Commission Fees
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.
The Monito Glossary
When it comes to moving money, don't let yourself be bogged down by all the jargon. Explore The Monito Glossary to get up to speed with everything you need to know about money transfers.
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