These can quickly add up and eat into your transfer amount. High exchange rate margins: Often referred to as hidden costs, exchange rate margins are the extra percentage a bank applies on top of the mid-market exchange rate when transferring between currencies.The recipient may also be charged SWIFT fees and intermediary fees by their bank which is deducted for the amount transferred. For instance, Barclays Plc charges a £25 fee per telephone banking payment. You may be charged more to facilitate telephone transfers. Steep transfer fees: Banks charge steep fees for international transfers (often in the region of $40).Banks on SWIFT networks can enjoy faster processing speeds between members. Also, determine the fees and transfer speed. Check the global coverage to determine what countries you can send money to. International transfers: consider the quality of the bank’s international money transfer services.For example, if you need mortgage insurance or want to invest, then it should be offered by the bank you choose. Extra services: look at the list of extras banks provide to get the most out of your account.For example, some cards have a fee or a minimum holding amount to be accessed. Compare what cards are offered and the requirements needed to order them. Cards: banks offer a range of debit and credits cards that are linked to the account.The app score should be at least 4.0 out of 5 to be competitive. Considering the overall review score is also handy to set the right expectations. Next, inspect the list of features to determine if the functionality you are after is available. Check to see if the bank has an app for download on the Google Play and App Store. Mobile app: using mobile banking is convenient and available on most modern smartphones.Most banks will not match the mid-market rate, but money transfer services like Instarem do. A markup percentage of 0.5-1% is a great deal. FX rates: ideally, you should find a bank that offers competitive FX rates.Find a bank that offers competitive fees for the services you will be using. Fees: banks profit by charging a fee for different services such as international money transfers, ordering a credit card, and ordering paper copies of account summaries.Business accounts are also available that offer different perks. The possible options include savings, salary, fixed deposits, and recurring accounts. Account types: the bank you choose should offer the account type that serves you.
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