How to avoid hidden fee and save time cost in international money transfer

Once you start using international money transfer services, you’ll find out that there are more charges in addition to the declared fees.

Hidden conversion costs occur as a difference between the declared exchange rate and the individual rate that the service provider applies to exchange your money. 

A recent survey by NerdWallet found that national U.S. banks charged an average of $44 for international wire transfers, and this doesn’t account for the exchange rate markup many banks charge users to send foreign currency payments. 

Using credit cards to make payments instead of a bank wire transfer isn’t any better. Most credit cards charge a 1 to 3 percent foreign transaction fee. That’s up to $30 on every $1,000 transferred internationally.

So, By using a reliable nonbank provider, companies can reduce fees and deliver their payments to suppliers in local currencies and can be the easiest way to help control exchange-rate risk.

Today, Let’s see how Epay helps you to save cost when making across board payment. 

The Epay Global Remittance Network is a blockchain based technology. It doesn’t have any bank involved. Its remittance agencies all over the world are the key to make the whole network operates smoothly. Currently, Epay has remittance agencies in HK, Australia, Japan, Vietnam, Turkey, Korea, and Europe and America countries. 

Look at the picture below to know how the remittance network works.

 

 

What you have to know about is EUSD. It is an official cryptocurrency released by Epay. It is a so-called Stablecoin which is pegged with US Dollars with 1:1 ratio. It acts as a transaction medium between remittance agencies. EUSD will be reduced from the Hong Kong remittance company's account while increased in Philippines payment company account after the receiver confirms to receive the money successfully.

The average fee is about 2%-5% according to different routines. And with a real-time exchange rate. The receiver can get the payment within 1 hour at the earliest. The application of EUSD solves the problem of high cost, low efficiency, and inconvenient operation problems during cross-border remittance.  With Epay Global Remittance Network, you can say goodbye to high hidden fee and long transfer time now.

 

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