Send App Explains Multi-Currency Account Fees and Free Use

In Short: Send App Multi-Currency Account Fees

Send App says opening a Multi-Currency Account is free and there are no monthly maintenance fees. It also listed which actions can still trigger charges, such as certain conversions and transfers.

What Happened: How Send App Splits Free Actions From Paid Ones

Send App said users can receive, hold, convert, and send money across different currencies using its Multi-Currency Account feature.

The company said opening a Multi-Currency Account is free. It also said there are no monthly maintenance fees.

Send App said some actions are free, including adding money to eligible balances without an additional Send App funding fee. It also said receiving supported stablecoins is free when the feature is available to a user, naming Ripple USD (RLUSD), USDC, and USDT. Stablecoins are cryptocurrencies designed to track the price of another asset, often a fiat currency.

For paid actions, Send App said currency conversion can come with fees, and it will show the exchange rate and any applicable fees before a user confirms. It also said converting between regular currencies and stablecoins includes a 1.5% spread in the exchange rate, meaning the rate includes a built-in margin.

Send App added that sending stablecoins to external wallets comes with a withdrawal fee. It also said sending money to external bank accounts can have fees depending on the currency and where the money is being sent.

Why It Matters: Clearer Pricing Before Transfers And Conversions

Send App said users do not have to guess what they will pay. Before confirming a transfer or conversion, the app shows the applicable fees, the exchange rate, and how much the recipient will receive.

The company also noted that fees, exchange rates, and available features may vary depending on the transaction and account eligibility, and it advised users to review final details before confirming.