Effective Date: June 11, 2024

1. Introduction to Fees and Transactions

At SendMoney360 Limited ("SendMoney360," "we," "us," or "our"), we are committed to providing transparent, cost-effective, and reliable international money transfer services through our platform at www.sendmoney360.com (the "Service"). This Fees & Transactions page provides a comprehensive overview of how we charge for our Services, how transactions are processed, and the factors that influence costs, ensuring you can make informed decisions when transferring money across borders.

Transparency is at the core of our mission. We believe you deserve to know exactly what you’re paying for, whether it’s a transfer fee, a currency conversion cost, or any additional charges imposed by third parties. Our goal is to offer competitive pricing while maintaining compliance with global financial regulations, including but not limited to the General Data Protection Regulation (GDPR), UK GDPR, California Consumer Privacy Act (CCPA), Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA), U.S. Financial Crimes Enforcement Network (FinCEN) rules, the UK Financial Conduct Authority (FCA) regulations, and the EU Payment Services Directive (PSD2).

1.1 Why Transparency Matters

Hidden fees and unclear pricing can erode trust in financial services. At SendMoney360, we provide a detailed breakdown of all fees and costs before you confirm a transaction, empowering you to understand the total cost upfront. Our pricing model is designed to be fair, predictable, and aligned with industry best practices, similar to leading fintech platforms like Wise, Remitly, and Payoneer.

1.2 How Transactions Are Processed

When you initiate a money transfer through SendMoney360, we:

1. Collect Your Payment: You fund the transfer using a supported payment method (e.g., bank account, debit/credit card, or digital wallet).
2. Apply Fees and Exchange Rates: We deduct applicable fees and convert funds to the recipient’s currency, if necessary, using a transparent exchange rate.
3. Process the Transaction: We route funds through our secure network, which may involve Third-Party Providers like banks or payment processors.
4. Deliver to the Recipient: Funds are credited to the recipient’s account or wallet, subject to verification and compliance checks.

1.3 Commitment to Fair Pricing

We striveantil to keep fees low and competitive, offering clear disclosures and no hidden charges. Our pricing reflects the operational costs of providing secure, compliant, and efficient cross-border transfers, while ensuring you receive value for your money.

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2. Types of Fees Charged

SendMoney360 charges various fees to cover the costs of processing transactions, maintaining our platform, and complying with regulatory requirements. Below, we outline the types of fees you may encounter when using our Service.

2.1 Flat Transfer Fees

Flat transfer fees are fixed amounts charged per transaction, regardless of the transfer amount. These fees cover operational costs, such as payment processing and customer support.

• Example: A flat fee of $3.00 for bank-to-bank transfers within the EU/EEA via SEPA.
• Applicability: Varies by destination country and payment method.

2.2 Percentage-Based Fees

Percentage-based fees are calculated as a percentage of the transfer amount, typically applied to larger transactions or specific payment methods.

• Example: A 0.5% fee on transfers over $5,000 to certain African countries.
• Applicability: Common for high-value transfers or when using credit cards.

2.3 Tiered Pricing Based on Amount or Country

We use tiered pricing to offer lower fees for higher transaction volumes or specific corridors (e.g., country pairs). Tiers are based on the transfer amount and destination.

• Low Tier (Up to $500): Higher percentage-based fees (e.g., 1.2%) to cover fixed processing costs.
• Mid Tier ($500–$5,000): Reduced percentage fees (e.g., 0.8%) for cost efficiency.
• High Tier ($5,000+): Lower percentage fees (e.g., 0.4%) or flat fees for large transfers.

2.4 Payment Method Fees

Fees vary depending on the payment method used to fund your transfer:

• Bank Transfer: Typically the lowest cost, often $0–$2, depending on the region (e.g., free for SEPA transfers).
• Debit Card: 0.5%–1.5% of the transaction amount, reflecting card network fees.
• Credit Card: 1.5%–3.0%, due to higher processing costs imposed by card issuers.
• Digital Wallet: 0.5%–2.0%, depending on the provider (e.g., PayPal, Apple Pay).
• Cryptocurrency (if supported): 1.0%–2.5%, reflecting blockchain network fees.

2.5 Currency Conversion Fees

For transactions involving currency exchange, we apply a foreign exchange (FX) margin on top of the mid-market rate (see Section 3). This fee is typically 0.4%–1.5%, depending on the currency pair and market volatility.

2.6 Urgent or Expedited Service Fees

For transfers requiring faster processing (e.g., same-day delivery), we may charge an expedited service fee:

• Example: $10 for same-day transfers to North America or Europe.
• Availability: Limited to specific corridors and payment methods.

