Right now, most people are on a tight budget and there is no room for paying extra bank fees. Additional bank fees have a way of accumulating into huge prices. As such, the best way to save your money is to avoid them.
Here are some of the fees;
Currency exchange charges
Due to the democratization of most jobs and services, a lot of cross-border payments now take place. Most times, bank accounts are used for this. As such, banks not only charge upfront the exchange fees but sometimes charge hidden costs which the customers don’t know about.
Normally, banks sell currencies to one another at subsidized rates while they exchange currencies for higher rates for their clients. To avoid currency exchange fees, you can use some online platforms such as Transferwise, now known as Wise, to make or receive cross-border payments or use the services of currency exchangers. …