At FXellence, we believe pricing should be clear, transparent and fair.
Standard Payments
Fees from £1
Utilises local bank network
Transaction tracking/tracing
Payment recalls
Lower payment limits
Available in fewer currencies
Priority Payments
Fees from £11
Utilises SWIFT network
Transaction tracking/tracing
Payment recalls
Higher payment limits
Available in more currencies
We offer two different methods to send your funds to your recipient. The fee charged varies for these two methods and is also based on currency and destination country. When creating a payment, we’ll clearly show you the options available so you can choose the method and fee you’ll pay.
By comparison, “High-street banks typically charge up to £30 per transaction for currency transfers”
Source: The Telegraph
We will apply a small ‘mark-up’ or margin to the mid-market rate. This mark-up can vary by currency, market conditions and payment amount. It will usually be between 0.5% and 1%
Beware of providers who offer ‘fee free’ or don’t clearly state what they’re charging or how they are inflating exchange rates; the true cost of a payment can be hidden this way. If fees are wrapped up in the exchange rate, you could end up paying way over the odds on larger payments. High street banks will typically add a mark-up of 2.5 to 3% and some providers 6% or more.
Want to take a deeper look into pricing?
Mark-ups and Margins
Let's have a look at how different mark-ups or margins can impact the cost of a typical transaction.
Say you want to send € 25,000 Euros to your supplier in Italy, maybe you're buying a bulk order of fancy Italian leather shoes. The table below illustrates how differing mark-ups or margins can impact the exchange rate and therefore, cost of buying the Euros.
| Euro Amount | Mid-Market Rate | Mark-up/Margin | Exchange Rate | Cost in Pound Sterling |
|---|---|---|---|---|
The above is for illustration purposes only. Rates move constantly and the margins added can also vary.
What about fees?
Standard Payments
As we mentioned above, the fee amount charged can vary depending on how the payment is being sent, the payment currency and the country to where it's being sent.
Let's have a look at fees for sending a Standard (non-priority) payment using local bank networks.
| Currency Name | Currency Code | Fee |
|---|---|---|
| Currency Name | Currency Code | Fee |
|---|---|---|
The above is based on funding your payment by Pound Sterling, sent to us via Faster Payments. Should you choose to send us Pound Sterling or a different currency via SWIFT, there is an additional charge of £5.
Priority Payments
If you choose to send money as a Priority payment, utilising the SWIFT network, the fees are different.
For SWIFT payments, there are three options, but we'll always send using OUR/ACO (all charges ours). This means that if any intermediary or correspondent bank levies additional charges as the funds are moving through the network, you won't have to pay any more than the fee we quote, and any additional fees will not be deducted from the amount credited to your recipient. This is important to ensure your recipient gets the amount you intend them to receive.
| Tier 1 Countries - £11 | ||||
|---|---|---|---|---|
| Tier 2 Countries - £14 | ||||
|---|---|---|---|---|
| Tier 3 Countries - £22 | ||
|---|---|---|
| Tier 4 Countries - £31 | ||||
|---|---|---|---|---|
The above is based on funding your payment by Pound Sterling, sent to us via Faster Payments. Should you choose to send us Pound Sterling or a different currency via SWIFT, there is an additional charge of £5.
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