I send money to my family in Europe every couple of months, and lately the fees feel way worse than they used to be. Last time it was something like a $12-18 fee plus the rate markup, so a decent chunk just disappears before it even reaches them. Anyone else notice this? What services do you all use — have you found anything cheaper than the usual suspects?
The exchange-rate markup is often bigger than the flat fee, so it helps to compare the amount that actually lands on the other side, not just the fee. Online transfer services like Wise or Revolut usually come out cheaper than banks for Europe, and sending larger amounts less often cuts the flat fees too.
Besides comparing the fee, it helps to check mid-market FX rates (for example on XE) against what the service quotes — that gap is often where most of the cost hides. For recurring transfers, some services also waive the flat fee above a monthly threshold, so the schedule matters as much as the brand.