Global Bank Fees: How to Dodge Hidden Costs When Moving Money Abroad

International bank fees can be like a maze, with hidden charges lurking around each bend. Traditional banks typically tack on hefty transfer fees-up to £30 per transfer-and charge markups of 2–4% on exchange rates, making international transfers rather expensive. Even "fee-free" cards will catch you with ATM or foreign transaction fees when you use them abroad.

Digital disruptors like Wise and Revolut offer relief in that you can spend or transfer in a number of currencies at mid-market rates for low, upfront fees-sometimes as little as 0.43% per transaction. Banks like Starling, First Direct, and Chase are great for true fee-free spending and withdrawals abroad if you're a frequent traveler.

To avoid costly surprises, always check the fine print on international transactions, compare providers, and consider specialist platforms for your international needs.

 

Source: Which?, Exiap, TransferGo