I am wondering if anyone can explain what’s happened to me.
I am now travelling to Ecuador and have decided to send money on a friend’s Ecuadorian bank account. My friend warned me that the banks in Ecuador can charge unreasonable fees when receiving funds from abroad.
I did a test and send $100 with revolut. My friend received $94. Therefore the local bank has taken a total fee of %6. I decided that the fee was high but acceptable.
I made a second transfer of $250 to same account. This time my friend received $189 only. The fee was 24.4% of the amount transfered!!! My friend bank statement does not provide any details of the fees. He is paid in £ and has had the same problem. The local bank do not provide any details of the fee…
Does anyone know why Ecuadorian banks can randomly charge such high fees??