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Sending money to family abroad? Type the quote you got: the fee, their exchange rate and the mid-market rate. See the true cost, how much of it hides in the rate, and how two quotes compare.
| Example (U.S. to Mexico) | They get (pesos) | Total cost | Share of amount |
|---|---|---|---|
| $500, $3.99 fee, rate 18.20 (mid-market 18.50) | 9,100.00 | $12.10 | 2.42% |
| $500, $0 fee, rate 17.90 (mid-market 18.50) | 8,950.00 | $16.22 | 3.24% |
| $200, $5 fee, rate 18.30, paid in cash | 3,660.00 | $9.16 | 4.58% |
| $1,000, $8 fee, rate 18.45 (mid-market 18.50) | 18,450.00 | $10.70 | 1.07% |
Hand check, row 1: $500 × 18.20 = 9,100.00 pesos. At the mid-market rate, 9,100 ÷ 18.50 = $491.89, so the rate costs $500 − $491.89 = $8.11. Add the $3.99 fee: $12.10 in total, or 2.42% of $500. Row 2 has no fee but costs more: 8,950 pesos is worth $483.78, a $16.22 cost (3.24%). Row 3 adds the 1% cash tax ($2.00): $5 fee + $2 tax + $2.16 markup = $9.16, or 4.58% of $200.
Most of the cost is often in the exchange rate, not the fee. The mid-market rate is the midpoint between buy and sell prices that banks trade at. Every peso, rupee or euro the provider keeps below that rate is a fee you don't see. A "no fee" transfer can cost more than one with a fee.
Before you pay, U.S. providers must show the amount sent, fees, taxes, the total, the exchange rate and the "Total to Recipient" (Reg E subpart B). That's the number to compare. The rule covers transfers over $15 from companies that send more than 500 a year.
You can cancel within 30 minutes of paying and get every dollar back, fees included, within 3 business days, as long as the money hasn't been picked up or deposited (12 CFR 1005.34).
Wrong amount, money late or never delivered: tell the provider within 180 days of the promised date. They must investigate within 90 days and fix it (12 CFR 1005.33). Report scams to the provider and the right agencies right away.
Since Jan. 1, 2026 a 1% federal tax applies when you pay for a transfer abroad with cash, a money order or a cashier's check. Paying from a bank account or with a U.S. debit or credit card avoids it (IRS). The tax is on the amount sent, not the fee (Federal Register).
Sending money costs 6.36% of the amount on average worldwide (World Bank RPW). Banks averaged 14.99% and digital transfers 4.59% in Q3 2025 (World Bank RPW Q3 2025). The UN goal is under 3% by 2030 (UN SDG 10.c).
Facts and math only, not financial advice. We don't list or rank providers' prices: quotes change by the minute, by amount, by how you pay and by where the money goes. Nothing you type is sent or saved by us (the math runs in your browser; the page link just keeps your numbers). No company pays to be on this page, and there are no partner links.
The one that delivers the most money to your recipient for the same amount, which you can only tell by comparing quotes. Check the Total to Recipient that U.S. providers must show before you pay, and compare their exchange rate with the mid-market rate. Paying from a bank account or card avoids the 1% cash tax.
Add the fee to the exchange-rate markup. Markup = amount × (mid-market rate − their rate) ÷ mid-market rate. Example: $500 at 18.20 when the mid-market rate is 18.50 costs $8.11 in the rate, plus a $3.99 fee = $12.10, or 2.42%.
Since Jan. 1, 2026 a 1% federal tax applies to transfers paid with cash, a money order or a cashier's check. Transfers paid from a bank account or with a U.S. debit or credit card are exempt.
Yes, within 30 minutes of paying, if the money hasn't been picked up or deposited. The provider must refund everything, fees included, within 3 business days (12 CFR 1005.34).
Facts and math only, not financial or legal advice. Fees, rates and rules come from providers' own pages and federal rules with dates; confirm terms with your bank, card issuer or transfer provider before acting.
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