1% is enormous for this. I think the cost of a SWIFT transfer is maybe $3 to them, regardless of amount. If you're doing $100k/month of USD sales and payout once a week, it is a huge markup.
They are clearly losing money on their (really expensive) forex fees so are trying to recoup this by this payment.
There is no intrinsic reason I see why the fees are so high for this.
Edit to add: they actually use ACH for US bank USD payouts, so even less cost than SWIFT.
They are clearly losing money on their (really expensive) forex fees so are trying to recoup this by this payment.
There is no intrinsic reason I see why the fees are so high for this.
Edit to add: they actually use ACH for US bank USD payouts, so even less cost than SWIFT.