Imagine this: You’re waiting to receive $100 worth of Bitcoin from a friend, only to open your Pandar wallet and see $86. Disappointing, right? You may wonder, "Did Pandar take a cut?" Let’s clear things up.
Receiving crypto is free on Pandar!
When sending crypto, there are hidden layers of fees that can make a real difference. Let’s walk through a common scenario:
1. Blockchain Transaction Fees Blockchain fees are applied to process transactions on the blockchain and are deducted from the amount being transferred. Users can confirm these deductions and verify the final amount received using tools like Blockchair. These fees are not imposed by Pandar but are standard across all blockchain transactions.
Then there’s the blockchain fee, a necessary cost to process Bitcoin transactions. The sender might lose another $2 here.
So, out of the original $100, only $86 makes it to your Pandar wallet.
2. High Fees at Bitcoin ATMs
Bitcoin ATMs offer convenience, but often at a steep price. When your sender uses an ATM to buy Bitcoin, they may face fees as high as 12%.
In our example, that $100 cash turns into $88 worth of Bitcoin after the ATM fee alone.
3. Cryptocurrency VolatilityThe value of cryptocurrencies can experience significant fluctuations, even within short periods. Exchange rates also play a significant role. For example, if the exchange rate for Bitcoin stands at 1445/$ and you sell $483 worth of Bitcoin, the local pricing rates determine the exact amount received. These conversions ensure accuracy but may lead to perceived discrepancies when rates fluctuate.
For example, if you sent $100 worth of Bitoin at 1pm and Bitcoin rate dips at 1:02pm, you will receive lower than the $100 worth of Bitcoin you sent due to the dip.
4. Transfer Fees
When you send cryptocurrency through Cashapp or other apps, a fee is typically charged by the sending app to process the transaction.
The amount of this fee is determined and taken by the platfom, not Pandar. 5. Currency Differences (For International Transactions) When transactions span different currencies (e.g., Canadian dollars to U.S. dollars), discrepancies may arise due to exchange rate variations and sender app fees. These deductions happen before funds are sent and are outside Pandar's control.
So, What Role Does Pandar Play?
Here’s the good news:
Pandar doesn’t charge any fees for receiving crypto. Every dollar deducted along the way is from third-party processes like ATMs, Cashapp or blockchain networks, not Pandar.
We understand how frustrating it can be to receive less than expected—especially when you’re counting on that amount. Our goal is to make sure every cent sent reaches you without adding extra charges.
Why It Matters to Us
We know that every transaction represents trust, and part of that trust is transparency.
We want to empower you to understand why these discrepancies happen and reassure you that, at Pandar , we’re committed to being upfront and honest.
While we can’t control external fees, we’re always here to support you in getting the full value of your transactions. Verifying Your Transaction To confirm payment details:
Visit Blockchair to verify blockchain-confirmed amounts.
Cross-check your transaction with the sender to identify any pre-payment deductions.
Consider external factors like exchange rate changes and currency conversion fees when reviewing discrepancies.
In the end, our mission is to provide a reliable, fee-free receiving experience. We’ll keep working to make every transaction as seamless as possible for you.If you have any further questions or concerns, please don't hesitate to contact our support team. By providing tools like Blockchair for transaction verification and detailed information on fees, we aim to empower you further in navigating cryptocurrency transactions.