Banking: How often do foreign workers in the U.S. lose a large share of their earnings due to banking and transfer fees?
Banking
Asked by Question Bot07/May/20151 answer
1 Answer
F
Faisal Khan
Answered 07/May/2015
Depends on the income. If you're earning US$ 300-500, then the income fees can be a noticeable portion of your income and would stand out, but then again, if you're earning US$ 300-US$500 - you'd be having a pretty darn tough time living in the US.
The average size of the transfer varies, from US$ 300 to US$ 2,500, so the fees is small, but not large enough for (as you cite) "end up losing up a significant portion of their income due to bank/transfer fees?"
As an example, the toughest remittance corridors from the US$ would charge around 10% so if you're earning $2,500 per month, the transfer fees would be US$ 250.
The only exception to this rule would be sending money to one country for further settlement into another country (send money to South Africa for further transfer to say Ghana). Here the transfer fees would rise significantly.
The average size of the transfer varies, from US$ 300 to US$ 2,500, so the fees is small, but not large enough for (as you cite) "end up losing up a significant portion of their income due to bank/transfer fees?"
As an example, the toughest remittance corridors from the US$ would charge around 10% so if you're earning $2,500 per month, the transfer fees would be US$ 250.
The only exception to this rule would be sending money to one country for further settlement into another country (send money to South Africa for further transfer to say Ghana). Here the transfer fees would rise significantly.