Idea
Same currency. Different fees. Here's why.
by
iFAST Global Bank
Sending money abroad without converting currency? You could still be paying unnecessary fees. Here's why, and how to keep more of your money.
No currency conversion. So why the fees?
Imagine sending HKD from your UK bank account to Hong Kong.
You're sending HKD and receiving HKD. No currency exchange needed. So why might the amount arriving be less than what you sent?
Because international transfer fees aren't just about currency conversion. They're also about how your money gets there.
SWIFT vs SEPA: What's the difference?
Not all international transfers follow the same route.
SWIFT: More banks can mean more fees
Many international transfers rely on SWIFT messaging and correspondent banks to move money across borders.
Sometimes, your payment passes through intermediary banks before reaching its destination. These banks may deduct processing fees along the way, while your sending or receiving bank may charge separately.
That's why even a same-currency transfer can cost you money.
SEPA: A simpler way to send euros
Sending EUR between participating European banks? Your payment may use SEPA instead.
SEPA makes euro transfers across participating countries more straightforward, often at little or no cost to customers.
That's why sending EUR across Europe can sometimes be cheaper than sending HKD from the UK to Hong Kong.
Want to pay less? Choose a smarter route.
The trick isn't always to send money in the same currency. It's to choose the most cost-effective way to transfer it.
With iFAST Global Bank's EZRemit, you can enjoy:
Zero transfer fees on eligible international transfers.
Competitive exchange rates when converting currencies.
Fast transfers, with eligible payments arriving in minutes.
More value for your money, without unnecessary transfer charges.
For example, instead of sending HKD internationally through a traditional bank transfer, you could explore converting your funds and sending them through EZRemit, where supported.
Always compare the exchange rate, transfer costs and the final amount your recipient will receive.
Your money. Make more of it count.
Same currency doesn't always mean zero fees. And switching currencies doesn't always mean paying more.
What matters is how much arrives at the other end.
Explore EZRemit in your iFAST Global Bank app and find a smarter way to move your money internationally.
Transfer availability, fees, exchange rates and delivery times depend on the currencies, destination and payment route. Terms and conditions apply.
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iFAST Global Bank is a member of the Financial Services Compensation Scheme (FSCS).
iFAST Global Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 716167. We are registered in England and Wales, our company number is 4797759.
Please note that the provided details serve as general information and should not be considered as financial advice or endorsements. We strongly advise customers to diligently carry out their own research and consider seeking expert guidance for tailored financial choices.
