Anyone else hit by hidden fees on bank transfer apps?

tarsiertrekker

Last night I was checking different bank apps to send money back home like usual. The exchange rates were all over the place and the fees ended up higher than I thought they would. I tried one app that seemed fine at first but when I got to the end the total didn’t match what it showed earlier. It feels like they’re not showing the real costs until the last step. Is there a way to see the complete fee breakdown before confirming the transfer?

visayasbiz

tarsiertrekker those advertised rates almost never hold once the full breakdown hits because banks bake in a widening spread on PHP conversions plus the fixed fee. lately the effective cost on smaller transfers has crept above 4 percent across most apps when you factor both. anyone tracking the BSP remittance data sees digital players taking share from the banks on exactly this pain point.

tarsiertrekker

The spread on PHP conversions is exactly what threw off my totals last night. Still no luck finding an app that shows the full fee before the confirm step.