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In today’s fintech ecosystem, several players facilitate the transition between fiat currency and cryptocurrencies. Traditional banks such as Halifax and HSBC, along with crypto-friendly institutions like Monzo, play a crucial role in these conversions. Additionally, e-money service providers such as Revolut and Wirex, as well as decentralized exchanges like Binance and Bybit, contribute to this marketplace.
However, these services often come with hidden fees, including foreign exchange (FX) fees, withdrawal charges, transaction fees, and gas fees associated with blockchain transfers. As these fees can quickly accumulate—sometimes amounting to as much as 5% or more—the importance of understanding the most cost-effective conversion methods cannot be overstated.