January 4, 2020

BOK and all of the fees fuss

A little bit about us. We are Solus, we offer complete payment solutions throug mobile cashq, web, and even a Telegram Bot.

BOK has introduced their new fees model and people have went viral about it. Their fees is 0.75% of the transaction amount. Meaning, if you sent to your friend Ahmed, 1000 SDG, a 7.5 SDG will be deduced!

How the fees is computed?

In financial transactions, we have:

  • Issuer
  • Payment Network
  • Acquirer (there is also a merchant, but it is irrelevant here…)

So, when you use mBOK, you are the issuer, because you have issued the transaction. BOK is the payment network, because the transaction was carried using BOK network. Your friend, Ahmed, is the acquirer, as they will acquire that amount.

The fees is computed like this:

  • You sent 1000 SDG to Ahmed
  • BOK will deduced 0.75%, which is 7.5 SDG
  • Ahmed will receive 992.5

This clearly becomes very large for bigger amounts. 10000 -> 75, and so on.

We are giving you the half of that!

We at Solus, using our various payment facilities, have standard p2p fees of 0.4% nearly half of that of BOK! Download/use our various apps to enjoy seamless payment experience!

You can read about migration guidelines here.

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