Imagine running a business in Ghana and needing to pay a supplier in Nigeria. One payment provider advertises zero transfer fees, while another charges a small percentage. The first option seems cheaper, right?

Not necessarily.

The advertised fee rarely tells the whole story. Foreign exchange (FX) markups, intermediary bank deductions, payout charges, minimum fees and monthly subscriptions can all increase the cost of moving money across borders.

For businesses operating across Africa and international markets, understanding these charges is essential. Here’s what to look out for.

1. FX markups: The hidden cost in exchange rates

When money is converted from one currency to another, providers may apply a margin above the mid-market exchange rate. This difference is known as an FX markup or spread.

For example, a Ghanaian business importing products from the UK needs to convert £5,000 to pay its supplier. If the provider applies a 1% FX markup, the conversion cost is equivalent to £50. Even if the transfer itself is free, the business is still paying through the exchange rate.

What to check: Ask whether the quoted exchange rate includes a markup and whether it varies by currency or transaction amount.

2. SWIFT fees and intermediary bank deductions

SWIFT is widely used for international bank transfers, but payments may pass through intermediary banks before reaching their destination. These banks can charge additional processing fees, sometimes deducting them from the amount being transferred.

Imagine a Nigerian business paying an overseas equipment supplier. It sends the agreed invoice amount, only for the supplier to receive less because intermediary charges were deducted along the way.

SWIFT payments generally use three charge arrangements:

• OUR: The sender covers the transfer charges.
• SHA: The sender and recipient share the charges.
• BEN: The recipient bears the charges.

What to check: Confirm whether intermediary bank fees apply and how charges are allocated.

3. Payout fees and minimum charges

Sending money is only half the transaction. The funds must also reach the recipient through a bank account, mobile money wallet or another payout channel.

For instance, a Ghanaian company paying freelance contractors in Kenya may prefer mobile money because it is convenient for recipients. However, the payout fee may differ from the cost of sending money to a bank account.

Minimum charges matter too. Fincra lists a 0.1% fee for certain EUR and GBP virtual account top-ups, subject to minimum charges of €10 and £10 respectively. A €1,000 top-up would ordinarily attract a €1 fee at that percentage, but the €10 minimum applies.

What to check: Look for country-specific payout fees, minimum charges and additional costs attached to local payment methods.

4. Monthly subscriptions: Are you paying for features you don’t need?

Some providers charge monthly subscriptions for access to business accounts, cards and expense management tools.

Equals Money’s Business plan, for example, is listed at £300 per month when paid monthly, or £250 per month when billed annually. However, this is a cards and expenses subscription, not a flat fee covering all international transfers. Other payment charges apply separately.

Consider a small online business making only two or three international supplier payments each month. Paying a substantial subscription for features it rarely uses may not be worthwhile. A larger company managing employee expenses and multiple cards might find better value in the same plan.

What to check: Establish what the subscription covers and which transaction charges remain payable separately.

5. How do providers compare on published fees?

Here are examples of publicly available pricing structures:

Pricing examples reviewed in November 2026. Fees and terms may change.

6. What does a cross-border payment really cost?

Consider a business converting £10,000 and sending the funds through SWIFT. If its provider applies a 0.5% FX markup and charges £20 for the transfer, the breakdown looks like this:

This excludes additional intermediary bank deductions.

Another provider might advertise zero transfer fees but apply a 1% FX markup, resulting in £100 in conversion costs alone.

Clearly, zero transfer fees do not automatically mean cheaper payments. Businesses should compare the exchange rate, applicable charges and final amount the recipient receives.

7. Why large transactions need a different pricing approach

For businesses processing high-value payments, small differences in exchange rates can have a significant financial impact.

Imagine a company paying an overseas supplier £1 million. A 0.5% difference in the exchange rate represents £5,000. At this scale, negotiating suitable pricing can make a meaningful difference.

WeWire’s Over-the-Counter (OTC) desk supports high-value transactions through personalised trading, flexible rates and dedicated support. Businesses can discuss their transaction requirements and request a quote based on their needs.

Final thoughts

Choosing a cross-border payment provider involves more than comparing advertised transfer fees. FX markups, SWIFT deductions, payout charges, minimum fees and subscriptions all contribute to the final cost.

Whether you’re paying an overseas supplier, compensating international contractors or managing large business transactions, understanding these costs helps you make better financial decisions.

The best provider isn’t necessarily the one promising the cheapest transfer. It’s the one offering transparent, competitive and predictable pricing for the currencies, destinations and payment methods your business actually uses.

Moving significant amounts across borders? Explore WeWire’s OTC services or speak with the team about a transaction quote tailored to your business.