Calculate Cost to Send Money
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Reviewed by Calculator Editorial Team
Sending money internationally can be expensive due to fees, exchange rates, and delivery times. This calculator helps you estimate the total cost of sending money to another country, including all applicable fees and exchange rate differences.
How to Use This Calculator
To calculate the cost to send money internationally:
- Enter the amount you want to send in your local currency.
- Select the currency you're sending from and the currency you're sending to.
- Choose the money transfer service you plan to use.
- Click "Calculate" to see the estimated total cost.
The calculator will show you the total amount you'll need to pay, including fees and exchange rate differences. It also provides a breakdown of the costs involved.
Formula Used
The total cost to send money internationally is calculated using the following formula:
Total Cost = (Amount × Exchange Rate) + Service Fee
Where:
- Amount - The amount you want to send in your local currency
- Exchange Rate - The current exchange rate between your currency and the recipient's currency
- Service Fee - The fee charged by the money transfer service
This formula provides an estimate of the total cost. Actual costs may vary based on the specific service used and current market conditions.
Worked Example
Let's say you want to send $100 USD to a friend in the UK. The current exchange rate is 0.75 GBP per USD, and the money transfer service charges a fee of 5 GBP.
Calculation:
Total Cost = ($100 × 0.75) + £5 = £75 + £5 = £80
So, the total cost to send $100 USD to the UK would be approximately £80, including fees and exchange rate differences.
Factors Affecting Cost
Several factors can affect the cost of sending money internationally:
- Exchange Rates - The current exchange rate between your currency and the recipient's currency can significantly impact the total cost.
- Service Fees - Different money transfer services charge different fees. Some services charge a percentage of the amount sent, while others charge a fixed fee.
- Delivery Time - Some services offer faster delivery times but charge higher fees.
- Recipient Bank - Some banks may charge additional fees for receiving international transfers.
Service Comparison
Here's a comparison of some popular money transfer services and their typical fees:
| Service | Fee Type | Estimated Fee | Delivery Time |
|---|---|---|---|
| Wise (formerly TransferWise) | Percentage | 0.5% - 3% | 1-3 business days |
| PayPal | Fixed + Percentage | $0.30 + 0.5% | 1-3 business days |
| Western Union | Fixed + Percentage | $5 - $10 + 3% | 1-3 business days |
| MoneyGram | Fixed + Percentage | $5 - $10 + 3% | 1-3 business days |
| Ria Money Transfer | Fixed + Percentage | $5 - $10 + 3% | 1-3 business days |
Note: Fees and delivery times may vary based on the specific transaction and current market conditions.
Frequently Asked Questions
How accurate is this calculator?
This calculator provides an estimate of the cost to send money internationally. Actual costs may vary based on the specific service used, current exchange rates, and market conditions.
Which money transfer service is the cheapest?
The cheapest service depends on the amount you're sending and the exchange rate. Generally, online services like Wise (formerly TransferWise) tend to have lower fees than traditional money transfer services.
How long does it take for money to be received?
Delivery times vary depending on the service used. Most services take 1-3 business days to transfer money internationally.
Are there any hidden fees?
Some services may charge additional fees, such as recipient bank fees or currency conversion fees. Always check the terms and conditions of the service you're using.
Can I track my money transfer?
Most money transfer services provide tracking information so you can monitor the status of your transfer. This feature is available on most online services.