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If you’re in a developed nation, the only issue with a wire transfer is the $25-30 fee assessed by most banks. That said, if you’re making a wire transfer, you’
by clintonb 5y ago
If you’re in a developed nation, the only issue with a wire transfer is the $25-30 fee assessed by most banks. That said, if you’re making a wire transfer, you’re probably spending $5K+, so $25 is nothing.
Those in developing nations might use crypto to avoid remittance fees, or due to increased accessibility. If the recipient doesn’t have a bank account, you can’t do a wire transfer. If the recipient has a phone, they can get an app to facilitate a crypto transfer.
- vmception 5y agoAnd my bank has arbitrary daily and monthly $ limits for online wire transfers too, even on business accounts, even with their 2-factor key fob. Circumventable by walking into a branch, which is then unlimited. And all banks have a random interface for sending wires. Some don’t even have a way for you to initiate a wire online. Crypto is unlimited unlimited! Love it!