Fixed Fees

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What Are Fixed Fees?

Fixed fees are a type of fee that banks and currency exchange providers charge in order to send money abroad.

Often forming the largest cost associated with making an international money transfer, fixed fees tend to be charged by banks and traditional currency exchange providers, such as MoneyGram and Western Union, more often than by newer specialist providers, such as Skrill and TransferWise. (These services usually charge either only a small commission fee or an exchange rate margin).

Understanding Fixed Fees

Fixed fees can make sending small amounts of money abroad an especially expensive ordeal. For example, if you were to use Maybank to send money abroad from Singapore to India, you'd pay a S$20.00 fixed fee on your transfer. Therefore, if you were to send a relatively small transfer of S$500.00, the fixed fee would constitute the largest fee you'd pay in comparison to the smaller exchange rate margin and commission fee, which would altogether come to around 13% of your transfer amount!

Take a look at our comparison engine to discover exactly how much the major specialist money transfer providers will charge you for your next transfer abroad, including any fixed fees.

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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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