Bank fees are the fees you or a beneficiary could pay to a bank as the result of transferring, exchanging or otherwise paying for or receiving a currency transfer.
These fees are outside the control of a currency exchange provider. Circumstances where banks may charge additional fees include: Wire transfers into or out of sender or beneficiary accounts, transfers that are sent via SWIFT or certain other banking protocols, beneficiary banks charging a fee to receive a transfer and intermediary banks charging fees to process money in transit.Specific fees may include wire transfer fees and processing fees.
These fees can mean that the beneficiary receives less money than stated by the currency exchange provider due to circumstances beyond the provider’s control. If you want to understand what these extra fees are likely to be, please contact your bank and the beneficiary's bank.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
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