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How Much Do Banks Charge to Transfer Money Internationally? The Hidden Fees You Need to Know

Well, if you’ve ever tried to send money internationally, you know the feeling—you're excited to help a friend or family member, or maybe you're paying for something abroad, and then you see the fees. Honestly, it can be a bit overwhelming. How much do banks charge to transfer money internationally? Let me walk you through the process and share what I’ve learned over time—spoiler alert: it's not always pretty, but it’s essential to know.

1. International Transfer Fees: The Basics

Okay, so first things first—when you transfer money internationally, banks typically charge two types of fees:

  1. Flat Fees: These are straightforward, usually fixed fees. For example, you might pay $30 for a transfer to the UK or $50 to send money to Asia.
  2. Percentage-Based Fees: These are less transparent and can vary depending on the amount of money you're transferring. Usually, this is around 1%-3% of the total transfer amount. For large sums, this can really add up!

A Personal Anecdote: My First International Transfer

I remember the first time I had to send money internationally—it was to pay for some services in Europe. I thought it would be simple, like just sending money within the U.S. However, when I checked the fee, I was shocked. My bank charged me a $40 flat fee plus a 2% fee on the transfer amount. So, for a $500 transaction, I ended up paying $50 in fees alone. Yeah, I wasn't thrilled, but I didn’t know any better back then.

2. The Sneaky Exchange Rate Markup

One thing that can be tricky about international transfers is the exchange rate markup. Banks typically offer a slightly worse exchange rate than what you’d find on the open market. It's not always obvious, but it can significantly increase the total cost of your transfer.

Why It Matters

Let’s say you’re sending $1000 to a friend in France. The bank might offer you an exchange rate of 1 USD = 0.85 EUR, but the true market rate might be closer to 0.87 EUR. If you go through the bank, your recipient will actually get fewer Euros for your $1000 than if you’d used a service like Wise or Revolut.

Honestly, I was blindsided by this during a transfer to Germany once. I thought the fee was the big expense, but when I calculated how much my friend actually received in Euros, I realized the exchange rate made a big difference. So, always check that little detail—every bit counts!

3. Other Hidden Costs You Might Not See Coming

Well, it doesn’t stop there. Banks also often charge a receiving fee on the other end. So, if your recipient is abroad, they might have to pay a fee to get the money. This can vary, but it’s something I always forget to consider until the transfer is done.

Plus, if you're sending money through a correspondent bank (when your bank uses an intermediary to get the money across borders), there can be even more fees involved. These fees are sometimes passed down to you, and they’re not always obvious when you’re setting up the transfer.

I Got Bitten by This Once

I once tried to send money to my cousin in Canada, and I made the mistake of choosing a “cheaper” option through my bank’s online portal. It seemed good at first, but then my cousin got hit with an additional $20 receiving fee. So, the overall cost of the transfer was way more than I had expected. I won’t make that mistake again.

4. How to Minimize Those Fees?

Alright, so how can you avoid these bank fees, or at least make them more manageable? Honestly, there are a few better options out there.

Alternative Services That May Save You Money

  1. Wise (formerly TransferWise): This service is often cheaper because it uses the real exchange rate and charges lower fees. For small transfers, the fee might be as low as $1 or $2, and the exchange rate is always transparent.
  2. Revolut: If you’re looking for flexibility, Revolut offers some of the best rates, and they’re known for minimal fees, especially if you’re sending money to a country that they have good partnerships with.
  3. PayPal: PayPal can be easy to use, but its fees are higher than most other services, especially for international transfers. Still, it’s a viable option if speed is crucial.
  4. OFX or Xoom (owned by PayPal): These services are good if you’re looking to transfer larger sums. They tend to offer better exchange rates and lower fees than traditional banks.

I actually ended up switching to Wise after my nightmare experience with my bank. It saved me a lot of money and I was finally able to send a reasonable amount to my family overseas without losing a chunk of it in fees.

5. What’s the Real Cost of Sending Money Internationally?

So, here’s the bottom line: The real cost of transferring money internationally depends on a lot of factors. Banks charge flat fees, percentage-based fees, and exchange rate markups that can all add up. However, if you’re sending a small amount, it might be more convenient to stick with your bank. But for larger transfers, or if you’re really trying to save, look into alternatives like Wise or Revolut. I can’t stress that enough.

A Final Tip: Plan Ahead

One last thing I learned the hard way: plan your transfers ahead of time. The more you rush, the more likely you are to end up paying hidden fees or getting caught by unfavorable exchange rates. Give yourself some time to research the best options, and always compare what you’re being offered.

So, how much do banks charge to transfer money internationally? It varies—but now you know what to look out for! Keep an eye on those hidden fees, and you’ll be transferring money without any surprises.

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Is 165 cm normal for a 15 year old?

The predicted height for a female, based on your parents heights, is 155 to 165cm. Most 15 year old girls are nearly done growing. I was too. It's a very normal height for a girl.

Is 160 cm too tall for a 12 year old?

How Tall Should a 12 Year Old Be? We can only speak to national average heights here in North America, whereby, a 12 year old girl would be between 137 cm to 162 cm tall (4-1/2 to 5-1/3 feet). A 12 year old boy should be between 137 cm to 160 cm tall (4-1/2 to 5-1/4 feet).

How tall is a average 15 year old?

Average Height to Weight for Teenage Boys - 13 to 20 Years

Male Teens: 13 - 20 Years)
14 Years112.0 lb. (50.8 kg)64.5" (163.8 cm)
15 Years123.5 lb. (56.02 kg)67.0" (170.1 cm)
16 Years134.0 lb. (60.78 kg)68.3" (173.4 cm)
17 Years142.0 lb. (64.41 kg)69.0" (175.2 cm)

How to get taller at 18?

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Even with a healthy diet, most people's height won't increase after age 18 to 20. The graph below shows the rate of growth from birth to age 20. As you can see, the growth lines fall to zero between ages 18 and 20 ( 7 , 8 ). The reason why your height stops increasing is your bones, specifically your growth plates.