Check a quote against mid market
Enter the amount you pay, the fee and the rate a provider offered. The checker shows the rupees that arrive, what your money is worth at mid market, and the gap between the two, split into the fee and the margin in the rate.
Worked example with made up numbers
Say a provider offers 362.62 rupees per GBP and charges a fee of GBP 3.00, taken from the 500 GBP you pay. GBP 497.00 is converted, so PKR 180,222 reaches Pakistan. At today's mid market rate of 370.0171, your 500 GBP is worth PKR 185,009. The difference, PKR 4,786, or 2.59%, is the full cost of this transfer: PKR 1,110 from the fee and PKR 3,676 from a rate 2.00% below mid market. These numbers are an example, not a real quote.
Check a quote you were given
The quote checker needs JavaScript. The worked example shows the same sums.
How the sums work
Rupees received = (amount paid minus the fee) × the rate offered, when the fee comes out of what you pay. When the fee is added on top, the whole amount sent is converted and you pay the amount plus the fee.
Mid market value = everything you pay × the mid market rate of the day.
Cost of the transfer = mid market value minus rupees received. As a percentage, divide by the mid market value.
Margin in the rate = (mid market rate minus the rate offered) ÷ the mid market rate. A provider can show no fee and still charge you through this margin.
What this does not cover
- It uses the mid market rate saved once a day. Rates move during the day, so a quote taken hours later can look a little better or worse than it is.
- It cannot see charges taken by other banks along the way, or by the receiving bank, unless the provider includes them in the amount received.
- It does not judge speed, safety or how the money is collected. Check that the provider is authorised in the country you send from.
- Promotional rates for a first transfer often do not repeat. Check the second quote too.