Remittance cost calculator

Sending money abroad can be quite expensive, mainly for two reasons:

• the exchange rate used by the bank or other payment service provider is usually less favourable than the market rate – that is, the rate at which banks, professional investors and other market participants exchange currencies among themselves;
• the fees charged for sending and receiving the money, which can be particularly high.

This calculator allows you to estimate the actual amount the recipient would receive once you enter:

• the amount you pay (for example, €1,000);
• the exchange rate applied by the bank or other payment service provider, shown as the number of units of the receiving currency per unit of the sending currency (e.g. 1.118 US dollars per 1 euro);
• the sending fee, either as a fixed amount in the currency you are paying (e.g. €10) or as a percentage of the amount paid (e.g. 1 per cent);
• the receiving fee, either as a fixed amount in the receiving currency (e.g. $10) or as a percentage of the amount paid (e.g. 1 per cent).

If you also enter the market exchange rate, you can estimate any hidden (implicit) costs included in the exchange rate applied by the provider. This is sometimes referred to as the exchange rate spread. Costs will be shown both in absolute terms (e.g. euros or dollars) and as a percentage of the amount sent.

Tips to help you reduce the cost and risk of sending money abroad:

• compare offers from different providers, both in person and online. Pay close attention to the actual amount the recipient will receive, based on the total you pay. Keep in mind that providers' financial terms - especially exchange rates - may change from one day to the next, so it's best to compare offers on the same day.
• consider the reliability of the provider. Check online reviews and make sure the provider is an authorised and supervised intermediary, especially if it is not well known.