Cryptocurrency Q&A
What is for currency exchange fee?
What is for currency exchange fee?
SakuraSpiritual
Wed Oct 09 2024
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7
answers
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I'm wondering about the currency exchange fee. What exactly is it and how does it work when converting money from one currency to another?
7 answers
GyeongjuGlorious
Fri Oct 11 2024
Similarly, if a credit card is used for the transaction, the processing company associated with the card sets the fee.
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HanjiArtist
Fri Oct 11 2024
Currency exchange fees are an inevitable aspect of international transactions. They represent a percentage of the total amount being converted from one currency to another.
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NebulaNavigator
Fri Oct 11 2024
These fees are often combined with a foreign transaction fee, which is a separate charge levied by the financial institution issuing the card or managing the ATM.
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HanjiArtistryCraftsmanship
Fri Oct 11 2024
It's important to note that while 1% is a common benchmark, the actual fee may vary depending on the specific service provider and the currency pair involved.
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Sara
Fri Oct 11 2024
Generally, these fees are set at around 1% of the transaction price. This means that for every $100 converted, an additional $1 would be charged as a fee.
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