So you're on the AUD withdrawal screen and you enter an amount of AUD to withdraw, lets say $100, and the amount to receive value is less, what gives?
Well there are two things to consider here. Withdrawals under $200 incur a $2 fee, that's the easy part. The second, and more complex component, is how the Foreign Exchange (FX) of AUD/USD impacts the display rates seen within Swyftx.
It's important to remember, that any reference to AUD values within the Swyftx app are simply an indicative real time conversion of the USD values. More information on why we do that, and how to change the view mode.
To recap, in order to withdraw money back to your bank account, Swyftx is going to convert the USD balance to AUD.
How are FX rates calculated?
Like all other markets, there are 3 rates to consider, the ASK (sellers), the MID (middle), and the BID (buyers). When you deposit AUD to Swyftx you are a "buyer" of USD and when you withdraw AUD from Swyftx, you are a "seller" of USD, as a result, the rate at which your USD is converted to AUD on a withdrawal will be based on the seller rate.
Why is it then that when I type in $100 I don't get $98 (+$2 fee)?
There are technically 3 different exchange rates, Swyftx has to chose one of those to use for the "indicative" AUD real time conversion (mentioned earlier) that we use to display your AUD values in the app. Due to the fact that a huge majority of Swyftx customers use our service to buy cryptocurrency via deposits of AUD, we opted to use the buyers rate to show the balances in your account.
Essentially, this means that when you type $100 into the field, we have to remain consistent with the rest of the app, and deduct $100 AUD worth from your balance, using the buyers rate, however when we convert and send back your AUD bank account, we apply the sellers rate, which is why you'll end up with slightly less than you may have expected.
It's worth noting that we aren't taking a fee on withdrawals, the same spread (difference between buyers and sellers) is in place for deposits and withdrawals, it's simply the display rate of AUD shown in the Swyftx site uses the favorable side of the exchange rate.
How do I verify this?
That's easy, don't use the AUD base currency. It's there to make comparing our services/rates easier with other Australian sites, and provide a "homely" feeling in Swyftx. However, it can introduce confusion when running numbers (due to the 3 different rates). Your best bet is to switch to the USD mode, and refer to the exchange rates show on the AUD deposit/withdrawal screens. That way you can see exactly how much USD you have, and what rate we're exchanging it at.