Same currency. Different fees. Here's why.

Sending money in the same currency doesn't always mean a fee-free transfer. Here's why fees can still apply, even when no currency conversion takes place.

No currency conversion. So why the fees?

Imagine transferring Hong Kong dollars (HKD) from an account at one UK bank to an HKD account at another UK bank.

You're sending HKD, and the recipient receives HKD. No currency exchange is needed. So why might you still be charged a transfer fee?

The answer lies in how banks process payments.

Unlike standard GBP transfers within the UK, transfers in foreign currencies such as HKD may follow different payment routes, which can involve additional charges.

SWIFT: More banks can mean more fees

Some foreign-currency transfers between UK banks may be processed using SWIFT, a network that enables banks to communicate payment instructions.

Depending on the payment route, intermediary or correspondent banks may also be involved. These banks may charge processing fees, while the sending or receiving bank may apply its own charges.

That's why transferring money in the same currency doesn't always mean avoiding transfer fees.

A different way to send money to Hong Kong

If you're sending money from the UK to Hong Kong, there's another option worth exploring.

With iFAST Global Bank's EZRemit, you can send GBP and have your recipient receive HKD in Hong Kong, with no overseas transfer fee charged by iFAST Global Bank on eligible cross-currency payments.

You can benefit from:

• Zero transfer fees charged by iFAST Global Bank on eligible cross-currency international payments.
• Competitive exchange rates when converting GBP to HKD.
• Fast transfers, with eligible payments arriving in minutes.

Currency conversion still takes place, so it's important to consider the applicable exchange rate and the final amount your recipient will receive.

Your money. Make more of it count.

Sending and receiving the same currency doesn't always mean paying less.

What matters is understanding the fees, exchange rates and payment routes involved, so you can make a more informed decision.

Explore EZRemit in your iFAST Global Bank app and discover another way to send money internationally.

Transfer availability, fees, exchange rates and delivery times depend on the currencies, destination and payment route. Receiving or intermediary bank charges may apply. Terms and conditions apply.