Use our currency transfer calculator to understand the total cost of your transfer, so you can see how much money in your currency you will need to transfer a specific amount to an associate abroad, including fees, the currency rate and any additional charges currency brokers charge.
Total Cost to Send a Specific Amount of Money Abroad
Currency Conversion Calculator
How to Use Our Currency Cost Calculator
To use our currency cost calculator follow these instructions to get an idea of how much your currency transfer will cost based on the rate, flat fees you are charged or fees you are charged as a percentage of the balance you are sending.
The best way to think about this currency calculator is through this example; if you need to send $1,000 to your friend in New York from the U.K., paying in GBP, this currency cost calculator can help you understand how much in GBP you will need to pay for the transfer so exactly $1,000 arrives in your friends account.
Enter the Amount you Need to Arrive
Thinking about the currency your recipient needs in their country, enter the total amount of money you’d like them to receive.
In the case of our example, it is $1,000 so enter 1000 in the “Amount to Arrive” box.
You don’t need to enter currency symbols.
Enter the rate
This is the currency pair rate that your chosen transfer provider charges to make a transfer. This will usually be represented as a decimal indicating how much of one currency you will get with a single startibng currency.
For example, the GBP to USD rate is 1.29.
This means, for every £1 you will get $1.29.
Enter the % cost of the transaction
Some currency transfer brokers charge their fees as a percentage of the total transaction you’re looking to make and very often, the rate you will be charged can increase or decrease depending on the amount you are looking to send.
For example, Wise charge 0.43% on transfers up to £100,000 or 0.26% on balances exceeding £100,000.
Enter this fee as a decimal in the “Transaction Cost (%)” field.
We’re going to use 0.43 for our example.
Enter the cost of the transaction
Enter the flat fee, if applicable, to the transaction. Some currency brokers charge a flat fee rather than charging a % of the transaction.
Some brokers may even charge a flat fee in addition to charging you a percentage based on the total balance you are looking to send.
This is especially common if you’re sending more unusual or less popular currencies.
For example, Remitly charge a flat fee of £1.99, £2.99 or sometimes £6.99.
We’ve added £1.99 for our example.
Hit Calculate
Once you’ve entered all of your numbers and are happy with your calculation, hit calculate and the calculator will provide you with a total cost to send the amount you need, factoring in all currency fees and charges.
It is an easy way to help understand the difference in total prices between two different providers who may offer different prices and charges.
Your results
You’ll see your results similar to the below image. In the case of our example, sending $1,000 from the U.K. will cost a total of £780.53.
This is a rate of 1.29
Transaction fees of 0.43%
Fixed transaction cost of £1.99
Changing the rate to £0.00 is changes the total price to; £778.54, removing the £1.99
For our example, we’ve used the current exchange rate as of 21/07/2023, very few currency brokers will offer the best exchange rate and potentially would charge 1.27 or even less.
In this way, currency brokers can make money on selling you a worse rate while pocketing the difference.
Updated on 22/07/2023