Stop overpaying for cross-border transactions. Be smarter with Banxe

authorAnthony DiMarsico
time 5 min read date 17.04.2022
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How often did you have to wait for a SWIFT transaction? Has it ever happened that SEPA wasn’t convenient for your vendors or clients? Traditional payment methods can create a big headache for your business — they can impact your margins and operations while lacking competitive services. A regular SWIFT transfer can take up to FIVE business days to arrive. SEPA takes one business day and only works in the EU. As a business owner, you waste resources when you and your clients are stuck paying incredibly high commission fees. Often correspondent banks don’t charge a flat fee, so you can never know precisely how much the commission for your transfer will be.

My personal experience, while paying digital designers in Europe, demonstrated how I overpaid up to 5% in fees! With that experience in mind and the desire to resolve this issue, the Banxe team developed the ability to utilize crypto for transfers.

There are four critical factors to creating a positive experience for cross-border payments: low fees, speed, transparency, and accessibility — with us, and you get all four.

By integrating crypto into transfers, we can offer a faster and cheaper service. According to Statista.com, crypto-transfers are the fastest in the world — the recipient gets the funds instantly. Let’s see how a USD transfer works with Banxe:

  1. Sign in to your account,
  2. Select Send Crypto,
  3. Choose the TRC20 network and paste the unique wallet ID of the recipient located on the same network,
  4. Press the Send button.

Viola! The recipient instantly gets the transfer. These types of transactions usually take seconds. As we mainly work with the TRON network, the transaction commission for a crypto-fiat exchange is one of the lowest on the market — only 0,75%, which is almost nothing compared to a standard wire transfer fee. The TRON network only charges 1USD per transfer (no matter how large the sum is, even if you are sending one billion USDT, the fee will remain 1 USDT). The network conducts approximately 2,000 transactions per second — 172.8mln per day. To compare, there are only 33.6 million transactions per day through the SWIFT network. After the recipient obtains the funds, he can instantly withdraw the money by converting them into the desired fiat currency. And don’t be afraid of crypto being volatile — stablecoins are called “stable” for a reason; they are tied to a fiat currencies’ values: 1 USDC or 1 USDT always equals 1 USD. The exact process stands for receiving funds. You can send the address of your wallet to the sender and receive your funds immediately.

Banxe can be used for both crypto and fiat transfers. And the best part — there are no borders. You may be located in Australia and send the transfer to your friend or a business partner in the UK with the lowest fee or free if they also have a Banxe account. We created both payment accounts and crypto wallets so you can instantly convert crypto into fiat currencies and vice versa and use your account to pay for purchases with fiat money. The Banxe platform supports over 500 cryptocurrencies, EUR and GBP, and we are currently working on expanding our area of operations globally.

As a bonus and following our regulatory obligations — your money is protected and safeguarded, being held in segregated accounts. As an e-money service, Banxe is held to a high-security standard. The services provided on the Banxe platform are fully licensed and regulated by top-tier authorities:

  • European Union — Operating License by Financial Intelligence Unit (FIU)
  • United Kingdom — Electronic Money and Payment Institution by Financial Conduct Authority (FCA)
  • United States — Money Service Business registration by Financial Crimes Enforcement Network (FinCEN)
  • Canada — Money Services Business by Financial Transactions and Reports Analysis Center (FINTRAC)

We wanted to create space for better business operations without changing our customers’ lifestyles, and we did. Our transfers take seconds, while traditional methods can take days while at the same time charging extremely high commission fees. With us, you can use crypto the same way you use your cash daily yet get all the benefits from the crypto industry without diving into the technical details of how it works.

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EC2A 4SD, England, London, London, 140 Tabernacle Street
E-mail: support@banxe.com