Did you know about these hidden costs in money transfers?
If you’ve ever transferred money abroad, you’d be familiar with how the money that’s received on the other end is usually much lesser than you thought it’ll be.
I first experienced this when I had to make USD transfers for my crypto transactions and trades last year. There were so many hidden costs, to which I mostly attribute to:
(i) a higher exchange rate charged by the banks
(ii) a service fee for the transfer
In some transfers, banks go through numerous third parties as well before the money reaches the other end. In such cases, each third party takes a fee as well, so your capital becomes smaller and smaller.
Even if ...
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