Quote:
Originally Posted by greenlab
Based on a few tests, until now, Redpass has by far the best FX exchange rate from all 3 (Payoneer and Paxum). The other 2 are a total ripoff in terms of exchange rate mark-up.
I think this is the strongest point of Redpass, hope to keep it this way for long and not be just a startup offer..
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We have no plans to change this. We own the BIN of the cards we issue so we control what fees are put on them from the issuing end and only charge $3 and no currency conversion fee.
Try comparing it to your banks buying rate on cash.
I did a test myself where I withdrew 1000 Thai Baht and compared the rate with what I would have gotten exchanging cash.
RedPass MasterCard I got a rate of: 30.52 THB per USD
Cash at Bangkok Bank rate would have been: 30.49 THB per USD
Its the same rate with POS / Online transactions so using RedPass can save you a lot in fees since POS / Online transactions are fee.
We charge $3 per ATM transaction but if you withdraw more than equivalently to $33 that is saved in currency conversion fee.