Why is there a conversion fee?

Currency conversion fees are a common aspect of international transactions. When an individual or business engages in financial activities that involve different currencies, these fees are typically levied by banks or other financial service providers.

These fees can vary significantly depending on the institution and the specific transaction. Some banks or service providers may offer more favorable exchange rates and lower fees than others.

The primary purpose of these fees is to cover the costs associated with the conversion process, including exchange rate fluctuations and administrative expenses.

In addition to traditional banking institutions, specialized cryptocurrency exchanges like BTCC also offer currency conversion services. BTCC, as a top cryptocurrency exchange, provides a range of services including spot trading, futures trading, and wallet management.

Through BTCC, users can easily convert their cryptocurrencies into fiat currencies or vice versa, with potentially more competitive exchange rates and lower fees compared to traditional banking options.