This document explains the methodology used by Bitnexo to compare the
costs of doing international money transfers using different existing
alternatives in the market, such as banks and money transfer services
- Bitnexo collects information from Banks and Money Transfer companies (Remittances) to show the cost comparison
- Transfer
costs information is collected by Bitnexo by (a) going in person to
branches, and (b) using information in the websites of Banks and Money
Transfer companies.
- The information is collected periodically, with a maximum of six months between each request
- It
is assumed that the user of the platform has money in the origin
currency to make the transfer (for example, Chilean Pesos when doing
transfers from Chile as a country of origin) “and in order to proceed
with the transfer it's necessary to acquire dollars in banks, exchanges
or through other means, resulting in the payment of commissions”
- In the case of banks, the following information is collected:
- Outbound Remittance Fees
- Bank transfer fees (minimums, maximums, commissions, etc.)
- Fees and commissions according to different ranges of amounts
- Sales value of dollars for local currency given by the institution
- In the case of Money Transfer companies, the following information is collected:
- Company transfer fees (minimums, maximums, commissions, etc.)
- Fees and commissions according to different ranges of amounts
- Sales value of dollars for local currency given by the institution
- The platform considers the payment of taxes, if applicable
- All
exchange rates between currencies (eg between Chilean Pesos and
Dollars, Dollars and Yuan, etc.) are calculated using the interbank
exchange rate of the moment, from the website Openexchangerates.org
- When
the amount to be transferred is less than the minimum transfer costs of
a given Bank or Money Transfer service necessary to perform a transfer,
the price comparison table will say "Insufficient Amount"
