Let's crunch the numbers: The cost of a free transfer
To put this into perspective, let's see what a free transfer actually looks like when sending $3,000 AUD to INR. Compared using live exchange rates from 6 May, 2020.
$0 fee transfer | Strongest exchange rate | Low fee, strong exchange rate | |
---|---|---|---|
Fee | $0 | $20 | $3 |
Exchange rate | 1 AUD = 48.504 INR | 1 AUD = 48.747 INR | 1 AUD = 48.552 INR |
Transfer speed | 1-2 days | 1-2 days | Minutes |
Amount received | INR145,512 | INR145,266 | INR145,510 |
Overall |
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Depending on the amount you are sending, it may be best to pay a small fee to secure a stronger exchange rate. Comparing a large amount of transfer options can be tricky unless you're using a comparison table that compiles data based on your sending amount and destination.