Fasset does not charge any fees for local currency deposits or withdrawals. However, bear in mind that banking charges may be deducted from your withdrawal. Banking fees are unavoidable, especially for international transfers.
Understanding Banking Fees
Banking fees may reduce your withdrawal amount. Here are the type of banking fees you should be aware of:
- Transfer Fees: Banks/money exchangers charge explicit transfer fees for transferring money from one place to another. This will usually be clearly communicated to users at the point of transfer, so users know how much the transfer is going to cost.
- Correspondent Fees: For bank transfers, especially for international transfers, there might be a correspondent fee charged by an intermediary bank. Intermediary banks help to facilitate cross-border transfers and will charge fees for that. Unfortunately, this is a back-end fee that is usually hard to identify for users. It is usually not shown at the point of transfer, so users may not know how much a correspondent fee will be charged. You can talk to your bank to fully understand why such charged occurs, and how much it costs.
We are constantly exploring new ways to reduce banking charges.