2.7 Network, Intermediary, or Recipient Bank Fees

Third-party fees may apply, which are outside our control:

• Network Fees: Charged by payment networks (e.g., SWIFT) for international transfers, typically $10–$30.
• Intermediary Bank Fees: Imposed by banks handling the transfer between SendMoney360 and the recipient, ranging from $5–$25.
• Recipient Bank Fees: Some recipient banks charge fees to receive funds, which are deducted from the delivered amount.

We disclose estimated third-party fees before you confirm a transaction, but actual charges may vary based on the recipient’s bank policies.

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3. How Exchange Rates Work

Currency conversion is a critical component of international money transfers. We aim to provide competitive and transparent exchange rates to ensure you get the best value.

3.1 Real-Time Exchange Rate Explanation

Our exchange rates are updated in real time based on live interbank rates sourced from trusted financial data providers. Rates reflect market conditions and are refreshed multiple times daily to ensure accuracy.

3.2 Mid-Market Rate vs. Markup

• Mid-Market Rate: The midpoint between the buy and sell rates for a currency pair, as quoted on global financial markets. This is the rate you see on platforms like XE.com or Bloomberg.
• Markup (FX Margin): We add a small percentage (0.4%–1.5%) to the mid-market rate to cover operational costs and currency market risks. This margin is disclosed before you confirm a transaction.

3.3 How Rates Are Calculated and Updated

• Calculation: Rates are calculated using live data feeds from providers like Refinitiv or Bloomberg, adjusted for our FX margin.
• Updates: Rates are updated every 10–30 minutes, depending on market volatility. For high-value transactions, we may lock in a rate at the time of confirmation to protect against fluctuations.
• Rate Lock: Once you confirm a transaction, the exchange rate is fixed, ensuring the recipient receives the agreed amount (subject to third-party fees).

3.4 Example Exchange Rate Breakdowns

Scenario 1: Sending $1,000 USD to EUR (Europe)

• Mid-Market Rate: 1 USD = 0.85 EUR
• FX Margin: 0.5% (0.00425 EUR)
• SendMoney360 Rate: 1 USD = 0.84575 EUR
• Transfer Fee: $3 (flat)
• Total Cost: $3 + ($1,000 × 0.00425 = $4.25) = $7.25
• Recipient Receives: $1,000 × 0.84575 = €845.75

Scenario 2: Sending $500 USD to NGN (Nigeria)

• Mid-Market Rate: 1 USD = 1,500 NGN
• FX Margin: 1.0% (15 NGN)
• SendMoney360 Rate: 1 USD = 1,485 NGN
• Transfer Fee: 1.2% ($6)
• Total Cost: $6 + ($500 × 0.01 = $5) = $11
• Recipient Receives: $500 × 1,485 = ₦742,500

These examples are illustrative and subject to real-time rate changes.

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4. Country-Specific Fee Structures

The fees and exchange rates for international money transfers on SendMoney360 vary depending on the destination, local regulations, banking infrastructure, and market conditions. Our goal is to provide competitive and transparent pricing tailored to the unique requirements of each transfer corridor. Below, we outline the factors that influence our fee structures, how fees are applied across different types of destinations, and considerations that may affect the total cost of your transaction. This section is designed to give you a general understanding of our pricing approach, applicable to all supported destinations worldwide.

4.1 Factors Influencing Fees

Several factors determine the fees for a money transfer, ensuring that our pricing reflects the operational and regulatory realities of cross-border payments:

• Destination Regulations: Some jurisdictions impose strict financial regulations, such as limits on transfer amounts, mandatory reporting, or additional taxes, which may increase costs.
• Banking Infrastructure: The efficiency and connectivity of local banking systems impact processing times and fees. Well-developed systems may result in lower fees, while less advanced infrastructures may incur higher third-party charges.
• Transfer Volume: The amount you send influences the fee structure. Smaller transactions may incur higher percentage-based fees to cover fixed processing costs, while larger transfers benefit from reduced rates.
• Currency Pair Volatility: Exchange rates for less commonly traded currencies may have higher FX margins due to market fluctuations, affecting the total cost.
• Payment and Delivery Method: The method used to fund the transfer (e.g., bank transfer, card, or wallet) and the recipient’s receiving method (e.g., bank account or mobile wallet) impact fees and processing times.
• Compliance Requirements: Anti-money laundering (AML) and know-your-customer (KYC) checks, along with sanctions screening, may add nominal costs for certain destinations to ensure regulatory compliance.

