Often difficult to find and understand, an exchange fee is a percentage of the exchange rate that is paid to the bank responsible for converting the transfer. Although rarely discussed, it is very real indeed (as you’re beginning to understand, we prefer to lay it all out on the table).
We have no control over the percentage taken by issuing or intermediary banks when they convert the funds. When we convert the transfer, however, we are fully transparent with you about our fees!
As a payment institution, Qonto entrusts a partner to convert the funds. We have joined forces with a correspondent bank with whom we have negotiated an interbank rate of approximately 2%. This rate is, of course, an estimate and may be higher or lower depending on the date, the transfer amount and the currency.
Here, we have provided all the details and information on the cost of a SWIFT transfer. With our advice, you can be sure to avoid any unpleasant surprises. 🙊