Currency Exchange Fees: Are They Fair?

[Nomad]

Recently, I wanted some balance on my Skrill account. I used an exchange service. I sent 70 USD via Paypal to the exchange service and then received 62.3 USD on my Skrill account. Skrill converts balance to Euro and charges currency conversion fees and well as receiving fees. I ended having 52 Euro. I wanted funds on my Skrill account in order to fund my mobile wallet. Therefore, I sent Skrill balance to my mobile wallet and had to pay 1.11 Euro. When I received money on my wallet, I spend total $15 as exchange fees.

A couple of days ago I had also exchanged funds using Payeer and lost just about $10 while trying to exchange $80 worth of Litecoins

What do you think about the currency exchange fees charged by payment gateways?

 

[Sincerem]

I really feel sad too, to see this kind of ridiculous charges from all this payment gateways. They shouldn't be charging for any transaction undertaken via their platform. It isn't worth it all, we ought to receive good value for what we earned when transacting through their platforms.

 

[Alexandoy]

The payment centers are surely earning a lot from the users of their wallet. It looks like the so called gas fee is arbitrary that they can increase if they like. That is the problem when thing are not regulated and no regulator in sight when it comes to the internet. Are those payment centers legal and registered companies?

 

[Carson20t]

This is really rediculus and so manipulating and you would always find alot of limitations in under developed countries to even access these excange services or electronic wallets supporting.Look at Nigeria on how they have clamped down its activities on cryotocurency because they have noticed the cashflow is increasing for ordinary citizens

 

[Sariana23]

I consider that they are not fair at all! Not long ago my niece asked me to transfer $ 100 to her, with a similar procedure, and between one wallet and another she lost almost $ 20. It is extremely high, mainly from Paypal. I understand that the company keeps a percentage and the cashiers who work keep another, which added is exorbitant.

 

[Victory]

Yeah i also had same with issues with payeer and i lost 50% of my money to transfer of litecoin from my payeer wallet to my binance wallet , i just hope there could be some form of government regulation on them

 

[Nomad]

Yeah i also had same with issues with payeer and i lost 50% of my money to transfer of litecoin from my payeer wallet to my binance wallet , i just hope there could be some form of government regulation on them

Even though most of the payment gateways are registered with the governments where they are based and they have procured license to do financial transactions, the fees they charge is not regulated. They can charge as much as they want. They are treating users like milking machines.

 

[Victory]

Even though most of the payment gateways are registered with the governments where they are based and they have procured license to do financial transactions, the fees they charge is not regulated. They can charge as much as they want. They are treating users like milking machines.

Yeah there need to be some sort of fee control mechanism because when i did the transaction i made use of litecoin and was suprised to see a 50% deduction , sent to my wallet

 

[Nomad]

Yeah there need to be some sort of fee control mechanism because when i did the transaction i made use of litecoin and was suprised to see a 50% deduction , sent to my wallet

That's sad. I hear that litecoin has the lowest transaction feels. Recently, I received payment on my paypal account and ended by giving away 13 percent as transaction fees. The payment gateways are actually cheating the freelancers. There should be some mechanism to control and regulate these payment processors.

 

[Sariana23]

That's sad. I hear that litecoin has the lowest transaction feels. Recently, I received payment on my paypal account and ended by giving away 13 percent as transaction fees. The payment gateways are actually cheating the freelancers. There should be some mechanism to control and regulate these payment processors.

13% is quite a bit in discounts. I also heard that Litecoin has the lowest transactions. Now it turns out that they are high, this is really unfortunate, after you have worked for profit, you are slowly losing out on wallet transactions. We complain, but it is difficult to solve the problem as the wallet owners will continue as before.

 

[Shigobad2020]

Thou we might think that exchange rate is high and they are charging arms and legs for the exchange, it's normal because that's how they mark their own money too, you don't expect them to do it for free,

PayPal exchange rate is the hightest among the exchange rate , but thats business for you. I think litecoin exchange rate is th lowest for now.

 

[Sariana23]

Thou we might think that exchange rate is high and they are charging arms and legs for the exchange, it's normal because that's how they mark their own money too, you don't expect them to do it for free,

PayPal exchange rate is the hightest among the exchange rate , but thats business for you. I think litecoin exchange rate is th lowest for now.

You are absolutely right, these days I had a conversation with my brother, he was explaining this point to me. The owners of the exchange service charge a percentage for the operation which is their profit, in turn there are cashiers in the wallets that receive the money where they also charge a percentage for their work, when we add both percentages and it is always you who loses out. For example Paypal charges a % and Airtm also.

 

[Abigael]

The currency exchange fees can really get so high and devastating. I experienced this with my local bitcoin acccounts. I used to receive payments in it and they could put so much fee for receiving and sending bitcoin. Since then, I learnt to check fees in most exchange platforms and chose only those with small fees.

 

[Sariana23]

Again here to report that it is unfortunate that Paypal continues to take so much money per transaction, yesterday I made a transaction of $50 from my Paypal account to my Airtm account and only $41.51 arrived. This without counting the discount to pass the amount to my bank account. Which leads me to reaffirm that the exchange rates are not fair.

 

[Sincerem]

Yes, maybe that's why extra charges is implemented around the coins. I really don't get it why i have to lose 50% of my funds just for transaction fees via payeer. It saddens me also, i was transferring just 2.1 million litoshis and payeer charged that small amount 1 million litoshi. For me that is ridiculous it doesn't worth it at all. This transaction fees should be charged based on the level of amount withdrawable and not setting up a specific amount for both higher and lower coins transactions.

 

[Justin]

These payment providers are cheating on freelancers by charging high fees. The main idea behind crypots is to avoid the high fee.

 

[Yusuf]

This is really bad. The charges are too much for that amount of money you are converting. If you have another means to convert your money I think it will be best if you can change it to that for now

 

[Kennysplash]

Of course there had to be fees, the crypto currency wallets and exchange need to make their own money too. But it is too much most times. But then there is no choice.

 

[Sprite1950]

I dabbled in cryptocurrency a bit and decided I would transfer my bitcoin earnings from Cointiply ($5) to my Luno wallet. The whole transaction was taken up in fees and it took some of my Bitcoin Cash earnings too. I was gutted!

 

[Nomad]

That's what I feel. Sometimes back I heard that a certain users withdrew his earnings from a certain site as ether, However, his entire funds was used as transfer frees and he did not receive any ether.