For most of 2024, I lost about 12% of every brand-deal payment between New York and Accra.
It looked like this: brand pays $2,000 USD via wire to my bank. The brand pays $40 in outgoing wire fees. The intermediary correspondent bank takes $25-35. My Ghanaian bank charges $30 incoming. Then they convert at 4-6% below the mid-market rate.
By the time the GHS landed in my account, I had lost roughly $240 on a $2,000 payment. Nobody talks about this because the receiving creator doesn't see the line items. The bank shows the deposit, not the deductions.
Why the headline rate is a trick
Wise tells you 'we charge 0.4%' and you assume that's the cost. But the rate they convert at also has a spread baked in. 'Mid-market' is the rate two banks would use for $10M transfers. The retail rate you see is always worse.
The real question to ask any money mover: 'What is the rate I will get vs the rate shown on Google for USD/GHS right now?' If they hedge, walk away.
What changed with Zela Wallet
Brand pays into my Zela balance in USD. The dollars sit in USD. When I want to cash out, Zela shows me the live mid-market rate and a single transparent spread (1.5% flat). I tap cash-out. The cedis land in my UBA account in roughly three minutes.
Total cost on a $2,000 payment: $30. Versus $240 the old way.
What to ask for from any payment provider
If they can't answer any of these clearly, they're hiding something in the spread.