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.

  • The first one is because the bank may need an intermediary in order to send the payment to the beneficiary bank (if needed, normally charges 20 USD).

  • The second fee is a commission that charges the beneficiary bank for receiving an international transfer (It can be charged from 0 up to 25 USD)

✔️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 😊

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