Exchange Rates
As for exchange rates: we keep very competitive exchange rates (equal to or sometimes better than when you search it on Google!). We don’t currently charge markups on these exchange rates. Fees and exchange rates will always show transparently as part of a transaction, unlike other applications.
Depositing money into your Parallax balance:
We currently have no fees for receiving deposits. Note: this may change in the near future.
Withdrawals from out of your Parallax balance:
All withdrawal fees will transparently show on your Parallax app and that will be the best way to see what current fees exist at any point in time for your account.
Each transaction has a combination of variable + fixed fees. We have a small ~0.9% - 1.6% variable fee (depending on withdrawal route & amount) + ~$1-3 flat fixed fee for processing withdrawals (significantly cheaper than other payment providers and solutions).
- PHP withdrawals for $0 - $350
- fixed fee: $2
- variable fee: 0.9%
- PHP withdrawals for $351 - $750
- fixed fee: $1
- variable fee: 0.9%
- PHP withdrawals for >$751
- fixed fee of $0
- variable fee: 0.9%
- USDC.sol fees
- fixed fee of $0
- variable fee: 0.85%
- USDC.pol, USDC/T.eth, DAI.eth
- fixed fee of $0
- variable fee: 0.9%
- gas fee: depends on network gas fee at the time of initiation
- USD
- fixed fee: $1
- variable fee: 0.4%
For USDT-Ethereum withdrawals, there are additional charges given the token and the cost of gas in the Ethereum network. On top of the processing fee above, withdrawing USDT-Ethereum incurs:
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- +0.1% exchange fee
- +$1-50 (or more) gas fee. We are not sure how much this is, as gas fees are out of our control and fluctuate based on the congestion of the Ethereum network.
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Our goal is faster and cheaper international payments. We hope to reduce this over time, until fees are near zero!
Note: Some of our earlier users have been grandfathered into a slightly different withdrawal fee structure as a way for us to reward their adoption and support, at least as of the moment. This may change over time.
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