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Daniel Harris
Daniel Harris

Posted on

50% Uphold fee?

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I'm sure I've done something silly! ;-) Is it that Uphold is rounding up the 1.4% fee to the nearest 0.01 EUR? If that's the case then maybe EUR is not the best currency to use for small Interledger payments from Coil. If so, which is the best currency for my Uphold wallet in terms of small Coil payments? Is there such a thing as a native currency? Any ideas?

Discussion (4)

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erikad profile image
Erika

@dahacouk Oh that's interesting ๐Ÿค” Are you automatically transferring EUR out of Uphold? If so, wonder if there's a way to store the EUR in your Uphold account, and only transfer it once it accumulates to an amount where the rounding won't be an issue.

Coil pays out in XRP, a cryptocurrency which works particularly well for small micropayments. The conversion to your currency of choice happens in the wallet. However, XRP currently has its own set of issues and I'd encourage you to research your ability to cash out before using it (this varies significantly by country).

Is anyone else experiencing similar rounding issues from Uphold??

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dahacouk profile image
Daniel Harris Author

Hey @erikad . Thanks for your message! No, I'm not "automatically transferring EUR out of Uphold". I'm just leaving EUR in Uphold. The fee either relates to a currency conversion from XRP to EUR or for a general transaction fee, I'm guessing. But I guess that Uphold can't store/process factions below 0.01 EUR.

So, I switched to ETH for my payment pointer and now all is well. Loads of decimal places available. ;-)

ETH payout

However, I still get a 1.4% fee. So, now I'm wondering if I switch to XRP that the fee might go away. But can you cite any XRP issues at all? What's the problem with it?

Anyway, please do go and try out our latest version of Kendraio Player where you can use Coil without a browser extension!

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dahacouk profile image
Daniel Harris Author • Edited

@erikad But now using XRP I don't get the 1.4% fee. So, that seems really great!

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erikad profile image
Erika

Nice!!