
Show HN: Zero-fees global international money transfers, Magno - nfcurti
https://www.magnocash.com
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bradwood
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.

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nfcurti
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!

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bradwood
> 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...

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gus_massa
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
Oh my bad, I surely read the rules but missed that.

Thanks for the insight!

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totaldude87
$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?

