Money transfers
The cheapest way to send money home from Europe: what to compare
When you send money abroad you usually pay twice: a visible fee, and a hidden markup in the exchange rate. The markup is often the bigger part. To find the cheapest option, compare how much the recipient actually gets, not the fee.
The mid-market rate is your benchmark
The mid-market rate is the midpoint between what banks pay to buy and sell a currency. It is what you see on Google or the European Central Bank's daily reference rates. Any rate a provider gives you that is worse than that is a markup, and the difference is a cost even if the transfer is called "free".
A worked example
You send €1,000 to a family member abroad. The mid-market rate is 5.00 units of their currency per euro.
| Provider A | Provider B | |
|---|---|---|
| Advertised fee | €0 (“no fee”) | €6 |
| Exchange rate offered | 4.85 (3% below mid-market) | 4.98 (0.4% below) |
| Hidden cost in the rate | €30 | €4 |
| Total cost | €30 | €10 |
| Recipient gets | 4,850 | 4,950 |
The "no fee" option costs three times as much. That pattern is common with high-street banks and with cash pick-up services.
What to compare, step by step
- Get the mid-market rate at the moment you compare.
- Ask each provider for the final amount the recipient receives for the same amount sent. This one number includes every cost.
- Check fees on the receiving side. Some recipient banks charge for incoming international payments, or intermediary banks take a cut on SWIFT transfers.
- Check speed and limits. The cheapest option may take two days, and large amounts may need extra identity checks.
- Check card payments. Paying with a credit card can trigger a cash-advance fee and interest from your card issuer.
Sending euros within Europe
If you send euros to another account in the euro area or the EU, EU rules say your bank cannot charge more than it does for the same payment within your own country. Most SEPA transfers are therefore free or very cheap, and instant SEPA transfers must cost no more than standard ones. The markup problem only starts when currency is converted.
Watch out for dynamic currency conversion
When a cash machine or card terminal abroad offers to charge you "in your home currency", say no. Accepting usually adds a markup of several percent. Choosing to pay in the local currency lets your own card issuer convert at a much closer rate.
ExpatCents does not receive money from any transfer provider. Use our calculator to check any quote against the mid-market rate.
Check the real cost of a transfer →
Sources
This guide is general information based on the tax rules we could verify for 2026, not tax or financial advice. Rules change and personal situations differ, so check with the tax authority or a qualified adviser before you act. Spotted a mistake? Email contact@expatcents.com.