Fee and fixed rate of national currencies

On the WhiteBIT exchange, payment service providers apply different variations of fees when withdrawing and depositing state currency to bank cards or other payment services.

In this article, we will tell you more about the fixed rate and percentages for transactions with state currencies and examples of fee calculation.

The full list of supported payment systems, fees, deposit and withdrawal limits for fiat can be found on the Fees page in the "National Currency" section.


How to calculate the fee on withdrawal and deposit of national currencies?

Fees are divided into:

  1. Fixed rate in national currency. For example, 2 USD, 50 UAH, 3 EUR;
  2. Fixed percentage of the transaction amount. For example, 1%, 2.5%;
  3. Fixed rate and percentage. For example, 2 USD + 2.5%.

Due to the fact that fees are included into the transfer amount, it is problematic for users to calculate the correct amount for the transaction in order to send funds.

WhiteBIT provides users with the opportunity to deposit the desired amount, taking into account all fees. Below we will present examples of how to avoid mistakes in transfers and calculate the correct commission.

Which payment systems support a fixed percentage of the transaction amount?

A fixed percentage of fee from the transaction amount is available in payment systems:

  • AdvCash;
  • Mastercard;
  • Visa;
  • Checkout Visa/Mastercard;
  • NixMoney;
  • PayUnicard.

For example, if you want to send EUR using the NixMoney E-wallet payment system, the system will specify a fixed percentage for online transactions – 1%. The specified fee percentage will be set to the amount to be sent.

 

Please note, this type of fee is special because of the limitation of the minimum and maximum amount. If the fee amount is less than the minimum or more than the maximum, the fee will be taken exactly as a fixed value, not a calculated percentage of the transaction.

 

  • Toggle off “Include fee in amount” — shows the payment amount without the fee included.



The amount that is indicated in the withdrawal form, namely 1000 EUR, should be subtracted from it by a fixed 1%. After sending funds, you will receive 990 EUR on your account.

  • Toggle on “Include fee in amount” — shows the payment amount with the fee included. 



If you want to receive the exact amount of 1000 EUR on your card, you need to subtract 1% commission from the amount you send. That is, to receive 1000 EUR, you need to send 1010,11 EUR.

Formula for calculating the fee: 1010,11 * 0,01 = 10,11 – this is the 1% commission that will be charged on the amount to be sent, to receive 1000 EUR.

If we calculate the fee for the amount of 1000 * 0.01 = 10, we will get the amount to send 1010 EUR. After sending the amount for withdrawal, the payment service will take the fee exactly from the received amount. Accordingly, you will not receive the required amount, but 999.89 EUR will be credited to your card.

What is the fixed rate in national currency?

At the moment a fixed rate is available when withdrawing EUR SEPA – 5 EUR.

Important: EUR SEPA deposit is commission-free!

For example, if you want to send 1000 EUR using the SEPA Transfer payment system, the system will display a fixed network fee of 5 EUR. The specified fee is subtracted from the amount to be sent.

  • Toggle off “Include fee in amount” — shows the payment amount without the fee included.



The amount that is indicated in the form for withdrawal of funds, namely 1000 EUR, from it it is necessary to subtract the fixed rate in fiat currency. After sending funds, you will receive 995 EUR on your account.

  • Toggle on “Include fee in amount” — shows the payment amount with the fee included. 



If you want to receive the exact amount of 1000 EUR on your account, you need to subtract the fee from the amount of sending. That is, you send 1005 EUR and receive 1000 EUR on your account with the fee.

For which currencies is a fixed rate and percentage available?

Fixed rate and percentage is now available for three currencies:

  • EUR Visa/Mastercard;
  • USD Visa/Mastercard;
  • UAH GEO Pay E-Wallet;
  • UAH GEO Pay Card Transfer.

For example, if you want to send EUR using Visa/Mastercard payment systems, the system will specify a fixed rate and percentage of fee in the network – 2 EUR + 2%, the total value is subtracted from the amount to be sent.

  • Toggle off “Include fee in amount” — shows the payment amount without the fee included.


In case the payment service specifies both fees, the fixed rate is charged first, and then the percentage is deducted from the received amount. Thus, the percentage will be less and will not depend on the fixed rate.

It is necessary to subtract the fixed rate of 2 EUR from the amount that is indicated in the withdrawal form, namely 1000 EUR, and then subtract 2% from the received amount.

Calculation formula: 1000 – 2 – ((1000 – 2) * 0,02) = 998 – 19,96 = 978,04.

The fee from 1000 EUR will be 21,96 EUR. After sending the funds, you will receive 978.04 EUR on your account.

  • Toggle on “Include fee in amount” — shows the payment amount with the fee included. 



In this case a fixed fee will be taken from the amount to be sent, just as in the first case, and after that a percentage will be taken.

If you want to get the exact amount of 1000 EUR on your card, you should first subtract the fixed rate, then 2% and add it to the initial amount. That is, you send 1022.41 EUR and with the fee taken into account you get 1000 EUR on your card.

Fee calculation formula: (1022,41 – 2) * 0,02 + 2 = 20,41 + 2 = 22,41 — this is the fee 2% + 2 EUR, which must be added to the initial amount in order to receive on your account 1000 EUR. So, 1000 + 22,41 = 1022,41.

Formula for crediting funds: 1022,41 – 2 – ((1022,41 – 2) * 0,02) = 1020,41 – (1020,41 * 0,02) = 1020,41 – 20,4082 = 1000 — thus, we get the total amount to be credited to the card.

Support

In case of any questions related to the functionality of our exchange, you can:

  • Leave a request on our website;
  • Write to the support e-mail: support@whitebit.com;
  • Write to the chat using the button in the lower right corner of the screen.

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