What is meant by money transfer fees?

David Humphrey
Authored by David Humphrey
Posted Thursday, November 28, 2019 - 6:44am

People live away from their families, and some also have their business in other countries. They have to make money transfer services if they want to support their family and business finances. This is a common trend, and people often send money to Pakistan, Bangladesh and other developing countries more often. But the fact is that you have to pay if you're going to transfer your money. When you are making money transfer, there are two standard charges you have to pay. These are the transfer fee and exchange rates. You can save on these charges if you compare different services providers and banks before you make any transfer. You need to choose those service providers which offer lower fees and also suitable for your needs.

What do international money transfer providers charge?

When you have services from a money transfer provider, you have to pay only one kind of fee called transfer fee. Some service providers also do not charge any fee. But you need to care about the exchange rates offered by different providers. Most of the money transfer service providers do not charge the tracking fee and do not charge the receiving party any fee. Transfer fee varies from provider to provider, and it depends upon: 

  • Method of delivery
  • Method of transfer
  • The amount you want to transfer
  • Transfer speed

What is included in a money transfer fee?

Here is a random breakdown of total money transfer fees:

  • First of all, there is a transfer fee, the operator charge for transferring money. It depends on the operator whether he offers a fixed amount or percentage of the total amount you want to transfer.
  • Another fee is a conversion fee as international transfers are made between different countries, so money transfer operators also charge a fee for currency exchange. It is slightly high as compared to market rates so that the operator may get profit.
  • Some other fees are also charged depending upon the services you consider for money transfer. For example, charges are different when you are making the transfer via credit card, debit card, or bank transfer.

Here is how you can reduce your money transfer fee:

  • Compare all the costs you are paying.
  • Try to avoid expensive services.
  • Some money transfer companies also offer special promotions and deals for some time. It would be better to get advantages from these opportunities.
  • Only pay for the services you are taking.
  • It would be better to consider online services. 

Final thoughts

People struggle hard to earn money, and it hurts them when they have to pay a lot of charges, especially currency exchange fees. Sometimes you have to pay high currency exchange fees because you are unaware of costs. It would be better to take online money transfer services. Using these services, you can send money to Pakistan online easily whenever you want and from wherever you are. It is recommended to prefer ACE Money Transfer services as they offer you a low transfer fee and reasonable exchange rates. They have a convenient website and mobile application. You can use them to send money quickly. Give them a try, and you would not regret it.

Share this