Blacksheep Fees Explained: What You Pay, How It Works, and Why

Note: Fees shown on this page are indicative and were accurate at the time of publication. Final fees are calculated and displayed at the time of your transaction. See our full disclaimer below.

Whether you're buying USDC for the first time or moving thousands across borders, you deserve to know exactly what you're paying. At Blacksheep, we believe fee transparency isn't a feature. It's the bare minimum.

This guide breaks down every fee on the Blacksheep platform: what each one covers, how it's calculated, and what your total cost looks like at different transaction sizes.

How Blacksheep Fees Work

Every transaction on Blacksheep has up to three fee components:

1. Transaction fee - A percentage-based fee plus a fixed amount, determined by the currency and payment rail you use.
2. Network fee - A flat fee covering the cost of processing your transaction on the blockchain.
3. Settlement fee - A flat fee reflecting the cost of the payment rail used to move your funds.

For stablecoin pairs (AUD/USDC, AUD/USDT), all fees are taken from the stablecoin side. This means whether you're buying or selling stablecoins, the fee is deducted in USDC or USDT, not from your fiat currency.

This approach keeps things simple. You always see exactly how much fiat leaves or arrives in your bank account.

Fees for Buying Stablecoins (Fiat to Crypto)

When you swap fiat currency for USDC or USDT and send it to your own wallet or a third-party wallet, the following transaction fees apply:

• AUD (NPP/PayID): 0.5% + $1
• USD (ACH): 0.5% + $1
• USD (Fedwire): 0.5% + $20
• USD (SWIFT): 0.5% + $25

Example: You want to buy USDC with $1,000 AUD using PayID. Your transaction fee is 0.5% ($5) plus $1, totalling $6. After the network fee and settlement fee (covered below), the remaining amount is converted to USDC and sent to your wallet.

Fees for Selling Stablecoins (Crypto to Fiat)

When you swap USDC or USDT for fiat currency and pay out to your own bank account or a third party, the following transaction fees apply:

• AUD: 0.5% + $1
• USD (ACH): 0.5% + $1
• USD (Fedwire): 0.5% + $20
• USD (SWIFT): 0.5% + $25
• SGD (SWIFT): 0.8% + $25
• CNY onshore Renminbi (SWIFT): 0.9% + $30
• HKD (SWIFT): 0.9% + $25
• HKD (FPS): 0.9% + $1
• Hong Kong USD (CHATS): 0.8% + $1

The percentage-based portion scales with your transaction size. The fixed portion covers the base cost of using that particular payment rail.

Why do some corridors cost more? Fees vary by currency because each payment rail has different processing costs, compliance requirements, and settlement infrastructure. Major corridors like AUD and USD benefit from lower-cost rails (PayID, ACH), while SWIFT-based corridors carry higher fixed costs due to intermediary bank fees.

Small Order Fee

Orders under $500 USD (or equivalent) incur an additional 1% fee on top of the standard transaction fee. This applies to both buying and selling stablecoins. It reflects the fact that smaller transactions carry proportionally higher fixed processing costs.

• Under $500 USD equivalent: Additional 1% fee
• $500 USD equivalent and above: No additional fee

Example: A $200 AUD PayID purchase would incur the standard 0.5% + $1 transaction fee, plus the additional 1% small order fee, for a total transaction fee of 1.5% + $1.

Network Fees

Every stablecoin transaction requires processing on a blockchain network. Blacksheep charges a flat network fee depending on which network your wallet uses.

• Ethereum: $0.50
• Base: $0.50
• Polygon: $0.50
• Arbitrum: $0.50
• Avalanche: $0.50
• Tron: $5.00

These fees reflect Blacksheep's cost of executing transactions on each network. Layer 2 networks like Base, Polygon, Arbitrum, and Avalanche offer the same $0.50 fee as Ethereum, making them a cost-effective choice for smaller transactions.

Why is Tron more expensive? Despite Tron's low on-chain gas fees, the infrastructure and compliance costs associated with supporting the Tron network result in a higher flat fee.

Settlement Fees

Each payment rail Blacksheep uses has a settlement fee that reflects the per-transaction cost charged by the payment provider. These are included in the fixed portion of your transaction fee.

For most payment methods, the settlement cost is approximately $1. SWIFT-based payments carry a higher settlement cost of approximately $25 due to the intermediary banking infrastructure involved.

You don't pay this as a separate line item. It's built into the fixed fee component shown in the lists above.

Total Cost Examples

Here's what your total fees look like at different transaction sizes for the most common corridors.

