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What is remittance transfer hidden cost?

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تم إضافة السؤال من قبل Anayat Anayat , Freelancer , oDesk.com
تاريخ النشر: 2014/01/22
Feroz Sayed CAMS
من قبل Feroz Sayed CAMS , Assistant Manager , Sigue Money Transfer

SWIFT Charges, Corespondent bank charges are the hidden cost in a remittance, which the remitters are unaware of.

Madhawa Peiris
من قبل Madhawa Peiris , Officer , Standard chartered Bank

Corespondent bank charges and the cost arising from the foreign exchange rate fluctuations

Bavithra Sarathkumar
من قبل Bavithra Sarathkumar , Assistant Operations Manager , Indusind Bank Ltd Keral

Global average cost of sending remittance is 2.09%

Najeeb Nasiruddin
من قبل Najeeb Nasiruddin , Manager Payments & International Operations (Treasury Settlements, Remittances & SWIFT) , Qatar International Islamic Bank

All banks charges a fee for executing the remittances (money transfer).

However, if the remittances is involving one or two more correspondent banks, there are charges taken by the correspondent banks including the beneficiary bank where the final credit is made.

 

Ahmed Aziz
من قبل Ahmed Aziz , Software Development & Testing , Innernet, Inc.

Difference in Exchange rate given against market rate.

Hina Burhan
من قبل Hina Burhan , Working as Collection Officer , Askari Bank Ltd

hidden charges / fee charged on sending money from one country to other country.

 

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