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Cryptocurrency discussions aside, $25 for a remittance sounds way off. As an example, I can transfer the maximum permitted $5,000AUD via Western Union from Aust
by korginator 5y ago
Cryptocurrency discussions aside, $25 for a remittance sounds way off. As an example, I can transfer the maximum permitted $5,000AUD via Western Union from Australia to El Salvador which costs $12AUD in transfer fees.
That's still expensive. Online inter-bank transfers across countries costs me $0 and I don't recall paying my bank for this service, ever.
- PragmaticPulp 5y agoAgreed. The article even gives different fee examples at different points. I’m all for lowering fees and increasing competition, but this article seems to be exaggerating the wire transfer fees while ignoring the costs of the Bitcoin option (exchange rate fees on both ends, etc)
- kevinak 5y agoWhen I look at WU for sending that amount to El Salvador from Sweden it's closes to $250. Are you sure it's only 12 AUD? There's a hefty fee baked into the exchange rate.
- rchaud 5y agoIt's possible the fees are lower because the remitter can offer a sub-market exchange rate that allows them to take some of the difference in profit. Because El Salvador uses USD, there is no profit opportunity in exchange rate arbitrage.