What are international payment commissions?

International payment fees are often overlooked additional costs when conducting financial transactions abroad. Thus, we will begin to see why they are applied and how to minimize the impact.

1. Understanding international payment fees

International payment fees are additional charges that banks, money transfer service providers and other intermediaries apply to international transactions.

2. Banking fees 

Banks often charge fees for international transactions, both for incoming and outgoing transfers. Therefore, it is always important that you keep these values ​​and percentages in mind to have control of your money and your movements.

3. Currency conversion fees

A significant portion of international fees comes from the unfavorable exchange rates used by banks and service providers. Therefore, it is important that when making these commissions, the search for more competitive rates will give better financial results.

4. Hidden fees 

In addition to the obvious commissions, it’s important to be alert to hidden fees that some providers may charge. These fees may include processing fees, charges for additional services and other undisclosed costs. 

6. Strategies to avoid commissions

An easy way to avoid these unplanned or overpayments is to plan transfers in advance, consolidate transactions, and use foreign currency services.

Keep in mind that international payment fees are a common part of international transactions, but they can be managed efficiently if they are properly understood and addressed. By understanding the different types of fees, looking for alternatives to traditional banks, and implementing strategies to minimize costs, businesses and individuals can significantly reduce their expenses and get the most out of their international transactions. By avoiding or minimizing international payment fees, Companies and individuals can improve their profitability and efficiency by doing business abroad, which is essential in an increasingly globalized world.

At Supra, we think of you first. Therefore, don’t think twice and start carrying out your international business transactions in the best way that benefits your finances.

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