Buying USDC with AUD (PayID) on Ethereum, Base, Polygon, Arbitrum, or Avalanche

• $100 AUD: $1.50 transaction fee + $1.00 small order fee + $0.50 network fee = $3.00 total (3.00%)
• $250 AUD: $2.25 transaction fee + $2.50 small order fee + $0.50 network fee = $5.25 total (2.10%)
• $500 AUD: $3.50 transaction fee + $0.50 network fee = $4.00 total (0.80%)
• $1,000 AUD: $6.00 transaction fee + $0.50 network fee = $6.50 total (0.65%)
• $2,500 AUD: $13.50 transaction fee + $0.50 network fee = $14.00 total (0.56%)
• $5,000 AUD: $26.00 transaction fee + $0.50 network fee = $26.50 total (0.53%)
• $10,000 AUD: $51.00 transaction fee + $0.50 network fee = $51.50 total (0.52%)

Selling USDC to USD (ACH)

• $100 USD: $1.50 transaction fee + $1.00 small order fee + $0.50 network fee = $3.00 total (3.00%)
• $500 USD: $3.50 transaction fee + $0.50 network fee = $4.00 total (0.80%)
• $1,000 USD: $6.00 transaction fee + $0.50 network fee = $6.50 total (0.65%)
• $5,000 USD: $26.00 transaction fee + $0.50 network fee = $26.50 total (0.53%)

Selling USDC to HKD (FPS)

• $500 USD eq.: $5.50 transaction fee + $0.50 network fee = $6.00 total (1.20%)
• $1,000 USD eq.: $10.00 transaction fee + $0.50 network fee = $10.50 total (1.05%)
• $5,000 USD eq.: $46.00 transaction fee + $0.50 network fee = $46.50 total (0.93%)

The effective rate drops significantly as your transaction size increases. For most AUD and USD transactions above $500, your all-in cost is under 1%.

What's Not Included in Our Fees

A few costs sit outside Blacksheep's control:

• Your bank's fees. Some banks charge for international transfers, currency conversions, or receiving payments via certain rails. Check with your bank.
• Exchange rate fluctuations. The AUD/USD (or other fiat pair) rate used is determined at the time of transaction execution, not when you start the order. Rapid rate movements may affect your final amount.
• Intermediary bank charges. For SWIFT payments, intermediary banks along the payment route may deduct their own fees before funds reach the recipient.

Currencies Coming Soon

Blacksheep is actively expanding its supported currencies and corridors. Here's what's on the roadmap:

Europe, UK, and Middle East

• EUR (Euro)
• GBP (British Pound)
• CHF (Swiss Franc)
• AED (UAE Dirham)

Latin America

• MXN (Mexican Peso)
• COP (Colombian Peso)
• BRL (Brazilian Real)

Oceania and Asia

• NZD (New Zealand Dollar)
• CNH (Offshore Renminbi)
• PHP (Philippine Peso)

Africa

• NGN (Nigerian Naira)

Want to be notified when a new corridor goes live? Create an account and we'll keep you updated.

What to Look for When Comparing On-Ramp Fees

Not all fee structures are created equal. When comparing crypto on-ramp and off-ramp providers, watch for these common practices:

• Spread markup. Some providers advertise "low fees" or "zero fees" but build a markup into the exchange rate. This means you receive less crypto than the mid-market rate would suggest. Always check the rate you're getting against an independent source.
• Bundled fees. If a provider shows a single "fee" without breaking it down, you can't tell how much goes to processing, how much to the network, and how much is margin.
• Minimum fees that outweigh the percentage. A $3.99 minimum fee on a $50 purchase is effectively an 8% fee. Check the minimum, not just the percentage.
• Withdrawal fees. Some exchanges charge a separate fee to send crypto to your own wallet. With Blacksheep, your stablecoins go directly to your self-custody wallet. There's no additional withdrawal step or fee.

Frequently Asked Questions

How much does it cost to buy USDC with AUD on Blacksheep?

For AUD purchases via PayID, the transaction fee is 0.5% plus $1, with a $0.50 network fee on most chains. On a $1,000 purchase, that's $6.50 total, or 0.65%. Orders under $500 USD equivalent incur an additional 1%.

Are there any hidden fees?

No. Every fee component is listed on this page and shown to you before you confirm any transaction. Blacksheep does not add spread markups to exchange rates.

Why is there an extra fee for small orders?

Transactions under $500 USD carry proportionally higher fixed processing costs. The additional 1% fee on small orders helps cover these costs without inflating fees for larger transactions.

Which blockchain network is the cheapest?

Ethereum, Base, Polygon, Arbitrum, and Avalanche all carry a $0.50 network fee. Tron carries a $5.00 fee. For the lowest network cost, choose any of the EVM-compatible chains.

Do fees differ between buying and selling?

The fee structure is the same: a percentage plus a fixed amount, determined by the currency and payment rail. However, more currency corridors are available for selling (crypto to fiat) than for buying, and some corridors carry higher percentage fees.

Will fees change?

Fees may be updated from time to time. Any changes will be reflected on this page. The fees shown to you at the time of your transaction are the fees you pay.

Disclaimer

The information on this page is general in nature and does not constitute financial advice, a recommendation to invest, or an invitation to buy, sell, or hold digital assets.

Fees and exchange rates shown are indicative and were accurate at the time of publication. Final fees are calculated and displayed at the time of transaction execution and may vary based on market conditions, network congestion, and payment method. Digital assets are volatile and you may lose some or all of your investment. Only transact with funds you can afford to lose.

Blacksheep Operations Pty Ltd (ABN 16 674 111 392) is registered with AUSTRAC as a Digital Currency Exchange provider (DCE100860053-001) and as an Independent Remittance Dealer. Blacksheep is also registered on the New Zealand Financial Services Provider Register.

For full terms, see our Terms of Service and Charges & Refund Policy.

Last updated: April 2026