The Truth About International Payments
When you send money overseas through a traditional bank, they usually tell you about the transfer fee. What they don't highlight is the far more expensive cost hidden deep within the exchange rate markup.
The markup is the difference between the real exchange rate (what banks pay each other) and the inflated, weaker rate they offer to you, the customer. This difference is pure profit for them, and it’s why your recipient always gets less than you expected.
🔍 What is the Mid-Market Rate?
The Mid-Market Rate is the true, "real" exchange rate. It is the midpoint between the best buying price and the best selling price of a currency on the global market. It's the rate you see on independent sources like Google, Reuters, or Bloomberg.
Bitgamo's promise is simple: We use the Mid-Market Rate for all conversions. We don't hide our profit in the rate.
💸 How Bitgamo Guarantees Transparency
Traditional banks make their money by hiding their fee in the rate. Bitgamo does the opposite. Our model is built on full, upfront transparency:
- We show the Real Rate: We always display the Mid-Market Rate, ensuring you know the exact, fair value of your currency.
- We charge a small, Clear Fee: We charge a small, transparent service fee that is calculated and shown to you before you initiate the transfer.
- Zero Surprises: What you see is exactly what your recipient receives. There are zero hidden markups or surprise charges.
Three Steps to Save Hundreds on Your Next Transfer
- Stop Using Your Bank's Calculator: Always compare the rate your bank offers against the real Mid-Market Rate (easily found with a quick online search).
- Choose a Transparent Platform: Select a provider like Bitgamo that commits to using the real exchange rate.
- Calculate Everything Upfront: Before confirming, ensure the platform clearly shows you the fee, the rate, and the final recipient amount.
Switching to a transparent service like Bitgamo is the single best way to put your money back into your pocket, not the bank’s.
Ready to start moving money without the hidden markups?
