Understanding Transfer Costs and Fees

Transfer costs can vary depending on the service provider, transfer method, and destination country. Common fees include:

• Transfer Fee: A service charge applied by the bank or money transfer company for processing the transaction.

• Receiving Fee: Some financial institutions charge the recipient a fee to receive the funds.

• Correspondent Bank Charges: For international transfers, intermediary banks may deduct additional fees before the funds reach the recipient.

Tip: Always request a breakdown of all charges before confirming a transfer to ensure you understand the total cost.