{"id":3446,"date":"2013-10-24T09:40:30","date_gmt":"2013-10-24T09:40:30","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=3446"},"modified":"2022-09-21T14:37:16","modified_gmt":"2022-09-21T14:37:16","slug":"0-commission-money-transfer-is-a-myth","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/0-commission-money-transfer-is-a-myth\/","title":{"rendered":"0% Commission Money Transfer is a Myth"},"content":{"rendered":"<p>There is a lot of talk about 0% Commission and what it actually means. Especially in the current economic climate, we are too often swayed by the idea of &#8216;0%&#8217;, but unfortunately, this does not always mean that you are getting the best deal. MyCurrencyTransfer Co-Founder Dan Abrahams shares his expert knowledge and explains how it can affect your money transfer and how instead you can maximise your money saving the best way possible.<\/p>\n<div class=\"wistia_embed\" id=\"wistia_qwk4zqj2qv\" style=\"width: 640px; height: 388px;\">\n<div itemprop=\"video\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/VideoObject\"><meta itemprop=\"name\" content=\"0% Commission Money Transfer is a Myth\" \/><meta itemprop=\"duration\" content=\"PT4M44S\" \/><meta itemprop=\"thumbnailUrl\" content=\"http:\/\/embed.wistia.com\/deliveries\/3fd8b6cd5745769206af02eb91a0a9f9ff1d6280.bin\" \/><meta itemprop=\"contentURL\" content=\"http:\/\/embed.wistia.com\/deliveries\/37d0f61b229e205d66cc144ab4bbc49c0e1aa74f.bin\" \/><meta itemprop=\"embedURL\" content=\"http:\/\/embed.wistia.com\/flash\/embed_player_v2.0.swf?2013-10-04&amp;autoPlay=false&amp;banner=false&amp;controlsVisibleOnLoad=true&amp;customColor=026eb2&amp;endVideoBehavior=default&amp;fullscreenDisabled=true&amp;hdUrl%5Bext%5D=flv&amp;hdUrl%5Bheight%5D=720&amp;hdUrl%5Bsize%5D=93540975&amp;hdUrl%5Btype%5D=hdflv&amp;hdUrl%5Burl%5D=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Fd36e95d6e722ba31af485be39e223f97a49a8416.bin&amp;hdUrl%5Bwidth%5D=1280&amp;mediaDuration=284.0&amp;playButtonVisible=true&amp;showPlayButton=true&amp;showPlaybar=true&amp;showVolume=true&amp;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F3fd8b6cd5745769206af02eb91a0a9f9ff1d6280.jpg%3Fimage_crop_resized%3D640x360&amp;unbufferedSeek=false&amp;videoUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F37d0f61b229e205d66cc144ab4bbc49c0e1aa74f.bin\" \/><meta itemprop=\"uploadDate\" content=\"2013-10-22T23:49:46Z\" \/><object id=\"wistia_qwk4zqj2qv_seo\" style=\"display: block; height: 360px; position: relative; width: 640px;\" width=\"320\" height=\"240\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http:\/\/download.macromedia.com\/pub\/shockwave\/cabs\/flash\/swflash.cab#version=6,0,40,0\" bgcolor=\"#000000\"><param name=\"allowfullscreen\" value=\"true\" \/><param name=\"allowscriptaccess\" value=\"always\" \/><param name=\"wmode\" value=\"opaque\" \/><param name=\"flashvars\" value=\"autoPlay=false&amp;banner=false&amp;controlsVisibleOnLoad=true&amp;customColor=026eb2&amp;endVideoBehavior=default&amp;fullscreenDisabled=true&amp;hdUrl%5Bext%5D=flv&amp;hdUrl%5Bheight%5D=720&amp;hdUrl%5Bsize%5D=93540975&amp;hdUrl%5Btype%5D=hdflv&amp;hdUrl%5Burl%5D=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Fd36e95d6e722ba31af485be39e223f97a49a8416.bin&amp;hdUrl%5Bwidth%5D=1280&amp;mediaDuration=284.0&amp;playButtonVisible=true&amp;showPlayButton=true&amp;showPlaybar=true&amp;showVolume=true&amp;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F3fd8b6cd5745769206af02eb91a0a9f9ff1d6280.jpg%3Fimage_crop_resized%3D640x360&amp;unbufferedSeek=false&amp;videoUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F37d0f61b229e205d66cc144ab4bbc49c0e1aa74f.bin\" \/><param name=\"src\" value=\"http:\/\/embed.wistia.com\/flash\/embed_player_v2.0.swf?2013-10-04\" \/><embed id=\"wistia_qwk4zqj2qv_seo\" style=\"display: block; height: 360px; position: relative; width: 640px;\" width=\"320\" height=\"240\" type=\"application\/x-shockwave-flash\" src=\"http:\/\/embed.wistia.com\/flash\/embed_player_v2.0.swf?2013-10-04\" allowfullscreen=\"true\" allowscriptaccess=\"always\" wmode=\"opaque\" flashvars=\"autoPlay=false&amp;banner=false&amp;controlsVisibleOnLoad=true&amp;customColor=026eb2&amp;endVideoBehavior=default&amp;fullscreenDisabled=true&amp;hdUrl%5Bext%5D=flv&amp;hdUrl%5Bheight%5D=720&amp;hdUrl%5Bsize%5D=93540975&amp;hdUrl%5Btype%5D=hdflv&amp;hdUrl%5Burl%5D=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2Fd36e95d6e722ba31af485be39e223f97a49a8416.bin&amp;hdUrl%5Bwidth%5D=1280&amp;mediaDuration=284.0&amp;playButtonVisible=true&amp;showPlayButton=true&amp;showPlaybar=true&amp;showVolume=true&amp;stillUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F3fd8b6cd5745769206af02eb91a0a9f9ff1d6280.jpg%3Fimage_crop_resized%3D640x360&amp;unbufferedSeek=false&amp;videoUrl=http%3A%2F%2Fembed.wistia.com%2Fdeliveries%2F37d0f61b229e205d66cc144ab4bbc49c0e1aa74f.bin\" bgcolor=\"#000000\" \/><\/object><br \/>\n<noscript itemprop=\"description\">0% Commission Money Transfer is a