4.2 General Fee Structures

Our fee structures are designed to be flexible and competitive, adapting to the needs of various transfer corridors. Below are the typical fee types you may encounter, applicable across all destinations:

• Flat Transfer Fees: A fixed amount charged per transaction to cover operational costs, such as payment processing and customer support. These fees typically range from $1 to $10, depending on the transfer method and destination requirements.
  • Example: A $3 flat fee for a bank-to-bank transfer to a destination with a highly efficient banking system.
• Percentage-Based Fees: A fee calculated as a percentage of the transfer amount, often applied to larger transactions or specific payment methods. These fees range from 0.3% to 1.5%, with lower rates for higher volumes.
  • Example: A 0.8% fee on a $2,000 transfer, equating to $16.
• Tiered Pricing: We offer tiered pricing to reward higher transaction volumes with lower fees:
  • Low Tier (Up to $500): 0.8%–1.5% + $2–$5 flat fee, reflecting higher fixed costs for small transfers.
  • Mid Tier ($500–$5,000): 0.5%–1.0% + $1–$3 flat fee, balancing cost efficiency.
  • High Tier ($5,000+): 0.3%–0.6% or flat fees ($5–$10), ideal for large transfers.
• Currency Conversion Fees: For transfers involving currency exchange, we apply an FX margin of 0.3%–1.5% above the mid-market rate, depending on the currency pair’s liquidity and volatility.
  • Example: A 0.5% margin on a transfer converting USD to a widely traded currency, adding $5 to a $1,000 transfer.
• Third-Party Fees: External charges, such as network fees (e.g., SWIFT), intermediary bank fees, or recipient bank fees, may apply. These typically range from $0 to $30, depending on the transfer route.
  • Example: A $10 intermediary bank fee for a transfer requiring multiple banks to reach the recipient.

4.3 Considerations for All Destinations

When planning a transfer, keep the following in mind:

• Regulatory Compliance: Some destinations require additional documentation (e.g., proof of purpose) or impose taxes, which may affect costs or processing times.
• Banking Hours and Holidays: Local banking schedules, including holidays, may delay delivery or increase third-party fees.
• Recipient Account Type: Fees may vary depending on whether funds are delivered to a bank account, mobile wallet, or cash pickup service (where available).
• Sanctions and Restrictions: Transfers to destinations under international sanctions or with restricted financial systems are prohibited, and we conduct mandatory screening to ensure compliance.
• Transparency: All fees, including estimated third-party charges, are disclosed before you confirm a transaction. However, actual third-party fees may vary based on the recipient’s bank or transfer route.

4.4 How to Find Destination-Specific Fees

While this section provides a general overview, you can access precise fee details for your transfer by:

• Using the Fee Calculator: Available at www.sendmoney360.com or in your Account dashboard, it provides real-time estimates based on your transfer details.
• Checking Your Account Dashboard: Log in to view supported destinations and their fee structures.
• Contacting Support: Reach out to support@sendmoney360.com for assistance with specific corridors or high-value transfers.

Our pricing is regularly reviewed to remain competitive and compliant with global regulations, ensuring you receive fair and predictable costs for every transfer.

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5. Payment Methods & Their Impact on Fees

The payment method you choose affects the fees and processing times for your transaction.

5.1 Bank Account Transfers

• Description: Funds are debited directly from your bank account via ACH (U.S.), SEPA (EU), or local systems.
• Fees: $0–$5 (flat) + 0.0%–0.5%, lowest-cost option.
• Processing Time: 1–3 Business Days.
• Availability: Most countries, subject to local banking systems.

5.2 Debit Cards

• Description: Funds are charged to a Visa, Mastercard, or other supported debit card.
• Fees: 0.5%–1.5% of the transaction amount.
• Processing Time: Instant to 1 Business Day.
• Availability: Widely accepted, subject to card issuer restrictions.

5.3 Credit Cards

• Description: Funds are charged to a credit card, subject to issuer approval.
• Fees: 1.5%–3.0%, reflecting higher card network costs.
• Processing Time: Instant to 1 Business Day.
• Availability: Limited in some regions due to fraud risks.

5.4 Mobile Wallets

• Description: Funds are debited from digital wallets like PayPal, Apple Pay, or M-Pesa (Africa).
• Fees: 0.5%–2.0%, depending on the provider.
• Processing Time: Instant to 2 Business Days.
• Availability: Supported in select countries (e.g., Kenya, Philippines).

