their own exchange rate. Not the real mid-market exchange rate. That's the best one.

Bank of Ireland promises to charge no fees or commission. However, their "competitive exchange rates" let them down on this one – they are making money on the gap between the real mid-market exchange rate and their own 'competitive' exchange rate.

Bank of Ireland promises to charge no fees or commission. However, their "competitive exchange rates" let them down on this one – they are making money on the gap between the real mid-market exchange rate and their own 'competitive' exchange rate.

Flat fees don't tend to exist when it comes to sending money abroad. So while MoneyGram advertise a "£4.50 fee", they will also apply their own exchange rate – making money on the gap between their rate and the real mid-market rate.

Flat fees don't tend to exist when it comes to sending money abroad. So while MoneyGram advertise a "£4.50 fee", they will also apply their own exchange rate – making money on the gap between their rate and the real mid-market rate.

Pinterest
Search