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I don't know if you've actually tried to send an international wire transfer, but it requires more paperwork/effort, is more expensive, and is less reliable tha

I don't know if you've actually tried to send an international wire transfer, but it requires more paperwork/effort, is more expensive, and is less reliable than signing a crypto transaction. Many smaller banks require you to physically drive to the branch and wait in line to send one. They usually cost upwards of $40 and that's before currency conversion, which is done at a rate that may or may not be favorable. Making a blockchain payment has pros and cons, but it has enough pros that the "only useful for criminals" argument is tired.

hiq 5y ago
> I don't know if you've actually tried to send an international wire transfer, but it requires more paperwork/effort, is more expensive, and is less reliable than signing a crypto transaction. Don't platforms such as https://wise.com/ https://wise.com/ solve international wire transfer problems? I have experience with only a few currencies, but as long as you can do transfers in your home currency online you should be able to do the rest via Wise online as well. In terms of costs, you'd have to go into details to really compare (e.g. some platforms claiming "no fees" are just subsidizing them unsustainably), but if you're converting from and to fiat currencies via something other than a stablecoin you might already lose more because of volatility. I haven't experienced or heard of reliability problems with bank transfers, is that a thing?
- tuvistavie 5y ago
  Depending on the country, it can truly be. Some of my relatives have money stuck in Lebanon and there is currently not really any way of getting the money out of the country.
- valcron1000 5y ago
  The problem here is that I'm tied to "Wise", and they can single handedly change how the service works. They decide to which accounts I can send money, not me. They decide what data I must share, not me. They decide the fees, not me. It's just another middle man, like Payoneer, Paysera, Paypal, Revoult, Bankera, Western Union, etc. (yes, I tried them all).
School-Cotton 5y ago
Your parent never mentioned wires. I send 43 euros from the US to Germany every month with Wise and it costs about a dollar.

hiq 5y ago

> I don't know if you've actually tried to send an international wire transfer, but it requires more paperwork/effort, is more expensive, and is less reliable than signing a crypto transaction. Don't platforms such as https://wise.com/ https://wise.com/ solve international wire transfer problems? I have experience with only a few currencies, but as long as you can do transfers in your home currency online you should be able to do the rest via Wise online as well. In terms of costs, you'd have to go into details to really compare (e.g. some platforms claiming "no fees" are just subsidizing them unsustainably), but if you're converting from and to fiat currencies via something other than a stablecoin you might already lose more because of volatility. I haven't experienced or heard of reliability problems with bank transfers, is that a thing?

tuvistavie 5y ago
Depending on the country, it can truly be. Some of my relatives have money stuck in Lebanon and there is currently not really any way of getting the money out of the country.
valcron1000 5y ago
The problem here is that I'm tied to "Wise", and they can single handedly change how the service works. They decide to which accounts I can send money, not me. They decide what data I must share, not me. They decide the fees, not me. It's just another middle man, like Payoneer, Paysera, Paypal, Revoult, Bankera, Western Union, etc. (yes, I tried them all).

School-Cotton 5y ago

Your parent never mentioned wires. I send 43 euros from the US to Germany every month with Wise and it costs about a dollar.