Di charge wey dey hide inside di rate

"Zero fees!" na wetin di advert talk. Di rate dey talk anoda tin. How to read currency quote so nobody go play you again.

Di mid-market rate

At any moment one "real" exchange rate dey: di middle point between wetin bank dey buy and dey sell currency for. Google dey show am. Na di fair price. Almost nobody dey give you am.

Di spread

Provider go quote you rate wey small worse pass mid-market den keep di difference. Dat gap na di spread. Na charge, but because dem bake am inside di rate, dem fit advertise am as "no fees" with straight face. Bank spread of 3–5% dey common. On $2,000 transfer, dat na $60–100 wey never show for any receipt.

Di only calculation wey matter: "How much di oda person actually collect?" Compare dat number across provider. Ignore di fee page completely. Whoever deliver pass na im cheap, full stop.

Di three ways wey provider fit charge you

1. Rate only. One blended rate, no separate charge. E easy to compare, as long as dem show am before you confirm.
2. Fee only. Mid-market rate plus flat or percentage charge. E honest, but di charge fit hide for small print.
3. Di two. Worse rate plus charge. Double chop. E common with bank and airport kiosk.

None of dem bad by itself. Di problem na when you no fit tell which one dem dey give you. Good app go tell you di rate, di charge, and di amount wey go land, all for di same screen, before you tap.

Why rate dey move during di day

Currency market dey trade round di clock, so quote wey you collect 9am don old by lunch. Decent provider go lock your rate for small window while your transfer dey complete. If e take longer, dem suppose ask you to confirm again, no be to quietly charge worse rate and hope say you no go notice.

Stablecoin dey change di maths

When di dollar leg na stablecoin, na exactly one conversion dey (your currency go digital dollar, or back), and na only there spread fit hide. One rate, one screen, one number to compare. Di middle-bank markup from guide 05 disappear because di middle bank demsef disappear.

IN SHORT "No fees" normally mean "di charge dey inside di rate". Look di amount wey go land, notin else. Den look whether dem show am before you confirm.