How Expats in Europe Can Avoid High Transfer Fees

Introduction – Are You Losing Money Just by Moving It?

For many expats living in Europe, transferring money between currencies is part of everyday life — sending funds from the UK or US, paying bills in euros, or receiving money from home. But every time you do it through a traditional bank or provider, you might be paying more than you should.

Most banks charge fees you don’t see — often hidden in the exchange rate markup. If you're tired of losing money just by moving it, you’re not alone — and there are better options.

Let’s explore how you can cut those transfer fees and keep more of your money.

Where Are the Hidden Fees Coming From?

It’s Not Just the Transfer Fee

Many services advertise “no fees” or “low fees,” but the real cost comes from their exchange rate. They often use a rate that’s 3–5% worse than the mid-market rate, pocketing the difference.

That means for every €1,000 you transfer, you could lose €30–€50 — without realizing it.

Banks and Legacy Providers Mark Up Rates

Traditional banks rarely offer competitive rates. Some add margins as high as 5%, especially on smaller transfers. Others charge fixed international transfer fees on top of the rate markup.

Smart Ways Expats Are Saving on Transfers

Use a Provider That Offers the Mid-Market Rate

One of the most effective ways to avoid hidden fees is to use a provider like Wise, which uses the real exchange rate — the same one you see on Google.

• No hidden charges in the rate

• Only a small, upfront fee

• Transparent pricing every step of the way

Choose the Right Currency Route

If you’re sending GBP to EUR or USD to EUR, some routes have better fee structures than others. Wise allows you to compare routes in real time — so you always know what you’re paying and what the recipient will receive.

🧮 Try It Now: Use our Wise Transfer Calculator to preview the exact amount you'll get.

Avoid These Common Mistakes

Using a Bank Without Checking the Rate

Many expats rely on their home bank because it’s familiar — but convenience comes at a price. Before sending money, always compare the rate and fee with an online calculator.

Ignoring Transfer Speed

Some services charge for express delivery. Others take 3–5 business days without warning. Choose a service that offers clear delivery times and options for faster processing — often at no extra cost.

Real-World Example – Sending USD to Spain

Let’s say you want to send $1,000 from the US to Spain.

✅ Savings: €43 — just by choosing a more transparent provider.

Tips for Ongoing Savings

• Open a multi-currency account to hold and convert money when rates are favorable

• Use local account details to receive money in EUR, GBP, or USD like a local

• Avoid “urgent transfers” unless absolutely necessary — many cost more and offer no added benefit

Final Thoughts – It’s Your Money, Keep More of It

Living abroad is rewarding, but managing your money across currencies shouldn’t cost a fortune. By understanding where the fees are hidden, and using tools that prioritize transparency, you can save significantly over time.

Wise is a popular choice among expats for a reason — it offers clarity, savings, and control.

About 247 Expat Insurance – Helping You Thrive Abroad

At 247 Expat Insurance, we understand the challenges of living and managing finances abroad. From international money transfers to expat health coverage, our mission is to make your life simpler, safer, and more affordable.

We carefully research and recommend tools that help expats like you save money and avoid unnecessary fees — wherever life takes you.

Looking for more tips and trusted services?
👉 Explore our expat guides and tools to make the most of your journey.