Why Did They Receive Less Money Than I Sent?
You sent €1,000 overseas, but the person on the other end received less. International transfers can pass through other banks that take a fee, the receiving bank and your own bank may charge too, and a currency conversion can take a slice. Here's where the money goes, and what to check before you send.
Transkripcija
Why did the receiver get less money than you sent?
You sent 1,000 euros overseas to your cousin, but he didn't get all of it.
Where did the rest go?
Some international transfers go through other banks before arriving.
Those banks may take a fee.
Others may charge a fee just for receiving the payment, and your bank may also charge a fee.
If the money changes currency, the exchange rate could also take some of the money that was meant for your cousin.
Before sending, check how much the other person is expected to receive, not just how much it will cost you to send.
Demivolt is the proud creator of Fintech Explained, making complex Fintech topics simple and accessible for all of us.
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Apie šį epizodą
You send €1,000 overseas to your cousin, and when it arrives, it isn't €1,000 any more. Nothing has gone missing by mistake. The difference has usually been taken along the way.
Some international transfers don't travel straight from your bank to theirs. They pass through other banks before arriving, and those banks may take a fee for handling the payment. The bank on the receiving end may charge a fee just for receiving it, and your own bank may charge a fee for sending it too.
Then there's the currency. If the money changes currency on the way, the exchange rate can take part of what was meant for your cousin. That's why the price of sending a transfer is only half the picture. Before you send, check how much the other person is expected to receive, not just how much it will cost you.
Pagrindiniai įžvalgos
- Some international transfers pass through other banks before arriving, and those banks may take a fee.
- The receiving bank may charge a fee just for receiving the payment.
- Your own bank may charge a fee for sending it as well.
- If the money changes currency, the exchange rate can take a share of what was meant for the recipient.
- Before sending, check how much the other person is expected to receive — not just how much it will cost you to send.
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