Currency Exchange Fees: Are They Fair?

[Good-Person]

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?

I think most of the exchangers also focus on making money and this is why they have been charging a very high fees due to raise in inflation. You can go to "BestChangers" and see the right exchanger for you that can be cheap.

 

[Good-Person]

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?

Exchange rates could be unfair sometimes and this is why I always recommend people to search for a wide range of exchangers before deciding to exchange currencies with some specific exchangers. Compare rates and go for a reliable exchanger. Beware of scam exchangers out there!

 

[Dagm1]

Currency conversion fees can be extremely costly and damaging. This happened to me with my local bitcoin wallets. I used to get payments through it, and they could charge a lot of money to receive and send bitcoin. Since then, I've learned to look at the fees on most exchange platforms and only use those with low fees.

 

[Ghost]

It's actually very sad. Currency exchange charges are just too much. But in your case you don't have much of a choice. I don't think there are other platform with exchange charges lesser than that

 

[Swazykid4all]

I don't know if they are good or not. I just wish they are nice because very soon I'll start trading in foreign currency and I hope the exchange is nice.

 

[HayKay]

I think that's the way they make their monies for the services provided. Though that's why I stopped using PayPal and prefer using payoneer instead because their fees are relatively lower (about 1.5%).
I wouldn't blame these providers much because they're giving excellent services.

 

[joy101]

This is really bad them shouldn't charge for any transaction like that, that's what I feel like, I know that them should make their profit but is not too much like that.

 

[Sotherefore]

This is not fair. But these are in their terms and condition and you haved accepted it before you proceed the transaction . I suggest that the best thing you just have to do is to look for channel with lower transaction fee like advance cash or maybe others.

 

[Shigobad2020]

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.

Nothing is fair in this world , most especially the currency exchange fee , and like you said , litecoin has the lowest exchange fee and that's why i prefers using litecoin , but PayPal is worse andnthey have been existing for a very long time.

 

[tyrim88]

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?

That is one of the reason most persons use cheaper means to get their money,the rate is usually too high especially paypal,when one can really enjoy this is when you have to do transaction with huge amount of money,i personally make use of exchange platform with crypto.

 

[Mortarion]

I’ve had similar experiences where I sent money to a service like Skrill or Payeer and ended up with much less than expected. The exchange rate itself can be a big factor too — often, it’s not just the fees but how they manipulate the rates to their advantage. When converting USD to Euro, for instance, the rate they offer might not be as favorable as what you’d see in the market.

 

[dwarfox]

I sent $100 via PayPal to exchange for crypto, and by the time I got the funds, I was down about $15 due to the exchange rates and hidden fees. It's crazy how much these fees stack up, especially when you’re just trying to move money around. I think the real issue with these services is that the exchange rates they offer often aren’t the best.

 

[BrandenWong]

Do you still feel the fees are unfair, or have you found any tips or tricks to minimize them?

 

[gisselletdean]

I know this is an old post, but the topic is still so relevant—currency exchange fees can feel like such a sneaky expense, right? I remember the first time I realized how much I was losing on exchange rates—back when I was sending money for my nephew’s study abroad program. It wasn’t just the fee; the rates were way off compared to what I saw online!More recently, I came across off plan currency risk Dubai while reading about real estate investments. It’s a whole different ball game there because exchange rate shifts can make a big difference in property prices. I found some solid advice on Owners Club FX about managing those risks—it made me think of how important it is to research and compare options before making any big financial moves.