4 ms·

Show HN: Zero-fees global international money transfers, Magno

3 points by nfcurti 7y ago

gus_massa 7y ago
From https://news.ycombinator.com/showhn.html https://news.ycombinator.com/showhn.html > What to Submit > If your work isn't ready for people to try out yet, please don't do a Show HN. Once it's ready, come back and do it then. > Blog posts, sign-up pages, and fundraisers can't be tried out, so they can't be Show HNs.
- nfcurti 7y ago
  Oh my bad, I surely read the rules but missed that. Thanks for the insight!
bradwood 7y ago
Zero fees my hole! There is a fee, it's called the spread. Just because the fee (or more properly, the commission) is zero doesn't me you are not paying for the service. The spread - the difference between the buying price and the selling price for, in this case, a foreign currency - is where the money is made. You can be sure that this firm is widening the spread they get from an upstream liquidity provider before quoting you the number of Peseta they'll sell you for a Dollar. So whether you are paying a percentage commission or not, you are definitely paying. It's just the presentation that differs.
- nfcurti 7y ago
  Hey bradwood, we don't charge a single cent from fees, the spread we take is the mid-market one. This differs from Paypal, TransferWise and such, to whom you pay hidden-fees, and conversion-fees as you refer to the spread. In our case, we make money from API Calls to our B2B service, but not from common transaction. If you deposit 100Euros from an account in Bahamas, and transfer it to an account in Papua Nueva Guinea, the Papuan guy's gonna receive 100Euros, then he can withdraw in the currency he prefers and get a spread at official conversion rates (Except for Venezuela, where we offer a special rate due to obvious reasons). Thanks for the Finance 101 Class!
  - bradwood 7y ago
    > get a spread at official conversation rates "official"? What is that, exactly? "Official" determined how, and by whom, and using what inputs? Forgive my scepticism, but that sounds awefully fishy...
totaldude87 7y ago
$0 fees is becoming norm, this is specially for bank deposits right? Problem is with credit card fund transfer where there will be fees. Finally the time for transfer, is it still 4 business days?

3 points by nfcurti 7y ago

From https://news.ycombinator.com/showhn.html https://news.ycombinator.com/showhn.html > What to Submit > If your work isn't ready for people to try out yet, please don't do a Show HN. Once it's ready, come back and do it then. > Blog posts, sign-up pages, and fundraisers can't be tried out, so they can't be Show HNs.

nfcurti 7y ago
Oh my bad, I surely read the rules but missed that. Thanks for the insight!

bradwood 7y ago

Zero fees my hole! There is a fee, it's called the spread. Just because the fee (or more properly, the commission) is zero doesn't me you are not paying for the service. The spread - the difference between the buying price and the selling price for, in this case, a foreign currency - is where the money is made. You can be sure that this firm is widening the spread they get from an upstream liquidity provider before quoting you the number of Peseta they'll sell you for a Dollar. So whether you are paying a percentage commission or not, you are definitely paying. It's just the presentation that differs.

nfcurti 7y ago
Hey bradwood, we don't charge a single cent from fees, the spread we take is the mid-market one. This differs from Paypal, TransferWise and such, to whom you pay hidden-fees, and conversion-fees as you refer to the spread. In our case, we make money from API Calls to our B2B service, but not from common transaction. If you deposit 100Euros from an account in Bahamas, and transfer it to an account in Papua Nueva Guinea, the Papuan guy's gonna receive 100Euros, then he can withdraw in the currency he prefers and get a spread at official conversion rates (Except for Venezuela, where we offer a special rate due to obvious reasons). Thanks for the Finance 101 Class!
- bradwood 7y ago
  > get a spread at official conversation rates "official"? What is that, exactly? "Official" determined how, and by whom, and using what inputs? Forgive my scepticism, but that sounds awefully fishy...

totaldude87 7y ago

$0 fees is becoming norm, this is specially for bank deposits right? Problem is with credit card fund transfer where there will be fees. Finally the time for transfer, is it still 4 business days?