The real cost of sending money abroad, and how to read a quote

"Zero fees" is one of the most common claims in international money transfer. It is also one of the least useful. When money crosses a border, most of the cost is usually not the fee. It is in the exchange rate, and sometimes in charges taken off the amount before it reaches the recipient.

Here is what public data says about those costs, and a simple way to compare quotes.

What the data says

The World Bank tracks the cost of sending small amounts of money between countries in its Remittance Prices Worldwide database. It covers 367 country corridors. In its latest update (August 2025), sending a remittance cost an average of 6.36% of the amount sent worldwide. That average hides a wide range: some corridors are much cheaper, others much more expensive.

The Financial Stability Board, which monitors the G20 programme to make cross-border payments cheaper and faster, reported in October 2025 that:

• foreign exchange remained the largest part of the cost of retail cross-border payments;
• for payments between people, the average cost has stayed at about 2.5% since 2023, and around 30% of corridors cost more than 3%;
• charges on the receiving side add about 0.1% to 1.3% of the amount sent on average, and weigh most on small payments;
• among providers that disclose their cost, only 62.9% also say how long the payment will take.

The two sources measure different things, so their figures cannot be compared directly. They agree on one point: the headline fee rarely tells you the full cost.

Where the money goes

A typical international transfer can carry several costs:

1. A transfer fee. The visible charge, sometimes fixed and sometimes a percentage.
2. An exchange-rate margin. The difference between the rate you get and the market rate at that moment. It is often not shown as a separate number.
3. Intermediary charges. Banks along the way may deduct a fee before the money arrives.
4. Receiving charges. The recipient's bank or provider may charge to accept or convert the payment.
5. Network fees. If the transfer uses crypto-assets or stablecoins for part of the journey, there may be a blockchain network fee and a conversion at each end.

How to compare quotes

The most reliable comparison is the amount delivered, not the fee.

1. Fix the amount you send. Use the same amount for every quote, in the same currency.
2. Ask what the recipient will receive. In their currency, after all charges you know of.
3. Check the rate against a market reference. Look up a mid-market rate at the same time and see how far the quoted rate is from it.
4. Ask about deductions on the way. Can intermediaries or the receiving bank take a fee? Who pays it?
5. Note the time the quote is valid. Rates move. A quote may only hold for a short time.
6. Look at the whole journey. If the route includes a conversion to a stablecoin and back, each conversion has a rate and possibly a fee.

A cheaper fee with a worse rate can easily cost more than a higher fee with a better rate, especially on larger amounts.

What we show you

In NovaPayx, before you confirm a conversion, you see the rate, the fee and the asset or currency you will receive. You can then decide whether to go ahead. You can receive EUR by SEPA and GBP by Faster Payments in your own name, hold balances and withdraw to a bank account or wallet in your own name. Sending payments to other people in their local currency is coming soon. Business customers outside the EU can apply to pay suppliers and other third parties; this is subject to review.

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