Reference
Remittance Reference
A transfer has more lines than the advertised fee. These entries explain each one and how it shows up in the landed amount.
Read the statement backwards
Start from the amount credited to the recipient, add back each deduction, and compare the total with the amount debited. The difference, as a percentage, is the cost of the transfer.
All entries
Mid-market rateThe midpoint between buy and sell rates, used as a reference.
FX marginThe provider's markup inside the exchange rate.
Fixed feeA flat charge per transfer, independent of the amount.
Percentage feeA charge proportional to the amount sent.
Receiving feeA charge deducted by the destination bank or provider.
Intermediary bankA correspondent bank that processes a transfer between banks.
SWIFT transferThe cross-border messaging network used by banks for wires.
SEPA transferEuro payments within the Single Euro Payments Area.
ACH transferA low-cost batch payment system used in the United States.
IBANAn international account number used mainly in Europe and beyond.
BIC / SWIFT codeAn identifier for a bank in international payments.
Value dateThe date the money becomes available, not when it was sent.
Transfer limitThe maximum amount a provider allows per transfer or per period.
FX bufferExtra money set aside for rate movement before a payment.