Tonight, some friends from Taiwan shared feedback with me, saying that the currency conversion fees in Taiwan are quite harsh. Additionally, some people questioned in tweets whether we had reduced the transaction fees but secretly added the fees to the exchange rate difference.
I’ve always been unclear about the source of the issue. Whenever I test it myself, the total fees are always around 1%-1.5%. Based on Morningstar's standard exchange rates, this is within a very normal range and is considered one of the lowest in the industry.
After spending a full two hours, I finally figured out the source of everyone’s confusion. 🤣
Friends in Taiwan calculate the exchange rate difference using the highest premium of USDT within the exchange.
For example, the price within the exchange might be 30.41, while the USD/NTD price is 30.21. People use the 30.41 premium of USDT within the exchange to calculate, rather than the fiat price of 30.21.
In Infini, 1 USDT = 1 USD. It’s impossible to match the highest premium of USDT within exchanges across all regions worldwide, such as making 1 USDT = 1.01 USD.
🩵 The basis for our currency conversion fees can be calculated using Morningstar’s exchange rate quotes.
However, looking at it from another perspective, when USDT is discounted, using Infini becomes more cost-effective.
Alright, that’s it for today’s customer service Q&A. 😂
Tonight, a friend tried the fee rate in Taiwan. It cost 45 New Taiwan Dollars.
Infini spent 1.51
USD spent 1.49
1 - 1.49/1.51 = 0.013
In other words, in Taiwan, including the currency conversion fee, the total fee rate is 1.3%.
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