Difficulty calculating total cost of international money transfers
💸 moneypersonal problemSingle report ●●●●●
A person transferring money from Canada to the United States reports difficulty calculating the true total cost of the transaction when accounting for both explicit transfer fees and the hidden costs of exchange rate spreads.
What people do today
- Manual spreadsheet calculations
- Comparing quotes from multiple transfer providers
- Using online currency converter tools
🔧 Fix this
Ideas a builder, maker or community group could start on:
- A browser extension that automatically calculates the effective exchange rate and total percentage cost when visiting international money transfer websites.
- A mobile app that allows users to input transfer amounts and provider quotes to instantly compare the 'all-in' cost against the mid-market rate.
- A standardized 'Total Cost Disclosure' template for financial institutions to display the effective exchange rate including all fees to improve consumer transparency.
Real voices
“I am having a hard time figuring out how to compute for the cost of transferring my money from Canada to the United States”
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