5.5 Cryptocurrency (If Supported)

• Description: Funds are transferred using cryptocurrencies (USDT), where permitted.

• Fees: 1.0%–2.5%, plus blockchain network fees.

• Processing Time: Instant to 1 hour, subject to blockchain confirmation.

• Availability: Limited to jurisdictions where crypto transfers are legal.

5.6 Refunded Wallet Balance

• For users who wish to leverage their Refunded Wallet Balance for subsequent transactions, it is required that the account demonstrates a history of at least one completed and successful transaction. This prerequisite serves as an added measure to validate the user’s account activity and enhances transactional security on the platform. Once this requirement is fulfilled, eligible users can apply their Refunded Wallet balance to new payments, providing a seamless and flexible experience while ensuring compliance with our platform’s standards for secure financial activities.

5.7 SWIFT and SEPA Payments

• SWIFT: Used for international bank-to-bank transfers; incurs higher fees ($10–$30) and longer processing times (3–5 Business Days).

• SEPA: Free or low-cost ($0–$3) for Eurozone transfers, with 1 Business Day processing.

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8. Transaction Limits & Minimums

At SendMoney360, we set transaction limits and minimums to ensure compliance with international financial regulations, manage operational risks, and provide a secure and efficient service for all users. These limits vary depending on the destination country, your account verification status, and the payment method used. To accommodate the diverse needs of our global customers, we have categorized supported destinations into three groups based on their minimum transaction values. This section outlines the minimum transaction requirements, maximum transfer limits, and additional considerations that may apply.

Minimum Transaction Values

The minimum transaction value is the smallest amount you can send in a single transfer, excluding fees. We’ve established three groups of countries with different minimums to reflect regulatory, economic, and operational factors. Below are the details for each group, effective as of June 11, 2025.

8.1 Group 1: $100 Minimum Transaction Value

This group includes destinations with advanced banking systems, high transaction volumes, and streamlined regulatory frameworks, allowing for lower minimums to encourage accessibility.

• Minimum Transaction Value: $100 USD (or equivalent in the source currency).

• Example Countries: United States, United Kingdom, Canada, Australia, European Union countries (e.g., Germany, France, Italy), Japan, Singapore, New Zealand, Switzerland.

• Rationale: These countries typically have robust financial infrastructures, such as SEPA (EU) or Faster Payments (UK), which reduce processing costs and compliance burdens, enabling lower minimums.

• Example: A user in the U.S. can send $100 to a UK recipient via bank transfer, with applicable fees and exchange rates disclosed upfront.

8.2 Group 2: $200 Minimum Transaction Value

This group includes destinations with moderate regulatory requirements, developing banking infrastructures, or higher operational costs, necessitating a higher minimum to cover compliance and processing expenses.

• Minimum Transaction Value: $200 USD (or equivalent in the source currency).

• Example Countries: India, Philippines, Mexico, Brazil, South Africa, Indonesia, Malaysia, Thailand, Colombia, Peru.

• Rationale: These countries often require additional KYC/AML checks, local tax reporting, or intermediary bank involvement, which increase costs. A $200 minimum ensures cost efficiency while maintaining accessibility.

• Example: A user in Canada can send $200 to a recipient in India, subject to RBI regulations and applicable fees.

8.3 Group 3: $300 Minimum Transaction Value

This group includes destinations with complex regulatory environments, limited banking connectivity, or elevated risk profiles, requiring enhanced due diligence and higher operational costs.

• Minimum Transaction Value: $300 USD (or equivalent in the source currency).

• Example Countries: Nigeria, Pakistan, Vietnam, Kenya, Egypt, Bangladesh, Ghana, Ukraine, Algeria, Morocco...

• Rationale: Transfers to these countries may involve manual compliance reviews, sanctions screening, or reliance on correspondent banks, which increase costs. A $300 minimum balances compliance needs with user access.

• Example: A user in the UK can send $300 to a recipient in Nigeria, subject to CBN rules and potential intermediary bank fees.

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9. Transaction Processing Times

9.1 Typical Timelines by Payment Method and Destination

• Bank Transfers (ACH/SEPA): 1–3 Business Days.
• Debit/Credit Cards: Instant to 1 Business Day.
• Mobile Wallets: Instant to 2 Business Days.
• SWIFT: 3–5 Business Days.
• Cryptocurrency: Instant to 1 hour.

