Doing an international transfer via your traditional bank While they don’t provide the mid-market exchange rate (and hence have a small markup), they don’t charge any other fees - so, it’s still cheaper than using a traditional bank for your transfers.Īlthough the specifics of an international money transfer differ a little depending on which neobank you use, sending money via a neobank is generally just a few clicks away using the bank’s in-app features. Revolut, on the other hand, doesn’t partner with anyone. READ MORE | New to the Netherlands? 7 reasons why bunq is the perfect bank for expatsĪside from not having a physical branch and being much more flexible, neobanks differ from traditional banks as they often partner with an online money transfer service.īoth bunq and N26 partner with Wise, meaning you’ll be set up with one of the best online international money transfer services without having to as much as lift a finger! A neobank is a fully digital bank such as bunq, N26, or Revolut. If online international money transfers aren’t your cup of tea, but you also don’t want to be ripped off by a traditional bank, then a neobank might be for you. Sending money internationally via a neobank (like bunq or Revolut) Luckily, (and unlike banks) online international money transfer services are transparent with their fees and the final cost of your transfer is easy to spot and compare. Online international money transfer services tend to operate very similarly to each other, so what you need to keep an eye out for is their exchange rates! You sign up with an online money transfer service on their website or via an app and then simply follow their instructions to send off your money. How? The main difference between an online international money transfer service and a bank is that an online service offers the actual mid-market exchange rate, whereas banks overcharge you through markups and hidden fees - ja, echt. They beat the banks to generally easier, always cheaper, and often faster money transfers. Online international money transfer services are companies like Wise. Using online international money transfer services But what’s the easiest? The cheapest? The fastest? Allow us to explain. Okay, by now, you’ve gathered there are a few ways to send money abroad. Ways to transfer money to and from the Netherlands □ Essentially manipulating the price you pay for the transfer service through the exchange rate - often without you noticing. Note that, sometimes, the bank will charge a very low fee but have hidden markups. When transferring money internationally through your bank, they’ll often charge a fixed fee for the service - in addition to the money they make on the exchange rate. Hence, always check the end product of how much money will be sent or received. Instead, many transfer providers skim money off the top by providing an exchange rate that’s lower than the mid-market rate that you see on the web or on the news. The exchange rate you receive on an international money transfer isn’t as simple as the rate you see on Google or on the news. □ Exchange rates on international money transfers However, as soon as you transfer money to or from a country that has a different currency, you’ll encounter some heavy fees.īut before fleeing from the excessive rates of the bank, let’s learn how to spot them. Generally, transferring money within the EU doesn’t cost much (if anything) if the payment stays in euros. International money transfers: what to look out for Psst: Is Wise not for you (or just want to check out your options)? See our reviews of some of the top money transfer services below.
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