Example:
You want to send £10,000 from the UK to Australia: |
| British Pound (GBP) / Australian Dollar (AUD) Exchange Rate |
| 1.8500 |
Competitor X
Bid Rate |
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| Interbank Bid |
Interbank Offer |
| 1.9998 |
2.0002 |
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| 2.1500 |
Competitor X
Offer Rate |
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| "Competitor X" gives you a rate of 1.8500 |
| If you transfer £10,000 you get (£10000 x 1.8500) $18,500. |
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| British Pound (GBP) / Australian Dollar (AUD) Exchange Rate |
| Interbank Bid |
Midpoint |
Interbank Offer |
| 1.9998 |
2.0000 |
2.0002 |
|
| TranzMoney gives you a rate of 2.0000 |
| If you transfer £10,000 you get (£10,000 x 2.0000) $20,000. |
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| Normally, banks or money transfer companies will charge you an upfront fee, but the hidden and largest cost is actually what exchange rate they give the customer for the transaction. They will charge an additional "spread" to the real exchange rate, profiting from the difference between the real rate and the rate they give to you. Only very large multinational institutions can expect to be given the real exchange rate.
TranzMoney eliminates this cost by avoiding the routing of money transfer orders through the traditional foreign exchange market, which is dominated by banks. Instead, it "crosses" the orders off the market. Equal transfer amounts from each country in the currency pair are matched up and the exchange rate given to the customers in both countries is the best rate possible- the midpoint of the interbank rate existing at that time. This service is provided for a small fee of 0.8% or less, depending on the amount of funds being transferred - FEE SCHEDULE. TranzMoney is a HM Revenue & Customs regulated company, so your funds are completely safe - LEGAL/REGULATORY. We currently offer money transfers between the EU and Australia, with the UK available soon. Other countries will be added in the near future too.
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Use the calculator below to get an estimate of how much you may be able to save by using TranzMoney to send your money (pre transfer fee):
Find current exchange rates by clicking below:
CURRENT EXCHANGE RATES
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