Most of what a transfer costs is not the fee — it is the gap between the exchange rate a provider gives you and the real one. Put both rates in below and see exactly how much that gap is worth.
Everything is worked out in your browser. Nothing you type is sent to us or stored.
Where to find each number
- The provider’s rate — on the quote screen, before you confirm. Not the rate on the home page or in an advert; those are often indicative.
- The mid-market rate — the midpoint between what banks buy and sell a currency for. Searching “EUR to NGN” gives it, as do Google Finance, XE and Reuters. It is the rate no ordinary customer actually gets; that is the point of using it as the yardstick.
- Check both at the same moment. Rates move. Comparing this morning’s quote with yesterday’s mid-market rate produces a number that means nothing.
How it is worked out
markup % = (mid-market rate − provider rate) ÷ mid-market rate × 100
Multiply that percentage by the amount you are sending and you have the cost in your own currency. It is the same arithmetic we use on every comparison on this site — see the methodology.
Read next
- Transfer fee vs exchange rate: which one actually costs you more
- “Recipient gets” calculator — fee and rate together, in one number