How do fees work and why are they generated?
It is a certain monetary amount that banks or platforms charge since they facilitate the sending of money to any account or place in the world.
These fees are charged by your bank or the government, in the case of taxes, because they facilitate the sending of money and this is a commission that they always have for international shipments.
Below you will see a more detailed description for each payment method
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✔️ Bank Accounts
These may vary depending on the bank and the configuration that the bank account has. Since, for example, for international transactions the fee or commission may be higher. You can consult the table of rates where the costs for some countries are specified.
Local Bank Transfers | International Bank Transfers |
In order to avoid the fees of the international transfers, we have a network of local payments in more than 80 countries around the world. How it works? 👉 We give USD to our bank, and then the bank sends the money to the beneficiary from a local bank in his country. Because is a local transfer, the bank of the beneficiary doesn’t charge anything. | The fees associated to international transfers are 2.
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✔️Payoneer
There are no fees when making transfers on the platform, however, the fee in Payoneer is around 2% of the value consigned to the account.
✔️ Cryptocurrencies
They work like banks, to make transfers specific networks are used for cryptocurrencies, which depending on how much they are used, charge a certain commission on your payment.
👉 Currently the fee generated for ERC-20 and BEP-20 networks is from 0.80 USD p to 10 USD
🔔 Table of rates (Banks)
Country | Payment method | Fee (Local currency) | Fee (USD) |
Chile | Bank transfer (CLP) | 1.6USD | 20 USD approx |
India | Bank transfer (INR) | 4 USD + 0.3% | 20 USD approx |
Mexico | Bank transfer (MXN) | 1.5 USD + 0.3% | 20 USD approx |
Peru | Bank transfer (PEN) | 1.52 USD | 0.2% + 5.3 (careful with fees for receiving USD payments, only BCP and Scotiabank have no extra fees) |
USA | Bank transfer (USD) | ACH > 2 USD Wire > 6 USD | ACH > 2 USD Wire > 6 USD |
United Kingdom | Bank transfer (GBP) | 0.37 + 0.47% | 20 USD approx |
Argentina | Bank transfer (ARS) | 1.54 USD + 11% from "Dolar Contado con Liquidación" | 20 USD approx |
Colombia | Bank transfer (COL) | 1.6 USD + 0.4% | N/A |
Ecuador | Bank transfer (USD) | 4.6 USD+0.3% | N/A |
Spain | Bank transfer (EUR) | 1.5 USD + 0.3% | 20 USD approx |
Brazil | Bank transfer (USD) | 2.1 USD + 0.3% | 20 USD approx |
Honduras | Bank transfer (USD) | x | 20 USD approx |
Nicaragua | Bank transfer (USD) | x | 20 USD approx |
Bolivia | Bank transfer (USD) | 1.54 USD | 20 USD approx |
Puerto Rico | Bank transfer (USD) | 2 USD | N/A |
If you have further questions, feel free to contact our support team via chat 😊