Currency Conversions: Market Rate + Small Conversion Fee

Created by Blessing Chuks, Modified on Sat, 9 Aug at 5:40 AM by Blessing Chuks

We are excited to let you know that we’ve switched to providing currency conversions at the real market rate, with a small, predictable conversion fee to keep things simple, fair, and transparent.

Previously, currency conversions included a markup to protect against swings in the market, but now you will get direct market rates instead, with just a small fee for the service.

How much is the conversion fee?

We listened to your feedback and made it even more affordable. Here is the new fee structure:

Amount Converted	Conversion Fee
$1 – $100	$0.50 flat
$101 – $1,000	$1 flat
Above $1,000	0.10% of the amount

Frequently Asked Questions

Does the conversion fee apply to every conversion, regardless of amount?
Yes, the conversion fee applies to any transaction where you change from one currency to another. However, we have reduced the fee to $0.50 for amounts below $100 equivalent, based on your feedback.

Is the conversion fee charged in USD or naira?
The fee will be charged in the same currency of the wallet being debited or credited.

Does the fee apply when converting from my NGN wallet to a USD wallet, a USD card, or both?
Yes, the conversion fee applies whenever you move funds from one currency to another, regardless of whether it is a wallet or a card.

Will I see the conversion fee before confirming?
Yes! We will always show you a clear preview of what you’ll receive after the conversion fee, so there are no surprises.

Can you share a sample conversion breakdown?

Example:
If you want to convert ₦1,236,000.00 at market rate (say, $1 = N1,545):

Amount converted: $800
Conversion fee (since amount is between $100 - $1,000): $1
Final amount received after fee: $799

You will always see this breakdown before you confirm.

Is the conversion fee charged when sending or receiving USD from another Timon user?
No. The conversion fee only applies when changing from one currency to another. If you send or receive money in the same currency (e.g., NGN to NGN), there is no conversion fee.

Still have questions? You can reach out through the in-app support channel, or email us at help@usetimon.com, we’re always happy to help!