Swan Purchasing Fee Update
We have simplified how fees are taken at Swan:
- Fees will be taken out of the purchase amount.
- For example, a $100 purchase incurs a $0.99 fee with the remaining $99.01 applied to the Bitcoin purchase. Your bank account is charged $100 total.
- Deposits that had fees taken out prior to January 2024 will be refunded.
How did fees work previously?
As always, our purchasing fees remain at 0.99%. These changes simply make the timing and calculation of fees consistent across all purchasing methods.
Example for Buy Instantly
Before:
- You purchase $100 in Bitcoin
- We charge your bank $100.99
- We take $0.99 out right away for fees
- The remaining $100 was used to buy Bitcoin
After:
- You purchase $100 in Bitcoin
- We charge your bank $100.
- We take $0.99 as fees
- The remaining $99.01 is used to buy Bitcoin
Example for Wire Transfers
Before:
- You want to purchase $10k on Bitcoin
- You wire $10k, and we take $99 out for fees right away
- You use the remaining balance of $9901 at any time to trade without fees
After:
- You wire $10k and we leave it as is in your account, no fees are taken
- When you buy $10k, the $99 will be taken at time of purchase
What about fees I was charged previously for USD deposits?
Previously, fees were taken at the time of deposit for wire transfers and direct deposits
For any USD that has not yet been converted to Bitcoin, we have proactively refunded you those fees. You can view that refund in your USD balance and within the deposits tab of the history card.