Three in four Singaporeans unaware of hidden costs in money transfers

Three in four Singaporeans unaware of hidden costs in money transfers

Yahoo Singapore·2017-12-31 01:35

Banks charge $30-40 for both upfront fees and exchange rate markup for an overseas transfer of $1,000.

Three in four Singaporeans believe banks make it easy to understand the true cost of overseas money transfers, but 88% underestimate how much fees are charged for an overseas money transfer, TransferWise said.

According to research, on average Singapore banks charge $30-40 for upfront fees and exchange rate markup for an overseas transfer of $1,000.

……

Read full article on Yahoo Singapore

Singapore Finance