9.2 Delays Due to Verification, Compliance, or Banking Holidays

• KYC/AML Checks: May add 1–2 Business Days for high-value or flagged transactions.
• Sanctions Screening: Additional 1–3 Business Days for certain destinations.
• Banking Holidays: Delays in countries with non-standard holiday schedules (e.g., Lunar New Year in Asia).

9.3 Real-Time vs. Delayed Transfers

• Real-Time: Available for SEPA Instant, Faster Payments (UK), or certain wallet transfers (e.g., M-Pesa).
• Delayed: Most cross-border transfers, especially via SWIFT or to regions with limited banking infrastructure.

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10. Security & Compliance Fees

10.1 AML/KYC Verification

• Cost: Free for standard verification; $5–$15 for enhanced due diligence (e.g., high-value transfers).
• Purpose: Ensures compliance with FinCEN, FCA, and AML regulations.

10.2 Sanctions Screening

• Cost: Included in transfer fees; no additional charge unless manual review is required ($10–$25).
• Purpose: Checks against OFAC, EU, and UN sanctions lists.

10.3 Regulatory Reporting

• Cost: Free, absorbed by SendMoney360.
• Purpose: Filing reports with authorities like FinCEN or FCA, as required.

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11. Failed or Cancelled Transactions

11.1 Refund of Fees

• Full Refund: If a transaction fails due to our error (e.g., system outage), all fees and funds are refunded.
• Partial Refund: If cancelled before processing, funds are refunded minus Processing Fees ($5–$10).
• No Refund: If the transaction fails due to user error (e.g., incorrect recipient details) or is completed.

11.2 Costs of Reversal or Returned Funds

• Reversal Fees: $5–$15 for reversing unprocessed transactions.
• Return Fees: $10–$30 for funds returned by recipient banks, plus intermediary bank charges.

11.3 Incomplete Transactions:

• To initiate a new transaction, all previously initiated transactions must be completed. If there are any open transactions (transactions with a payment status of "Initiated" ) in the account, new payment attempts will be automatically redirected to the "Refunded Wallet Balance", ensuring that no duplicate transactions occur.
• This policy is in place to maintain a smooth and efficient transaction flow, ensuring that outstanding payments are resolved before any further activity is processed.

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12. Chargebacks and Fraud Protection Costs

12.1 When Chargebacks Occur

Chargebacks occur when a cardholder disputes a transaction with their card issuer. Common reasons include:

• Unauthorized use of a card.
• Non-delivery of funds (due to recipient issues).
• Dissatisfaction with the Service (not eligible for chargebacks).

12.2 Liability for Fraudulent Transactions

• Customer Liability: You are responsible for securing your Account and reporting unauthorized transactions within 48 hours.
• SendMoney360 Liability: We refund unauthorized transactions due to our system breaches, per PSD2 and other laws.

12.3 Associated Administrative Fees

• Chargeback Fee: $15–$25 per dispute, deducted if the chargeback is resolved in our favor.
• Fraud Investigation: $10–$50 for complex cases requiring compliance review.

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13. Fee Policy Changes

We may update our fee structure to reflect changes in operational costs, market conditions, or regulations. Changes will be:

• Communicated: Via email, Account notifications, or website banners at least 30 days in advance.
• Effective: Upon the posted “Effective Date” or as required by law.
• User Rights: If you disagree with changes, you may close your Account before they take effect, subject to our Customer Agreement.

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14. Glossary of Key Terms

• FX Margin: The percentage added to the mid-market rate for currency conversion.
• Intermediary Bank: A bank that facilitates a transfer between SendMoney360 and the recipient’s bank.
• SWIFT Code: A unique identifier for banks in international transfers.
• Real-Time Payment: A transfer processed instantly, such as SEPA Instant or Faster Payments.
• Processing Fee: A charge for administrative or operational costs.
• Mid-Market Rate: The midpoint between buy and sell rates for a currency pair.
• SEPA: Single Euro Payments Area, a low-cost transfer system in the EU/EEA.

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15. Contact & Support Information

For questions about fees or transactions, contact our support team:

• Email: support@sendmoney360.com
• Phone: +44 20 1234 5678 (Monday–Friday, 9:00 AM–5:00 PM GMT)
• Live Chat: Available in your Account dashboard
• Mailing Address: SendMoney360 Limited, 123 Global Street, Suite 456, London, UK, EC2N 1AR

Support is available in English, Spanish, French, and select regional languages. Visit our Help Center at www.sendmoney360.com/help for FAQs and fee-related guides.

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Thank you for choosing SendMoney360 for your international money transfers. We are dedicated to providing clear, competitive pricing and exceptional service.