Bank Fees

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 an international money transfer.

Bank fees, also known as "bank charges" or "processing fees", are just one type of fee you may be charged when transferring money, with other potential fees including exchange rate margins, fixed fees and commission fees.

What makes bank fees different from other fees associated with money transfers is that bank fees tend to be outside the control of your bank or currency exchange provider. As such, you'll only be charged a bank fee if it's necessary to complete the transfer.

When Are Bank Fees Charged?

Circumstances in which banks may be required to charge a bank fee in addition to other fees might include:

• Wire transfers into or out of sender or beneficiary accounts;
• Transfers that are sent via SWIFT or other banking protocols;
• Beneficiary banks charging a fee to receive a transfer;
• Intermediary banks charging fees to process money in transit.

Bank fees sometimes mean that either you or your beneficiary (or both) could lose more in fees than had been initially indicated due to circumstances beyond your bank's control.

If you'd like to understand what these extra fees are likely to be with your own bank, we'd advise you contact your bank directly, as the circumstances behind bank fees can vary significantly.