The fees charged for international remittance fees vary according to, inter alia, banks, service providers, destination of remittances, amount of remittances, and method chosen. The following are the general international transfer fee rates。
The rates charged by major banks for handling money transfers abroad are as follows:
1 business and industry banks: collected at the rate of 0. 1 per cent of the amount of remittances, at a minimum fee of $50 per pen and a maximum of 260 per pen。
Transport banks: charged at 0. 10 per cent of the amount of remittances, at a minimum cost of $20 per pen and a maximum of $250 per pen。
Bank of china: collected at the rate of 0. 1% of the amount of the remittance, at a minimum fee of $50 per pen and a maximum of 260 per pen。
4 agricultural banks: chargeable at 0. 10 per cent of the amount of remittances, with a minimum fee of $20 per pen and a maximum of $200 per pen。
5 building banks: charged at 0. 10 per cent of the amount of remittances, with a minimum fee of $20 per pen and a maximum of $300 per pen。
International remittance fees are charged as follows:
Bank remittances
Base fees: some banks charge a fixed base fee for international remittances, typically between $15 and $50. Percentage fee: some banks may charge a fee as a percentage of the amount of the remittance, usually between 0. 1 and 1 per cent. Receipt bank charges: banks in receiving countries may also charge certain fees. Third-party bank charges: there may be additional costs where intermediate banks are involved。
2. Online payment platform
Online payment platforms, such as paypal, transferwise, are usually charged as a percentage of the amount of remittances and may be subject to fixed fees. The rates could range from 0. 5 to 3 per cent. There is also a more common quaura remittance for overseas chinese, usually at a fixed fee of $5. 99, which is more economical than the percentage fee。
3. Currency exchange costs
In addition to base fees, there may be currency exchange costs. These costs may be fixed or related to a percentage of the amount of remittances or to the currency type of remittances。
4. Emergency or special services
There may be additional costs if urgent remittances or the choice of special means of receipt (e. G. Cash withdrawals) are needed。
5. Differences between countries and regions
The cost of transferring remittances may also vary between countries and regions. For example, remittances from developed to developing countries may be costly。
The transaction costs of international remittances vary according to many factors, so it is best to consult the money remitters in detail and to have a clear understanding of all possible costs before they are made. In selecting service providers, factors such as cost, speed of remittances, reliability, etc. Should be weighed in order to find remittance options that best suit their needs。
