What is Currency conversion fee?

A currency conversion fee is the part of a transfer price that covers changing money from one currency into another. It is separate from the transfer charge itself, so two providers can quote the same sending cost and still differ once the money arrives in a different currency. The figures here vary widely: Advcash (Advanced Cash) Card lists none, Airwallex charges 0.5%, and both ACB Grenada Bank and 1st National Bank Saint Lucia sit higher at 1% and 2%. Al Rajhi Bank charges 2%. Sending into the currency the account already holds avoids the charge.