I’ve had a lot of experience over the past couple of years with international money transfers, as I am regularly switching between currencies. So lets get onto the dreaded money transfer… So I’m going to use the UK as an example, as I’ve had personal experience with it.
Here’s the real cost of sending your money to the lovely NL vs alternatives such as TransferWise. So, yeah as you can see, it doesn’t look great.
When I first moved to the Netherlands, my bank was charging me £25 to send money over (+ their crappy exchange rate). It eventually went down to £10 (not naming any names COUGH Natwest), but it’s still wasted money that you needn’t spend.
Sometimes if we have taxes and debts to pay in another country, we need to send money over to a foreign bank. Or maybe you want to have some international savings or just send a family member some money.
Initially the bank may tell you the cost to transfer, however there is nearly always an additional cost on top of this (in the small print or stated nowhere). On top of that sometimes the receiving bank (the bank you are transferring money into) also charges you. Read more from dutchreview.com…
thumbnail courtesy of dutchreview.com