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> We routinely see 4-5% creamed off the top of wire transfers we receive from the US through exchange rate variations, random bank fees, etc. Hmm, I'm in the U
by GordonS 4y ago
> We routinely see 4-5% creamed off the top of wire transfers we receive from the US through exchange rate variations, random bank fees, etc.
Hmm, I'm in the UK, and the variance in currerncy exchange we see is usually 2.4% in the bank's favour, usually with an additional fixed fee of £20. 5% sounds like madness!
For EU bank transfers, it's more like a 2% exchange variance, with zero fixed fee... so Stripe is now looking expensive, at least for our UK and EU payments :(
- petercooper 4y agoHmm, I'm in the UK, and the variance in currerncy exchange we see is usually 2.4% in the bank's favour, usually with an additional fixed fee of £20. 5% sounds like madness! I'm including variance from HMRC's published rates as well, so that can be a few percent on its own if the USDGBP shifted. We do find that some customers are worse than others though. I suspect some use local banks and are eating fees along the route and it all adds up. With some customers we get every single penny expected. Wire transfers seem to be quite messy and unpredictable compared to card payments.