3 ms·

Remittance is a huge use case.

• naturalauction 5y ago
  Remittance has (at least for me) become way easier in the last few years, using Wise (Transferwise) or even my own bank. The fees are smaller than I'd pay buying and selling crypto for way less hassle and price risk. Unless you mean circumventing capital controls, which is definitely a grey market thing.
• heavyset_go 5y ago
  Depends on the size of the remittance and whether the receiver is well banked, has photo ID and a smart phone. You can send $50 via Western Union for $1.25, but it might cost 10x to 20x that in BTC transaction fees alone. The receiver can pick up cash at any WU location without an ID, but the last time I checked, to cash out cryptocurrency into a currency people actually use, exchanges require bank accounts, photo IDs and smart phones with cameras that can verify identities, and they charge their owns fees on top of the network's transaction fee.
  • ccortes 5y ago
    > The receiver can pick up cash at any WU location without an ID In which country does this happens? Makes no sense to me.
    • heavyset_go 5y ago
      Any country, the sender just has to set a test question and the receiver has to have the transfer number and the answer.
      • ccortes 5y ago
        Interesting. Not in my experience tho, I've sent money to 3 different countries and they all required the receiver ID
  • bubbleRefuge 5y ago
    if there is forex involved WU takes a much bigger cut than $1.25. Tried to send $120 bucks the other day and it cost over $10 taking into account the lame ass forex rate.
    • heavyset_go 5y ago
      Remittance to Mexico using a credit card is $1.25 and that pays out in MX$.