We believe you should know exactly where your money goes. Unlike traditional banks or other platforms that hide costs in "bad exchange rates," Sentz operates with a transparent fee structure.
Here is everything you need to know about the costs of using US Bank Transfers on Sentz.
Fee Structure
When you receive money using the US Bank Transfers feature, there are three potential costs to be aware of:
1. The Transfer Fee (1.25%)
Cost: 1.25% of the total transaction amount.
Why? This covers the cost of processing the transaction on the blockchain and converting your fiat USD into stablecoins (eUSD) instantly.
Example: On a $100 transfer, this fee is $1.25.
2. The Delivery Method Fee (Fixed)
This depends on how your client sends the money.
via ACH (Recommended): $0.50 per deposit.
Best for: Salaries, Upwork, and most freelance payments.
via Wire Transfer: $10 per deposit.
Best for: Large, urgent payments where speed matters more than cost.
3. The Active User Fee ($2.00)
Cost: $2.00 per month.
How it works: This $2 monthly fee is charged only in months when a deposit is credited to your US Bank virtual account.
No Dormancy Fees: If you don't receive any payments in January, for example, you pay $0.00. We do not charge you for simply having the account open.
With Sentz, your funds land as Stablecoins. You can hold them to earn yield via Sentz Earn, or withdraw them via P2P (Peer-to-Peer), where you choose the rate, often getting much more Naira for your Dollar.
4. Marketplace Fees (Upwork, Fiverr, etc.)
If you're a freelancer who uses platforms like Upwork or Fiverr, please note that these platforms may charge their own withdrawal fees before the funds reach Sentz. Kindly ensure you check for this on the payment page of the sending platform.
Sample Case: Receiving $500 via ACH
Here is a breakdown of a typical $500 ACH transfer:
Sentz Transfer Fee (1.25%): -$6.25
Sentz ACH Fee: -$0.50
Monthly Fee (if applicable): -$2.00
Total Cost: $8.75
You Receive = $491.25 (in eUSD)
Since your deposits are automatically converted to eUSD, you can immediately start earning ~8% APY in your wallet on your deposit (if you’ve enrolled in Sentz Earn - click to learn more), and you can withdraw it to Naira instantly at competitive rates via available in-app channels.
If you need further help with anything, please feel free to contact our Support team by clicking the button below.