Our team has written a blog post describing the hidden costs of money transfers. In short, there are three main costs when making international transfers:
- Bank fees
- Forex charges
When sending funds from a developed country to a developing country, the total cost can be more than 5% of the total transfer. That is, if you're transferring $1000USD, the cost can be at least $50. Blog Doctor has illustrated that if you transfer via Western Union and transfer the funds on the same day, it will cost you over 10%.
Nearly all money transfer services leverage on a half a century old service called SWIFT. CoinPip leverages on the newest cutting-edge technologies, namely blockchain technologies to make your transfers cheap and fast. We do not charge bank fees, FX fees nor minimum charges. We make sure your transfers arrive 48 hours upon receiving your funds and all you need to pay is a 2% flat fee (for most countries). If you transfer over US$20,000 per month over three months (i.e. US$60,000), you will become our preferred customer and can enjoy lifetime fee of just 1%. For more information, please contact our staff by clicking on the intercom icon on the bottom right-hand corner.