Transfer costs and US money transfers

| Thursday, October 27th, 2016

The UK may still be feeling the effects of the Brexit vote and ensuing politics (see: price of sterling) but for consumers transferring money abroad, there's been at least one bright spot - the total cost of a 10,000 GBP transfer has declined by nearly 100 GBP since June.

For those in the U.S., Canada, and Australia - well, things are about the same.

This is all according to our latest International Money Transfer Index, containing FX rate and fee data from banks and brokers across the world's largest transfer corridors.

UK Not Like the Others

Of the four major countries covered in by our index, the UK has seen by far the largest drop in overall transfer prices, and is now competitive with Canada.

Cost of Transferring 1000 USD By Country

Overall prices have dropped modestly year-over-year in every country surveyed.

... but non-bank providers are still cheaper

Despite the reduction in transfer fees, non-bank providers still offer significantly cheaper services across most routes.

Cost of Transferring 10000 USD Bank vs. Non-bank

In every country surveyed, the total cost of using of non-bank providers remains less than half the cost of making an equivalent bank transfer.

Which might explain ...

How much money banks are making on remittances. While individual revenues are lower than Western Union (which is the single largest transfer provider), we estimate the top 4 U.S. banks by remittance market share made just under $800 million on transfers during the first half of 2016. Not too shabby.

Fee and FX Revenue from U.S. Money Transfers

More U.S. bank market share details to come. Watch this space.

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