Buy assets via card and instant bank transfer is a convenient method of depositing funds ie direct purchase with a debit/credit card.
The functionality is implemented via a partner.
Their costs in supporting card payments (and other methods for some currencies) need to be covered.
I've put some notes together on fees for this method to try to avoid any surprises.
These came from beta testing a little while ago, so please post below if you find that anything has changed.
Nevertheless, they will hopefully be of help to those using the feature for the first time.
The initial fee display is broken down into two elements
Service Fee
The following were for card purchases.
There are minimum deposit amounts of 20 USD (eg currently EUR18.56 or £15.87).
The Service fee seems to be a minimum equivalent of $2.
Both of these seem to apply to major and minor currencies - at least the ones that I spot checked.
For major currencies, the % seems to plateau out at ~3.2% once you get above a certain fiat amount.
The minimum % fee seems to be higher for non-major fiats.
A couple of spot checks
For EUR, there is a SEPA bank transfer option, which has a fixed cost of EUR 2, with a minimum of EUR 200.
For USD, there is a bank transfer option, which has a minimum cost of $3, with the % rate falling to ~2% for higher amounts.
Network fee
The Network fee appears to be fixed regardless of amount purchased, with a minimum fiat value (eg 0.01 for the major fiats for assets with a negligible transfer fee like XRP or XLM, with a higher value being applied for ETH and BTC).
USDC and USDT both attract an Ethereum network fee.
KAU and KAG both have zero network fees.
The functionality is implemented via a partner.
Their costs in supporting card payments (and other methods for some currencies) need to be covered.
I've put some notes together on fees for this method to try to avoid any surprises.
These came from beta testing a little while ago, so please post below if you find that anything has changed.
Nevertheless, they will hopefully be of help to those using the feature for the first time.
The initial fee display is broken down into two elements
- The Service fee includes the fee for the payment type.
- The Network fee covers the cost of moving eg BTC or XRP from the provider to your KM account
Service Fee
The following were for card purchases.
There are minimum deposit amounts of 20 USD (eg currently EUR18.56 or £15.87).
The Service fee seems to be a minimum equivalent of $2.
Both of these seem to apply to major and minor currencies - at least the ones that I spot checked.
For major currencies, the % seems to plateau out at ~3.2% once you get above a certain fiat amount.
- GBP ~8% for £20, 3.2% for £50 (fee for any amount below £49.68 is £1.59) (NB: UK accounts not currently able to participate)
- EUR ~9% for EUR20, 3.2% for EUR60 (fee for any amount below EUR57,81 is EUR1.85)
- USD ~10% for $20, 4% for $50, 3.2% for $100 (fee for any amount below $62.5 is $2)
The minimum % fee seems to be higher for non-major fiats.
A couple of spot checks
- BRL (card) ~10% for $20 worth ~5.2% for $100 worth
- TRY (card) ~10% for $20 worth ~5.2% for $100 worth
- VND (Astropay) ~10% for $20 worth ~7.5% for $100 worth
For EUR, there is a SEPA bank transfer option, which has a fixed cost of EUR 2, with a minimum of EUR 200.
For USD, there is a bank transfer option, which has a minimum cost of $3, with the % rate falling to ~2% for higher amounts.
Network fee
The Network fee appears to be fixed regardless of amount purchased, with a minimum fiat value (eg 0.01 for the major fiats for assets with a negligible transfer fee like XRP or XLM, with a higher value being applied for ETH and BTC).
USDC and USDT both attract an Ethereum network fee.
KAU and KAG both have zero network fees.
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