5 ms·
From anecdotes I've seen on multiple places on the internet: between 5-10%
by once_inc 4y ago
From anecdotes I've seen on multiple places on the internet: between 5-10%
- littlestymaar 4y agoWestern union starts at 10% for transactions below $100, but it can be as low as a $8 flat fee for a thousand bucks if you pay cash in store. Bitcoin isn't cheaper than this, because not only there's blockchain fees, but also exchange's, and I'm pretty sure many people use a local broker for managing their bitcoins (at least it's how it works in Lebanon, from what I've read).
- timbit42 4y agoEl Salvador is using the Lightning network where fees are much cheaper.
- prepend 4y agoWestern Union [0] charges $8 to send $200-600 from the US. So if you’re sending the minimum amount that’s 4%, but that goes down to 1.5% if you send $600. So it’s not very expensive and in many situations the transaction fee is less than Bitcoin. [0] https://www.westernunion.com/us/en/send-money-to-latin-america.html https://www.westernunion.com/us/en/send-money-to-latin-ameri...
- timbit42 4y agoMuch cheaper if using the Lightning network, which El Salvador is.
- yvdriess 4y agoGiving an envelope of cash to your cousin that is visiting the family is also cheaper than Western Union. We are talking about Bitcoin transaction cost, Lighting network has its own issues and tradeoffs.
- littlestymaar 4y agoHow is the implementation of the lightning protocol used locally by El Salvador (if any) is of any help when transferring money from the US to El Salvador ?
- thathndude 4y agoThis is what I’ve never understood about Bitcoin evangelists. Generally, I’m anti-crypto. But I’m very anti-BTC on the merits. It’s a bad crypto.
- once_inc 4y agoYou've just posted an opinion about bitcoin without backing it up with facts. I'll happily engage if you post credible, verifiable facts that backup your claims about Bitcoin.
- eldenwrong 4y agoYes, 8 USD each time. Do you actually know how often people send remittances? Sometimes every day Do you see the problem or not?
- IfOnlyYouKnew 4y agoI see the problem with you just making stuff up.
- littlestymaar 4y agoIt's not as if bitcoin was free either … There's transaction fees, the exchange's margin, and the local broker's margin (because yes, many of these people can't just use an exchange by themselves to cash-out their bitcoins). Also, I'd be curious if you had source about the “every day” part, because I find it pretty unlikely, since it's costly, time consuming (the cheapest way to send money is going in physical stores), and people aren't usually earning money every day …
- wariawful 4y ago> since it's costly, time consuming (the cheapest way to send money is going in physical stores) DING DING DING we got a winner boys!
- prepend 4y agoI don’t know anyone who sends remittances daily. Most send a portion of their paycheck so weekly or biweekly. And many people I know batch those payments to reduce fees so they send monthly. The problem is that sending in Bitcoin is more expensive than WU.