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Decenda saves on international transaction costs

Marbella, ES, 09 May. 2022, 10:55:00 GMT
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If you make payments outside the Euro-zone, it might be worthwhile to do this with Decenda instead of traditional (fiat) money like the Euro or Dollar. This way, you don't need an expensive business bank account, just a free Decenda account or a crypto wallet. Also, international transactions with Decenda are usually processed within seconds, while it takes banks at least three days on average. However, one of the most important reasons for choosing Decenda for international transactions is the much lower costs, sometimes even completely free.

In international transactions with fiat money, two currencies are offset against each other according to the current exchange rate. Most of the time there often transaction fees charged for these transactions. In addition, international transactions with fiat money are carried out within certain systems of traditional banks. Due to the many partial transactions this often takes a long time and therefore the costs are also high. Banks earn a lot from these transactions, which makes them reluctant to change these systems. Therefore, they benefit from maintaining power and control over these transactions.

An example of such partial transactions is an international payment that is made via SWIFT, a communication network used by banks. If someone wants to make a payment from Spain to, say, China, the payment first goes to the payer's bank in Spain. The transaction then goes through Spain's payment system. Afterwards it goes via SWIFT to the payment system of China. The transaction is then sent back to the recipient's bank in China. There are transaction fees at each step.

When using crypto currencies such as Decenda, no currency is exchanged and there is no bank to pay. The platform does sometimes charge transaction fees, but these are often much lower than the transaction fees charged by traditional banks. The international transaction costs for a credit card, for example, are usually around 3% depending on the issuer of the card. If a buyer does not have to pay these commissions or a very small fee at an online auction, he can bid more for an item. The seller will of course only appreciate this, as he will ultimately receive a higher price for his item.