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In the 3rd quarter of 2022 some of our costs changed. This unfortunately led to an increase in our average fees - from 0.61% to 0.64%.
Overall in Q3 2022, we:
- 😞 Had to increase fees on sending from USD, CHF, CAD, JPY, HUF, MYR, TRY, INR, PLN, CZK, SEK, DKK, NOK, RON and sending to USD, INR, THB, PHP, IDR, MYR, MXN, PLN, PKR, KRW, VND, MAD, HUF.
- 🥳 Decreased fees on sending to China, Chile and Brazil
- 🥳 We previously charged you for holding EUR in your Balance, now we removed this fee.
Why is this happening:
Unfortunately, markets have been more volatile recently, which makes it more expensive for us to buy and sell currencies — so we need to raise our fees to cover those costs.
We continue to sustainably invest in our infrastructure so you can move money faster and more conveniently. We need to reflect this in our price today, to help us bring down the cost of moving money in the future.
We know that this isn't great news, and we're sorry about that. We'll try to bring our fees back down as soon as we can.
On a good note - we did decrease fees on some of our currencies.
We dropped our fees to send money to Chile because we got a new partner to help deliver your transfers.
We’ve also lowered the fees to send money to China via Weixin. We can do this because we negotiated a 9 month price drop with our banking partner.
Additionally due to us now being able to send to Brazil under our own licence, we were able to bring our costs down there too.
Whenever our costs go down, we pass the savings back to you.
You can see below couple examples of change in price this quarter:
Sending 1,000 USD to EUR
Sending 1,000 GBP to USD
Sending 1,000 EUR to PHP
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