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SWIFT Charges, Corespondent bank charges are the hidden cost in a remittance, which the remitters are unaware of.
Corespondent bank charges and the cost arising from the foreign exchange rate fluctuations
Global average cost of sending remittance is 2.09%
All banks charges a fee for executing the remittances (money transfer).
However, if the remittances is involving one or two more correspondent banks, there are charges taken by the correspondent banks including the beneficiary bank where the final credit is made.
Difference in Exchange rate given against market rate.
hidden charges / fee charged on sending money from one country to other country.
