International Wire Fees at Rho Business Banking
Rho doesn't charge fees for domestic or international wires, but just has a market-leading 0.5% for foreign currency conversion and transmission (sending USD to another currency). This means, if you were sending $10,000 in Euro's to a vendor in Spain, you'd end up paying up to $735 with a large bank, whereas with Rho the cost would be just $50 (0.5% of $10,000). **Please note that Asia-Pacific currencies will incur a 0.75% fee.
For SWIFT wires (sending USD) we don't charge a fee at all, however, some destinations may be subject to intermediary/receiving-bank fees. These fees apply to all institutions that use the SWIFT network and are traditionally covered by the recipient.
Our transactions are executed via the global SWIFT network. Our fee schedule includes all fees we have visibility into via Global Payments Initiative (GPI) enabled banks. Depending on the destination country, your transaction may be processed through intermediary banks that do not support GPI, and Rho will lack visibility into those intermediary fees in such instances and the actual intermediary fee may be different than the estimated fees."
For reference, here is how Rho's wire/foreign exchange fees compare to other banks:
*Markup based on a $300 conversion from USD to EUR on May 9, 2019, as performed by WalletHub
TIP FOR WIRES: There are times when receiving banks may shorten the "sender" information to 'Synapse Financial Technologies' (one of our providers) . To ensure your wire transactions display your business name, we suggest providing details in the memo/note section to include information "Sent from [Insert Business Name Here]. "