Myth<\/noscript><\/div>\n<\/div>\n<p><script charset=\"ISO-8859-1\" type=\"text\/javascript\" src=\"http:\/\/fast.wistia.com\/assets\/external\/E-v1.js\"><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nwistiaEmbed = Wistia.embed(\"qwk4zqj2qv\");\n\/\/ ]]><\/script><br \/>\n<script charset=\"ISO-8859-1\" type=\"text\/javascript\" src=\"http:\/\/fast.wistia.com\/embed\/medias\/qwk4zqj2qv\/metadata.js\"><\/script>Good afternoon &amp; welcome to another edition of MyCurrencyTransfer TV. Today, we\u2019re going to discuss a term that is often exploited by both airport bureaus, and some of the more opaque currency companies, namely: 0% commission. In a recent survey we did, an astonishing 60% of respondents thought 0% commission on currency believed this meant they were getting their currency for free. So, whether you are buying an overseas property, paying for goods or sending money to friends and family, the first golden rule is to treat 0% as a marketing gimmick.<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-3449\" alt=\"0commission\" src=\"http:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/0commission.png\" width=\"640\" height=\"496\" srcset=\"https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/0commission.png 640w, https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/0commission-300x232.png 300w, https:\/\/www.mycurrencytransfer.com\/blog\/wp-content\/uploads\/2013\/10\/0commission-206x160.png 206w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><br \/>\n<strong>0% commission is a marketing gimmick<\/strong><\/p>\n<p>If you go to the market, there is a price for apples, bananas and pears. So too, there is a price for <a href=\"http:\/\/www.mycurrencytransfer.com\/\">sending currency abroad<\/a>, with or without flashy slogans of 0% commission. Banks &amp; brokers aren\u2019t in the business of giving away free currency. Treat these offers as simple marketing fluff. There\u2019s no transparency in offers of 0% commission of money transfers.<\/p>\n<p>So, how do currency companies, banks &amp; airport bureaus make money?<\/p>\n<p><strong>Wholesale rate plus markup<\/strong><\/p>\n<p>All currency brokers &amp; airport bureaus make money in exactly the same way. They apply a markup to the wholesale exchange rate. The tighter the markup, the better the currency deal. The wider the markup, the worse the deal. Simple! Individuals and businesses sending money abroad are only able to know the true cost of their currency conversion by calculating the difference between the \u2018real rate of exchange\u2019 and the rate they are being offered.<\/p>\n<p><strong>Be aware of the mid-market exchange rate<\/strong><\/p>\n<p>The next time you transfer money abroad, be aware of the mid-market exchange rate. This can be found on most major news channels &amp; currency conversion apps. Have it to hand next time you are being quoted &amp; use it as the point of reference to understand exactly how much you are paying for your international payment.<\/p>\n<p><strong>A growing wave of transparency<\/strong><\/p>\n<p>What\u2019s pleasing to see is a growing wave of transparency in the payment space. Forward thinking businesses are moving towards providing full disclosure on: wholesale rates, markups guaranteed rates.<\/p>\n<p>At MyCurrencyTransfer, we totally embrace this move towards helping customers find a fairer and cheaper money transfer deal.<\/p>\n<p>If you have any feedback on todays episode of MyCurrencyTransfer TV, feel free to ask me questions via twitter <a href=\"https:\/\/twitter.com\/dan_currency\" target=\"_blank\" rel=\"noopener\">@dan_currency<\/a> OR email me <a href=\"mailto:Daniel@mycurrencytransfer.com\" target=\"_blank\" rel=\"noopener\">Daniel@mycurrencytransfer.com<\/a><\/p>\n<p>Daniel Abrahams on <a href=\"https:\/\/plus.google.com\/105158979413685359437\/?rel=author\">Google+<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is a lot of talk about 0% Commission and what it actually means. Especially in the current economic climate, we are too often swayed by the idea of &#8216;0%&#8217;, but unfortunately, this does not always mean that you are getting the best deal. MyCurrencyTransfer Co-Founder Dan Abrahams shares his expert knowledge and explains how it can affect your money [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":3805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[115],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3446"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=3446"}],"version-history":[{"count":13,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3446\/revisions"}],"predecessor-version":[{"id":5896,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/3446\/revisions\/5896"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media\/3805"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=3446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=3446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=3446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}