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£2,000 is to be converted into Euros and sent abroad
- Payment Fees = £20
- FX Rate = 1.1200
- Euros received (less fees) = €2,217.60
- Amount is not protected from further fee deductions
- Payment Fees = £0
- FX Rate = 1.1150
- Euros received = €2,230
- Amount is fully protected from further fee deductions
In this illustration Provider A has a more favourable FX rate than provider B, but when fees are deducted before converting into foreign currency, the amount of Euros received is actually less. Additionally, Provider B is able to protect the payment from further fee deductions once it has been sent, meaning they are the better option.