Dutch Banks’ Foreign Exchange Comparison (October 23)
- Currency exchange
Foreign exchange comparison: Dutch banks charge on average 1.14% for currency exchange
Small and medium-sized companies (SMEs) are often unaware that high exchange rate mark-ups are hidden in the standard industry exchange rates. amnis is committed to transparent conditions and, thus, we regularly compare exchange rates by analyzing the fees included in banks’ foreign exchange rates. In some cases, Dutch banks charge 3.5 times more than amnis.
The chart below shows the foreign exchange comparison results and lists the fees included in the rates for a EUR/USD currency exchange:
The analysis shows that Dutch banks charge between 0.80 and 1.40 percent for currency exchange. The highest fee of amnis, on the other hand, is 0.40%. The solution is therefore already worthwhile for low annual volumes. With our “Essential” or “Professional” plans, the fee is 0.3% and 0.2% respectively. Moreover, all foreign currency accounts are included in the amnis starter package and available free of charge.
It should be noted that special attention is required for other currency pairs, like EUR/CNY, since the bank’s margins may vary for each currency pair and additional mark-ups are not uncommon.
Know your fx saving potential
SMEs that regularly exchange foreign currencies can save with amnis often more than 0.7% of the total EUR amount exchanged. Hence, a company with a monthly FX volume of EUR 50,000 can already save more than EUR 4,000 per year.
Additionally, you can create transparency and, most probably, save some money by following three simple steps:
- Never exchange currencies by means of standard account transfers. This can cost you up to 1.5% of the amount exchanged.
- Know your costs! Find out the margins and fees included in your exchange rates.
- Compare exchange rates and the various conditions and services.
Check out all our tips on how to optimize foreign exchange in SMEs!
amnis WebApp combines all the tools you need for optimizing international money transfer and currency exchange. Pay with your multi-currency business debit card anywhere in the world and send and receive international payments without any hidden fees. Bank opening hours no longer play a role. You can access our platform whenever you want and change currencies even on weekends – 24/7. Create your free demo account, it only takes 30 seconds, and test the WebApp as long as you wish: