Every money transfer company has upfront fees or exchange rate costs that you have to pay to send money abroad. If you send money to Nigeria from the US, UK, Canada, Western Europe or Australia, you know that there may be high commission percentages and some hidden costs.
Did you know that if you send 1,000 dollars from the US to Nigeria via Transfast (fast service; Table 1) you will pay 97 dollars in hidden conversion costs? The good news is that you can limit the losses from money transfers by using Time Doctor’s money sending tables.
What transfer methods do we use at Time Doctor?
We have a remote team with people in 19 different countries around the world. The two transfer methods we use the most are:
- Wise, formerly Transferwise – is a new kind of financial company that specialises in smaller transactions for which you pay a low, upfront fee between 0.5% and 2%, depending on the route. Their system is based on local bank account transfers, which makes them much cheaper compared to other providers and banks.
- Payoneer – very convenient for sending and receiving. They are also one of the few methods that works to receive money in almost every country and the receiver can get their money on a debit card and withdraw from an ATM. They also have an option for direct transfer to the receiver’s bank account. They also have a $50 bonus if you receive more than $100 through this method.
The following tables feature information about the charges and hidden fees of the most popular money transfer services. If you’re planning to send money to countries like Brazil, Australia, Kenya, Mexico, Macedonia, Poland, Philippines, Egypt, Romania, Indonesia, India, Bangladesh, Ukraine, Bolivia, Serbia, Pakistan and Colombia, check out our transfer charge estimates.
|Transfer method||Fees to send $1k USD||Hidden conversion cost||Total fees||Time for the transfer to arrive|
|Ria Money Transfer (slow)||$10||$2||$12||3-5 days|
|MoneyGram (fast)||$16||$6||$22||In Minutes|
|Easy Exchange||$6||$18||$24||5 days|
|Ria Money Transfer (fast)||$28||$2||$30||In Minutes|
|Western Union (slow)||$12||$21||$33||4 days|
|Wire transfer||$25-40||$10-20||$35-60||3-5 days|
|Xpress Money||$30||$37||$67||3-5 days|
|Western Union (fast)||$48||$21||$69||In Minutes|
|Transfast (slow)||$0||$74||$74||3-5 days|
|Transfast (fast)||$5||$97||$102||1 day|
Xpress Money and Transfast (slow & fast) are giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost. Moreover Paylid is also offering a very much high exchange rate compare to inter-bank rate but to know exact exchange rate and other fees they require to sign-up first.
|Transfer method||Fees to send £1k GBP||Hidden conversion cost||Total fees||Time for the transfer to arrive|
|Western Union||£3||£9||£12||In Minutes|
|Double Crown||£1||£12||£13||3-5 days|
|Easy Naira||£4||£10||£14||5 days|
|TF Remit||£3||£22||£25||1-2 days|
|Mozely Money||£5||£20||£25||1-2 days|
|Wire transfer||£15-25||£10-30||£25-55||3-5 days|
|Small World FS||£35||£20||£55||1-3 days|
Azimo, Small World FS, Exchange4free, MoneyLineUK, Double Crown, Mozely Money and Voxtone are giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost.
|Transfer method||Fees to send $1k CAD||Hidden conversion cost||Total fees||Time for the transfer to arrive|
|Transfast (slow)||$5||$29||$34||1-2 days|
|Transfast (fast)||$6||$29||$35||In Minutes|
|Xpress Money||$18||$33||$51||3-5 days|
|Wire transfer||$25-40||$20-30||$45-75||3-5 days|
|Western Union||$40||$36||$76||In Minutes|
WorldRemit can only send 995 CAD from Canada to Nigeria. Xpress Money and Exchange4free are giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost.
|Transfer method||Fees to send €1k EUR||Hidden conversion cost||Total fees||Time for the transfer to arrive|
|Small World FS||€0||€16||€16||3-5 days|
|Easy Naira||€6||€19||€25||5 days|
|Xpress Money||€25||€20||€45||3-5 days|
|Western Union||€25||€37||€62||In Minutes|
|Wire transfer||€20-35||€20-40||€40-75||3-5 days|
Xpress Money, Azimo, Small World FS and Exchange4free are giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost.
|Transfer method||Fees to send $1k AUD||Hidden currency conversion cost||Total fees||Time for the transfer to arrive|
|Western Union||$10||$40||$50||3-5 days|
|Xpress Money||$58||$30||$88||3-5 days|
|Wire transfer||$25-35||$30-60||$55-95||3-5 days|
- Exchange4free is giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost.
- Mhits can only send 500 AUD at once, so the cost which we calculate above is for sending 500 AUD two times using Mhits.
Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.