Why no fees and zero % commission is a myth

There is no such thing as zero 0% commission. Foreign exchange fees are built into the exchange rate, which is why you’ll never find a broker offering exact mid market rates.

Your bank may charge an admin fee for each conversion, add commission on top of a widened exchange rate and there may be some charges for receiving funds into a foreign bank account.

When banks advertise FX as 0% they make it notoriously difficult to see your actual transaction costs. The transaction costs would be the difference between the mid-market and your price.

If you have an example of a previous foreign exchange transaction we can tell you how much you are being charged. It is possible to save several percent on the value of a transaction by switching to a currency broker.

However, with a currency broker all fees and charges should be totally transparent. If they are not. DON’T USE THEM.