International money transfer: what it really costs

The cost of an international money transfer is the sum of two elements: the fee stated openly in the price list, and the currency spread, the difference between the market rate and the rate the provider uses to convert the currency. The spread is often higher than the fee, even though it never appears as a separate line item.

How much does an international money transfer cost

The fee is a fixed or percentage amount, easy to compare between providers. The spread is harder to spot because it has no line of its own in the price list; it comes from the rate the bank or service uses to convert the currency. If the reference rate is PLN 4.30 and the provider converts at a rate reduced by 2%, then on a transfer of PLN 3,000 the spread takes about PLN 60 out of the transaction, regardless of the fee listed in the price list (this is an illustrative calculation, not a specific provider's rates). At a typical monthly transfer amount, the spread is often clearly higher than the fee. That is why a "no-fee transfer" offer can cost more than an offer with a fee and a fair rate.

How to check the real cost before ordering

Payment service providers operating in the EU must, for cross-border transactions covered by Regulation (EU) 2019/518, state, before you order a transfer in a foreign currency, the currency conversion markup as a percentage against the reference euro rate published by the European Central Bank; for transfers ordered online, the provider must also state, before you order it, the estimated total transfer amount in your account's currency and the estimated currency conversion charges. For transfers outside this scope (e.g. from outside the EU), you have to ask for the markup information yourself: request the conversion rate and the payout amount from the provider before placing the order.

To calculate the real cost yourself, enter the same amount with several providers and record one number: how much reaches the recipient's account. The market rate and the rate offered by the provider only serve to check whether the stated markup matches what you see on screen.

Which channels to compare

The cost ranking changes with the transfer amount: a fixed fee dominates for small sums, a percentage spread for large ones; so the same provider isn't the cheapest at PLN 500 and at PLN 5,000.

Who pays the fee on the recipient's side

Some banks charge their own fee for receiving an international transfer, regardless of what the sender paid. A comparison done only on the Polish side is then misleading; to learn the real cost, you need to ask the recipient how much actually landed in their account.

Your own account and regular transfers to family

Your own bank account in Poland lets you choose the moment and channel of the transfer yourself, which matters with regular, monthly transfers to family. Questions about which account the salary can be paid into are covered in the article on payment to a foreign account.

The exchange rate changes daily, so sending the whole amount on one day of the month means relying on chance. With regular transfers at a fixed time, the differences between days average out. Chasing the best daily rate only makes sense for amounts clearly larger than the monthly support for family, and then it's also worth checking multi-currency accounts. Comparing the gross amount with what actually reaches the account after payout is covered in the article on reading a payslip.

Frequently asked questions

What's the difference between a fee and a currency spread?

The fee is a charge stated openly in the price list, fixed or percentage. The spread is the difference between the market rate and the provider's conversion rate; it doesn't appear as a separate charge, though it costs the transfer just the same.

Is a "no-fee" transfer always cheaper?

No. A provider can make up for the lack of a fee with a worse conversion rate, meaning a higher spread. What matters is only the amount that reaches the recipient, not the absence of a fee in the offer's name.

How do I compare a bank's rate with the market rate?

Check the reference euro rate published by the European Central Bank and compare it with the rate the provider uses to convert your transfer: the difference is the spread, which adds to the cost regardless of the fee.

Does a large transfer abroad require extra documents?

Banks may ask about the source of funds for larger amounts: this is standard procedure, not suspicion. An employment contract, a mandate contract (umowa zlecenia) or payslip confirmation is usually enough as an answer.

This text describes the general rules. What you are entitled to depends on your type of contract: an employment contract (umowa o pracę) or a contract of mandate (umowa zlecenie). Your own contract and payslip are what count.