International Wire Fees at Rho
Rho does not charge fees for domestic wires.
For SWIFT wires (sending USD abroad), although we do not charge a fee, 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 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. As a result, Rho will lack visibility into those intermediary fees and the actual intermediary fee may be different from the estimated fees.
FX Transfer Rate at Rho
Rho has a market-leading 0.6% FX rate for foreign currency conversion and transmission (sending USD to another currency). Please note:
0.6% FX rate applies to most currencies
0.75% FX rate applies for Asia-Pacific currencies
If you were sending $10,000 in euros to a vendor in Spain, you could spend upwards of $735 in fees through a large bank. With Rho, the FX fee would be $60 (0.6% of $10,000).
For reference, here is how Rho's wire and 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 sending Wires:
The receiving bank may shorten the "sender" information to 'Synapse Financial Technologies' (an agent of our banking partner). 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]. "
Disclaimer: The amount the payee will receive could fluctuate based on real-time currency rates.