International Money Transfer Index™ (IMTI™)


Introduction to the International Money Transfer Index™

The FXcompared International Money Transfer Index™ (IMTI™) provides a measure of the cost of international bank-to-bank money transfers from countries around the world such as Australia, Canada, the UK and US. The IMTI is of use to those who want to understand the costs of transferring money overseas. It is also of value to banks, non-bank money transfer providers, corporates, consultancies and other companies who operate in the international payments space.

To obtain the latest quarterly IMTI™ report or for licensing opportunities and API access, visit the IMTI homepage.


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). The IMTI number is a weighted average to reflect the different sizes of the institutions surveyed in each market.
The rates banks charge customers for international money transfers are quite different across countries and across transaction sizes. A full worked example is provided below.
FXcompared surveys several major banks from each country.
  • UK : Bank of Scotland, Barclays, Co-operative Bank, HSBC UK, Halifax, Lloyds Bank, Monzo, NatWest, Nationwide, Santander GB, Starling Bank
  • US : Bank of America, CIBC, Capital One, Citigroup, HSBC Bank USA, JP Morgan Chase, PNC Financial Services, Santander USA, The Northern Trust Company, Toronto Dominion Bank USA, Wells Fargo
  • Australia: Australia and New Zealand Banking Group, Bank of Western Australia, Bendigo Bank, Commonwealth Bank of Australia, National Australia Bank, St. George Bank, Suncorp Bank, Westpac Banking Corporation
  • Canada : Bank of Montreal, CIBC, Royal Bank of Canada, Scotia Bank Canada, Toronto Dominion Bank
The IMTI is updated monthly and the current numbers shown on FXcompared are based on the latest data collected for the most recent month. A global estimate is also computed for use on FXcompared website results where data for that country was not collected or where a currency data was not available. Our research suggests such calculations will typically underestimate the true bank cost - for example, the costs of transferring a more exotic currency will be above a core currency pair such as GBP to EUR.



The table below provides the full cost of transferring GBP1,000 from a number of UK banks to Euros (to France) using actual data from May 2016. We collected the data from each bank by telephone and online on 17 May 2016 and noted the interbank FX rate at exactly the time of each quote. To calculate the ‘full cost’ we used the following methodology:

Table 1: GBP1000 to EUR, May 2016 Example

The foreign exchange cost in GBP1000 - GBP972 = GBP28

The ‘full cost’ to the sender is the fee of GBP25 + FX cost of GBP28 = GBP53
The full cost in percent is GBP53 / GBP1000 X 100 = 5.3%

Examples on Savings Calculations

A) Repeated smaller transfers use the IMTI 1000

Go to IMTI 1,000 for currency in question.
Multiply 1,000 multiplied by the overall cost percentage (IMTI 1,000) = overall cost of transferring money (fee + FX cost)
Example from March 2016 quarterly report:
  • GBP 1,000 X 4.8% = GBP 48
  • Cost of using a non-bank specialist
  • GBP 1,000 X 1.6% = GBP16
  • Saving of GBP32
  • Over 12 months savings = GBP 384
B) Medium sized transfers use the IMTI 10,000
Go to IMTI 10,000 for currency in question.
Multiply 10,000 multiplied by the overall cost percentage (IMTI 10,000) = overall cost of transferring money (fee + FX cost)
Example for March 2016 report:
  • GBP 10000 X 2.8% (IMTI 10,000 found in Table 1, Table 2, Table 7)= GBP 280
  • Cost using a non-bank specialist (Table 7)
  • GBP 10000 X 0.9% (found in Table 7) = GBP90
  • Saving of GBP190
  • Over 12 months savings = GBP 2280

Money Transfer Comparison

Results are ranked in order of the best overall deal, taking into account transfer times, rates, fees, and customer service.

Money Transfer Reviews

Use our Currency Tools

Currency Volatility Tool - assess the impact of currency risk

Currency Analysis Tool - conduct an audit of historical transactions

Email us:

Call us:

+44 207 871 5565 (UK)
Mon-Fri 10am-6pm (UTC)

+1 212 600 8553 (US)
Mon-Fri 10am-6pm (EDT)

Money Transfer Comparison Tool is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.