Today we will comment an event that happened at 18th June in Brazil.
The Animal rights activist Luísa Mell received a donation of 50€ ( R$284) from a person that lives in Europe and the moment he converted to reais for the purpose of buying things for animals he saw his account having a negative balance.
The bank applied a fee of R $ 300 to exchange euros to reais, leaving the account with a negative balance of R $ 16 (not even in the Donation description, the bank stopped applying these exaggerated rates).
This is one example how the banks ended for taking money from us without our consent.
When the bank simply received the exchange request, it did not inform that a fee of 300 reais would be applied (a higher rate than the converted amount of 284 reais).
If there were doubts that banks are not transparent in their rates, here is a great example of that.
That is why cryptocurrencies will become increasingly important:
- there is clear transparency on the rates applied and everyone can consult the blockchain data;
- the transfer rate is not decided by some people who have power, but programmatically by the network taking into account some factors.;
- if we want to consult the average rate at a given time, it is possible through an internet search;
Conclusion, if you want to make a transfer, mainly international with different FIATs, to someone else and be able to use cryptocurrencies, because this way we remove only intermediaries, saving us money from unnecessary and exaggerated fees like this.
