Why are international money transfers still so expensive?

High fees and opaque exchange rates are hitting New Zealanders who send money overseas. (Image: Tina Tiller)Tristan Dakin says this is a problem for many New Zealand migrants trying to send money back home. All charge more if you attempt to send money in person. There may also be currency conversion fees associated with the transaction, and the bank receiving the money may also charge a fee. Stuff recently reported the top four banks were making about $16 million in after-tax profit – including from international transaction fees – every single day.