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The Real Cost of Currency Transfers: Bank Fees vs. Specialist FX Providers

If you’ve ever transferred money overseas using your bank, you might assume it’s the easiest and most secure option. After all, you trust your bank with your savings, so why not your international transfers too?

But here’s the reality: banks often charge more than you think for foreign exchange services—and not just in obvious ways. Between poor exchange rates, hidden fees, and slow processing times, your international money transfer could be costing you hundreds, even thousands, more than it should.

In this blog, we break down the real cost of using banks for currency transfers and why specialist foreign exchange (FX) providers are becoming the smarter choice for individuals and businesses in the UAE.

How Banks Charge You for Currency Transfers

When you transfer money internationally through your bank, there are two main ways you’re charged:

Transfer Fees

Most banks charge a flat fee for sending money abroad. This fee can range from AED 100 to AED 300 or more, depending on the destination and amount. Some also charge a receiving fee on the other end.

Exchange Rate Margins

This is where banks make the bulk of their profit. Instead of giving you the real mid-market rate (the rate you see on Google), they apply a markup, often between 2% to 5% above the actual rate. On large transfers, this difference can add up fast.

For example, if you’re transferring AED 500,000 for a property purchase abroad, even a 2% margin means an extra AED 10,000 in hidden costs.

And the worst part? Most customers never realise they’ve overpaid.

Why Specialist FX Providers Are More Cost-Effective

Specialist foreign exchange providers focus solely on international transfers. That means they’re able to offer:

• More competitive exchange rates

• Lower or zero transfer fees

• Faster settlement times

• Tailored services for larger transactions

Instead of hiding fees in inflated rates, reputable FX providers offer transparent pricing and access to near mid-market rates, saving you money and giving you better control over your finances.

At Elite Service Group, we work with leading FX partners to ensure you always get the best possible rate, whether you’re sending money home, paying overseas invoices, or settling an international property purchase.

Real-World Examples: How Much You Can Save

Let’s compare a hypothetical AED 500,000 transfer to the UK using a traditional bank versus a specialist FX provider:

In this scenario, the specialist FX provider delivers over £2,400 more to the recipient—and that’s just one transaction.

For businesses that regularly make international payments or property buyers transferring large sums, the savings can be even more significant over time.

Speed, Flexibility, and Support

Aside from saving money, using a trusted FX provider also offers:

Faster Transfers

While banks often take 2–5 working days, many FX providers can complete same-day or next-day transfers, especially for major currencies like GBP, USD, and EUR.

Rate Locking

Need time to plan? You can lock in today’s favourable rate for a future transfer to protect against currency fluctuations.

Dedicated Support

Rather than dealing with general banking staff, FX providers often assign you a dedicated currency specialist who understands your needs and helps you make informed decisions.

This kind of tailored support is especially useful when transferring large sums for property, tuition, investments, or business expenses.

When Should You Use a Specialist FX Provider?

If you’re:

• Buying or selling property abroad

• Sending savings to family back home

• Paying for international school fees

• Settling overseas business invoices

• Making large one-off or recurring international payments

…you should absolutely consider using a specialist FX provider. The larger the transfer, the more meaningful the savings—and the smoother the process.

At Elite Service Group, we’ve helped hundreds of clients optimise their foreign exchange transfers with better rates, faster execution, and trusted support.

Choose Smarter, Save More

International transfers shouldn’t cost you more than they need to. While banks may offer convenience, that convenience often comes at a hidden price.

If you’re planning a large transfer or making regular payments overseas, working with a trusted foreign exchange provider can save you significant amounts while giving you greater control, better service, and peace of mind.

At Elite Service Group, we partner with leading FX experts to provide fast, secure, and cost-effective currency solutions tailored to your needs.

Speak to our team today for a free comparison quote—and see how much you could save on your next international transfer.