We use the current interbank exchange rate of the day, and we apply a 0.50% FX markup.
If you’re sending a payment, once you've entered how much you'd like to send in USD we'll show you the live exchange rate, FX markup fee and the transfer fee (if applicable to your plan) on the screen.
The exchange rate will also update automatically every 30 seconds, allowing you to see how much the person you're paying will receive and how much it'll cost you in real time. Foreign Account Tax Compliance Act (FATCA), and the Common Reporting Standard (CRS).
After you’ve made the payment, you can see the exchange rate used again by tapping on the transaction in your timeline.
For any rejected outbound payments we will apply the exchange rate available at the time of the return. This means when the payment is returned to you, it might be a different amount.
If you’ve received a payment, you can see these same details by tapping the transaction in your timeline.
Disclaimer: FX markup for our members on the Standard/Free plan will be increased to 1.5% from 28 May 2025 (members on our Paid plans will remain on 0.5%)
What is a Passive NFE?
A Passive NFE gets more than 50% of its earnings as passive income – from interest, rents, dividends, and royalties.
There are different reporting requirements under FATCA and CRS, depending on whether a company is an Active or a Passive NFE. Understanding the difference between the two company types is crucial for international tax compliance.
