Commission Fees

Affiliate disclosure

One of the many fees you could pay when sending money abroad, commission fees are charged by some banks and currency exchange providers for their service.

Unlike fixed fees, you'll generally be charged a commission fee as a percentage rate on the total amount you transfer abroad. A 1% commission fee on a currency exchange of US$5,000, for example, would set you back US$50 in commission fees.

Charging commission fees over and above fixed fees and/exchange rate margins tends to be a practice more commonly adopted by banks and traditional currency exchange providers, such as MoneyGram and Western Union. When it comes to newer specialist providers, such as TransferWise and Azimo, these services usually (although not always) charge only a commission fee or an exchange rate margin, making them the cheaper options for most transfers abroad.

Take a look at our comparison engine to discover exactly how much each provider will charge you for your next international money transfer, including any commission fees.

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Affiliate Disclosure
Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.