What Is a Conversion Fee?
A conversion fee is charged when you convert money from one currency to another on Raenest (for example, USD to NGN, GBP to KES, NGN to KES).
How Conversion Fees Work
Conversion fees apply across all supported currency corridors on Raenest.
To keep pricing fair and predictable, conversion fees are capped.
This means:
You will never be charged more than the cap, no matter how much you convert.
The conversion fee is transparent and always shown before you confirm the conversion.
When Are Conversion Fees Charged?
You’ll be charged a conversion fee when you:
Convert between foreign currencies (e.g. USD → GBP)
Convert foreign currency to local currency (e.g. USD → NGN, GBP → KES)
Convert between local currencies (e.g. NGN → KES, GHS → KES)
When Conversion Fees Do Not Apply
Conversion fees do not apply if:
Sending money in the same currency
Receiving funds without converting them
Conversion from local currencies to foreign currencies (e.g. NGN → USD, KES → GBP)
Why Are Conversion Fees Capped?
Capped fees ensure:
Predictable and transparent costs for users
Fair pricing for both small and large conversions
No unexpected charges on high-value transactions
The cap guarantees that even as your transaction size increases, your conversion fee stays controlled.
Where Can I See the Fee?
Before completing any conversion:
The exact conversion fee is displayed on the confirmation screen
You can review and cancel before proceeding
Conversion Fee Rates (By Corridor)
Foreign Currency → Local Currency
Conversion Corridor | Conversion Fee |
USD → NGN | 0.7%, capped at 6 USD |
GBP → NGN | 0.7%, capped at 6 GBP |
EUR → NGN | 0.7%, capped at 6 EUR |
USD → KES | 0.7%, capped at 8 USD |
GBP → KES | 0.75%, capped at 8 GBP |
EUR → KES | 0.75%, capped at 8 GBP |
USD → GHS | 0.7%, capped at 7 USD |
GBP → GHS | 0.75%, capped at 7 GBP |
EUR → GHS | 0.75%, capped at 7 EUR |
USD → PHP | 0.6%, capped at 6 USD |
GBP → PHP | 0.6%, capped at 6 GBP |
EUR → PHP | 0.6%, capped at 6 EUR |
USD → INR | 0.6%, capped at 6 USD |
GBP → INR | 0.6%, capped at 6 GBP |
EUR → INR | 0.6%, capped at 6 EUR |
Other Conversion Corridors
Conversion Corridor | Conversion Fee |
Foreign Currency → Foreign Currency (e.g. USD → GBP) | 0.4%, capped at 30 USD/GBP/EUR |
Foreign Currency → Local Currency (e.g. USD → EGP, GBP → RWF) | 0.9%, capped at 6 USD/GBP/EUR |
Local Currency → Local Currency (e.g. NGN → KES) | 1%, capped at 5000 of originating currency |
Minimum Fee
The minimum conversion fee for all corridor is 0.5 USD/GBP/EUR.
Need Help?
If you have questions about a specific conversion or fee, please contact support via the Raenest app or Help Centre.