Every year, lots of people send money to Hungary. But because of lousy tactics, most of them ended up paying dearly, sometimes paying almost 20% of the total amount which is ridiculous.
Banks and online money transfer services get away with this because they “hide” it by bundling it into their “special” conversion rates. Basically, it is a hidden fee.
Are you one of the people who ended up “paying too much” to transfer money?
If the answer is yes, then this article is for you.
This our 26th post on sending money to other countries. If you want to check out the rest of the post, here are the links: Philippines, Brazil, Australia, Kenya, Mexico, Macedonia, Poland, Egypt, Romania, Indonesia, India, Bangladesh, Ukraine, Bolivia, Serbia, Pakistan, Colombia, Morocco, Chile, Turkey and recently, Thailand.
So how do you actually avoid paying too much when you send money to Hungary?
Below are tables that contain the most popular options for sending money, their upfront rates and their hidden exchange rates. As you notice, some services claim to have zero charge but then more than make up with ridiculous exchange rates. Avoid these services at all cost!
| Transfer method | Fees to send $1000 USD | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX (previously USForex)* | $0 | $7.5 | $7.5 | 1-2 days |
| Wise, formerly TransferWise | $10 | $0 | $10 | 1-2 days |
| WorldRemit | $4 | $7 | $11 | 1-3 days |
| Ria Money Transfer (slow) | $5 | $26 | $31 | 3-5 days |
| Paysera | $4 | $31 | $35 | 1-3 days |
| Western Union (slow) | $5 | $32 | $37 | 5 days |
| Ria Money Transfer (fast) | $15 | $26 | $41 | Minutes |
| Skrill | $10 | $40 | $50 | 3-5 days |
| Wire transfer | $25-40 | $10-20 | $35-60 | 3-5 days |
| Western Union (fast) | $40 | $32 | $72 | 1 day |
| MoneyGram (fast) | $58 | $24 | $82 | Minutes |
| Travelex | $0 | $123 | $123 | 3-5 days |
Note:
- Minimum transfer of $500 for OFX (previously USForex).
| Transfer method | Fees to send £1000 GBP | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| Wise, formerly TransferWise | £7 | £0 | £7 | 1-2 days |
| OFX* | £0 | £7.5 | £7.5 | 1-2 days |
| CurrencyFair* | £3 | £5 | £8 | 1-3 days |
| Western Union | £3 | £9 | £12 | 1-2 days |
| WorldRemit | £3 | £9 | £12 | 1-3 days |
| Transfergo | £1 | £14 | £15 | 1 day |
| Azimo | £1 | £15 | £16 | 1-2 days |
| Easy Exchange | £6 | £18 | £24 | 3-5 days |
| GlobalWebPay | £5 | £22 | £27 | 1 day |
| Paysera | £3 | £27 | £30 | 1-3 days |
| 1st Contact Forex | £15 | £18 | £33 | 1-3 days |
| MoneyGram | £7 | £28 | £35 | Minutes |
| Exchange4free | £0 | £35 | £35 | 3-5 days |
| Skrill | £8 | £40 | £48 | 3-5 days |
| Wire transfer | £15-25 | £10-30 | £25-55 | 3-5 days |
| Travelex | £0 | £80 | £80 | 3-5 days |
Note:
- Minimum transfer of £500 for OFX.
- Five free transfers with CurrencyFair
| Transfer method | Fees to send $1000 CAD | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX* | $0 | $7.5 | $7.5 | 1-2 days |
| CurrencyFair* | $5 | $3 | $8 | 3-5 days |
| WorldRemit* | $4 | $5 | $9 | 1-3 days |
| Wise, formerly TransferWise | $12 | $0 | $12 | 1-2 days |
| Paysera | $5 | $21 | $26 | 1-3 days |
| 1st Contact Forex | $25 | $14 | $39 | 1-3 days |
| Exchange4free | $0 | $45 | $45 | 3-5 days |
| Skrill | $29 | $40 | $69 | 3-5 days |
| Western Union | $40 | $30 | $70 | Minutes |
| MoneyGram | $50 | $28 | $78 | Minutes |
| Travelex | $0 | $114 | $114 | 3-5 days |
| Wire transfer | $25-40 | $20-30 | $45-75 | 3-5 days |
Notes:
- Worldremit can only send 995 CAD from Canada to Hungary.
- Minimum transfer of $500 for OFX.
- Five free transfers with CurrencyFair
| Transfer method | Fees to send €1000 EUR | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| Wise, formerly TransferWise | €7 | €0 | €7 | 1-2 days |
| CurrencyFair* | €3 | €4 | €7 | 1-3 days |
| OFX* | €0 | €7.5 | €7.5 | 1-2 days |
| Transfergo | €1 | €9 | €10 | 1 day |
| WorldRemit | €4 | €9 | €13 | 1-3 days |
| Paysera | €3 | €16 | €19 | 1-3 days |
| Azimo | €3 | €23 | €26 | 1-2 days |
| Western Union | €0 | €29 | €29 | 1-2 days |
| Exchange4free | €0 | €35 | €35 | 3-5 days |
| Wire transfer | €20-35 | €20-40 | €40-75 | 3-5 days |
| Skrill | €10 | €40 | €50 | 3-5 days |
| MoneyGram | €5 | €59 | €64 | Minutes |
| Travelex | €0 | €111 | €111 | 3-5 days |
Note:
- Minimum transfer of €500 for OFX.
- Five free transfers with CurrencyFair
| Transfer method | Fees to send $1000 AUS | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| Wise, formerly TransferWise | $7 | $0 | $7 | 1-2 days |
| OFX (previously OzForex)* | $0 | $7.5 | $7.5 | 1-2 days |
| CurrencyFair* | $5 | $3 | $8 | 1-3 days |
| WorldRemit | $4 | $5 | $9 | 1-3 days |
| Paysera | $5 | $16 | $21 | 1-3 days |
| Easy Exchange | $8 | $21 | $29 | 3-5 days |
| 1st Contact Forex | $25 | $6 | $31 | 1-3 days |
| Exchange4free | $0 | $45 | $45 | 3-5 days |
| Skrill | $10 | $40 | $50 | 3-5 days |
| Western Union (slow) | $10 | $43 | $53 | 2 days |
| Wire transfer | $25-35 | $30-60 | $55-95 | 3-5 days |
| Travelex | $0 | $97 | $97 | 3-5 days |
| MoneyGram | $60 | $48 | $108 | Minutes |
| Western Union (fast) | $70 | $55 | $125 | Minutes |
| Travel Money Oz | $0 | $202 | $202 | 3-5 days |
Note:
- OFX (Previously OzForex) rate requires a minimum amount of $500.
- Five free transfers with CurrencyFair
Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.