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How much are the fees for converting to Bitcoin, the recipient converting from Bitcoin, and the transaction costs? TransferWise is quoting me an effective all-i
by peteretep 5y ago
How much are the fees for converting to Bitcoin, the recipient converting from Bitcoin, and the transaction costs? TransferWise is quoting me an effective all-in price[0] of £1.98 to send someone in Brazil £100 of my hard-earned Sterling. I’m struggling to believe you’re getting Bitcoin in or out of fiat for less than 2-5% a go, and transaction cost is ~$15, so ballpark this is costing $25?
0: £100 -> 729.83, where Google says it “should” be 744.61;
- jiriknesl 5y agoSo it depends. For example in Argentina, they AFAIK have two conversion rates. When you use a normal bank account, you have to use government conversion rate that's 50% of black market rate between Argentinian pesos and USDs. With Bitcoin, you could try black market straight away and even if you pay 2-5%, you might end up better. For transaction rate, Trezor says at 22sat/B., you will have your transaction confirmed in 4 hours 10 minutes for $1.85. Even if BTC price was stable, I would still use it. But my experience is that having some BTC is usually better than just having cash.