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International exchange rates3/25/2023 ![]() Only for very large transfers of above £250,000.01 does Halifax's pricing become lower as a percentage cost - charging fees of around 1.50% of the transfer value (primarily or entirely made up of exchange rate margins, depending on the destination country.) However, even for these amounts, there are much better deals to be found by comparing specialised foreign exchange brokers, the total fees of which are frequently as low as 0.20% of the transfer amount among services on Monito. up to £75,000.00) to the EU/EEA, the minimum amount you'll end up paying will be 2.40% - still a considerable amount. less than £1,000.00) to Asia, for example, the fees can easily come to around 10.00% of the transfer value, and even for larger transfers (i.e. With both fees and exchange rates taken into account, it becomes obvious that Halifax international transfers can be very costly, especially for those destined outside of the EU/EEA. These hidden exchange rate margins fees are fairly high at Halifax, often more than 3.00% of the total transfer amount (although never higher than 3.55%.) Take a look at the chart below to get a clearer picture of how these work out for different sending amounts: In essence, this means that Halifax offers you its own exchange rate that's slightly poorer than the one that you'll see on Google, for example (known as the mid-market exchange rate.) "Payments are processed using our standard exchange rate the current percentage difference between this rate and the rate at which we buy and sell currency in the foreign exchange markets (the wholesale rate)." Although banks tend to hide this fee in their terms and conditions, Halifax is quite clear about its foreign exchange pricing, stating on its international payments page that: Over and above the standard set of fees highlighted above, Halifax will also charge another fee called an exchange rate margin on every transfer you send abroad. Halifax Exchange Rates: Beware the Hidden Fees ![]() EU/EEA: Varies (there will often be no fee).These fees are known as correspondent bank fees and are charged thusly for Halifax international transfers to the following destinations: In addition, Halifax's correspondent bank partners apply other fees on transfers to various destinations throughout the globe. GBP payments from 'Basic Accounts' to EU: £0.00.These fees, which are charged as fixed fees based on the sending destination, can be broken down as follows: Halifax will then wire your funds over SWIFT to reach its destination in a foreign country and currency.Īs a subsidiary of the Royal Bank of Scotland, Halifax uses the exact same networks to send money abroad and thus also charges the same fees and exchange rates. As a client, this means that you'll need to use your Online Banking or Mobile Banking app to instruct a transfer, which can be done in much the same way as you would a domestic CHAPS transfer. In most cases, Halifax international payments are processed as international wire transfers.
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