Price comparison disclaimer

The cost of a transfer can normally be broken down in two components: the exchange rate, and the transfer fee: ● Exchange rate: Sending money internationally often involves two different currencies: the currency you’re using to pay for the transfer, and the currency the beneficiary will receive. For this reason, international transfers generally include an exchange rate. The difference between the exchange rate and the market rate (like the one you see on Google) is called the “markup”. Some providers clearly set out this markup on top of the exchange rate, while others include it in the exchange rate. ● Transfer fee: This is the cost the Provider charges you to send the money, after any currency exchange has been performed. It’s usually a combination of a fixed fee and a variable fee based on the amount of the transfer. In addition to the fees displayed in the comparison table, the receiving bank or correspondent banks may charge their own fees for international transfers. These fees are not included in the comparison table, as we don’t have visibility over them.

Providers’ data is taken directly from their websites by collecting publicly available transfer costs or by using their remittances services as if we were customers. We don’t collect data for precise amounts, but instead collect data using different transfer amount thresholds in the sender's currency. To cite an example, for GBP as sender currency, we collect data for the following amount: £100, £500, £1,000, £2,500, £5,000, £25,000* *Not all providers allow a transfer of £25,000. In such a case, we collect sending amounts as close to the maximum value that a provider allows (e.g. £7,000, £7,600, £15,000, £15,500, £16,000) ● Exchange rate: At the moment of data collection, we calculate the percentage difference between the exchange rates the Providers offer to you, and the market rate, which is called the “markup”. For example, if at the time of data collection, the market exchange rate from GBP to EUR is 1.2 and a Provider’s exchange rate is 1.1, then the markup is (1.2 - 1.1) / 1.2 = 0.08. Later on when you use our price comparison tool, we’ll check the market rate again, and estimate the exchange rate the Providers would offer to you at that moment using that percentage difference. For example, if the market exchange rate from GBP to EUR when you use the price comparison tool is 1.1, and the markup for a given Provider is 0.08, then we’ll estimate the Provider’s exchange rate to be 1.1 * (1 - 0.08) = 1.01. To ensure that we’re being fair to Providers when calculating the exchange rate, we use the data collected for the highest threshold that the amount of your transfer meets. For example, if you’re sending £600, and we collected data from £100, £500 and £1,000, then we'll use the £1,000 threshold. The reason behind this is that fees usually vary depending on the amount sent: normally, the higher the value of the transfer the lower the fee becomes. ● Transfer fee: To calculate Providers’ transfer fee, we take the transfer fee for each threshold, determine if there is a difference between them, and, if so, assume the difference is spread evenly across the range between two thresholds. For example, if you’re sending £750, and we collected a £10 fee at the £500 threshold, and a £20 fee at the £1,000 threshold for a particular Provider, we’d calculate that Provider’s fee to be £15. Transfer fees are rounded down to the second decimal place. We do our best to ensure the accuracy and reliability of the information in our widget and we update it regularly (normally daily). However, it’s not updated in real time, so we can’t guarantee the information is 100% accurate, complete, or current, at any given time. Because of this, and because we collect the data using thresholds and not precise amounts, the total cost you see from our comparison table may differ to the cost stated on the Provider’s website. The content of this page is for general information purposes only and does not constitute financial advice. If you have any questions about your personal circumstances please seek professional and independent advice. Revolut is not a financial adviser.