There are several reasons why the amount we receive may be lower than what you intended to send. These are common issues that arise during international or bank-to-bank transfers:
π 1. Bank Transfer Fees
Most banks charge fees for processing international transfers. These fees can be deducted from the amount sent or added on top, depending on your bankβs policy and they are not always made clear by the bank. We are not charged any Fees from our bank for receiving payments.
π 2. Currency Exchange Rate Differences
If you're sending money in a different currency, your bank will convert it using their own exchange rate - which may differ significantly from the rate you see on Google or other public sources. Banks often apply a margin to the exchange rate.
π¦ 3. Intermediary Bank Fees
Some transfers pass through one or more intermediary banks before reaching us. These banks may deduct their own fees along the way, which reduces the final amount received.
π 4. Transfer Method
Different payment methods (e.g., wire transfer, SWIFT, SEPA, ACH) have different fee structures and processing rules. Some are more cost-effective than others depending on your location.
π 5. Timing of Transfer
Exchange rates fluctuate constantly. If your bank processes the transfer hours or days after you initiate it, the rate may have changed- affecting the final amount.
β What can you do to ensure the correct amount is received?
- Ask your bank for a breakdown of all fees and the exact exchange rate theyβll use as well as the exact amount that will be received by us.
- Use trusted transfer services that offer transparent fees and competitive exchange rates.
- Double-check the final amount we will receive before making the transfer
