Question 1

Are there cheaper alternatives to bank wire transfers?

Accepted Answer

Yes, services like Wise (TransferWise), Revolut, PayPal, and Western Union often offer better rates and lower fees than traditional banks. They use mid-market rates and transparent fee structures for international transfers.

Question 2

What is currency exchange rate?

Accepted Answer

The exchange rate is the value of one currency in terms of another. Banks add a markup (1-3%) to the mid-market rate when converting currencies. Rates fluctuate constantly based on economic factors.

Question 3

How do I get a debit card?

Accepted Answer

To get a debit card, open a checking or savings account at a bank or credit union. Most institutions automatically provide a debit card when you open an account. You can apply online, in-branch, or by phone. The card typically arrives by mail within 7-10 business days, and you'll need to activate it before use.

Question 4

What is merchant services?

Accepted Answer

Merchant services allow businesses to accept credit/debit card payments through point-of-sale systems, online payment gateways, or mobile card readers. Banks or payment processors charge fees per transaction (typically 1.5-3.5%).

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Are there cheaper alternatives to bank wire transfers?

What is currency exchange rate?

How do I get a debit card?

What is merchant services?

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