Markup is often the main cost
On large B2B payments, embedded spread frequently exceeds visible wire fees. Audit the rate, not only the fee line.
For CFOs
B2B FX markup report 2026: what finance teams should compare.
This report summarises published fee schedules and market observations as an illustrative reference for CFOs. It is not a live quote engine and does not replace payment-level audits on your corridors.
Built for businesses with £1M+ equivalent annual FX exposure and recurring international supplier, customer, or treasury payment flows.
How to use this report
Treat the table as directional context. Executable economics depend on currency pair, amount, time, route, beneficiary bank, and provider approval. Always validate with your own sample of confirmations.
The core problem
There are two prices for a currency at any moment: a market reference rate and the rate your provider applies on the payment. The gap is FX markup.
Unlike a wire fee, markup is often invisible on the statement because it is embedded in the single rate shown on the confirmation.
Illustrative provider ranges (Feb 2026 context)
| Provider | Type | FX markup (indicative) | Transfer fee | Timing | Cost signal on £100k |
|---|---|---|---|---|---|
| HSBC | Bank | 1.5–3.5% | Wire fee varies | Often multi-day | High on £100k illustrative |
| Barclays | Bank | 2.0–4.0% | Wire fee varies | Often multi-day | High on £100k illustrative |
| Wise Business | Platform | 0.33–0.57% | Often £0 | Route-dependent | Lower illustrative total |
| OFX | Broker | 0.4–1.5% | Often £0 | Route-dependent | Volume may narrow spread |
| Airwallex | Platform | 0.5–1.0% | Often £0 | Route-dependent | Check account availability |
| PayPal Business | Platform | 3.0–4.5% | Per-txn fees | Varies | Usually poor fit for B2B suppliers |
Ranges vary by relationship, plan tier, corridor, and transaction size. Revolut and similar plans may include allowances that change effective markup. Payment timelines depend on currency, route, provider approval, jurisdiction, beneficiary bank, compliance review, and banking cut-off times.
Four findings for CFOs
“No fee” can mislead
A zero wire fee with a wide spread can cost more than a small fee with a tight executable rate.
Platform fit varies
Self-serve platforms, brokers, and banks serve different operating models — compare proof, support, and reconciliation.
Deductions change landed value
Correspondent and beneficiary-bank charges can reduce what the supplier receives even when spread looks acceptable.
What to do after reading
Run a 12-payment audit
Use your confirmations and a consistent mid-market source — see the audit bank FX markup guide.
Compare total economics
Use the B2B FX platforms compared framework for operating fit, not only this table.
Review timing and proof
Connect markup analysis to supplier release, demurrage exposure, and reconciliation effort.
FAQ
How much do UK banks typically embed in FX markup?
Published industry analysis often places major UK banks roughly in the 1.5–3.5% above mid-market range on business conversions, but your actual spread depends on relationship, pair, size, and timestamp. Run your own audit on recent confirmations.
Is the lowest markup always the best choice?
Not necessarily. Also compare final received amount, deductions, payment proof, forwards availability, reconciliation, and who owns exceptions on supplier payments.
How do I calculate hidden FX cost?
Compare applied rate to mid-market at execution, calculate spread percent per payment, multiply by annual volume, then add fees and operational costs. See the audit guide on this site.
Where does Unicorn Currencies fit?
Unicorn Currencies is built for recurring B2B international payment flows where finance needs FX visibility, payment proof, and human treasury support. Pricing depends on corridor, volume, and workflow.