The FXcompared International Money Transfer Index™ (IMTI™) provides a measure of the cost of international bank-to-bank money transfers from Australia, Canada, France Germany, Spain, the UK and US. The IMTI™ and is now established in the sector having been started in early 2015. The latest additions for 2017 include France, Germany and Spain.
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"New Index Promises Greater Foreign Exchange Transparency" - Forbes
"The first detailed study of the market" - Reuters
BENEFITS
Drive Decision Making for Product Pricing
The IMTI™ is available to help banks, non-bank money transfer providers and customers to better understand the industry. The IMTI will make it much easier for customers to understand month-to-month pricing dynamics and to price their own money transfer products
Allow Cross-Country Comparisons
The IMTI™ also allows comparisons between Australia, Canada, the UK and US with more countries likely to follow.
Provide Timely Data
The FXcompared IMTI™ is updated every month. Higher frequency data is also available.
Who uses the IMTI™
Banks, money transfer providers, payments companies, credit card companies, Federal Reserve Banks, Corporates, Consultancies
METHODOLOGY
To construct the IMTI™, FXcompared collects data on banks’ fees and foreign exchange (FX) margins monthly through mystery shopping on transactions of multiple sizes from modest-sized transactions to large consumer transactions (for example corresponding to USD1,000 to USD1m; see Methods). The fees and transaction costs are rebased to a common currency for ease of comparison across countries (i.e. USD1,000, USD10,000, GBP1,000 and GBP10,000). The rates banks charge customers for international money transfers are quite different across countries and across transaction sizes. Detailed methodology is here.
Press Releases
22 Mar 2016 - Britain sees sharp drop in bank charges since December, but are still 3x charges of currency specialists
19 Nov 2015 - FXcompared Launches Industry-First International Money Transfer Index™
Please contact FXcompared if you would like more information on the full dataset and licensing opportunities at IMTI@fxcompared.com. A summary report and dataset can be requested using the form below.
IMTI™ Data Request Form
Thank you for your interest in FXC Intelligence and the IMTI™ data. Please visit our data site fxcintel.com where you can obtain more information.
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