Take 500 units sent. The provider quotes a rate, the recipient gets an amount, and the two do not reconcile. The difference is almost always made of four parts.
| Part | Typical share of the gap |
|---|---|
| Spread between the market rate and the quoted rate | 45% |
| Stated sending fee | 30% |
| Receiving or cash-out charge | 18% |
| Rounding at conversion | 7% |
Only the second of those is usually advertised, and it is not the largest. That is why comparing providers on the stated fee alone produces the wrong answer so reliably.
The one that is invisible
The spread is the difference between the rate the provider gets and the rate it gives you. It is not a fee, it is not disclosed as one, and on small transfers it is routinely the biggest single part of the cost.
The only comparison that means anything: how much reaches the recipient, from the same amount sent, on the same day. Everything else is a proxy, and the proxies disagree.