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Western 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
by prepend 5y ago
Western 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 5y agoMuch cheaper if using the Lightning network, which El Salvador is.
- yvdriess 5y 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 5y 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 5y 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 5y 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 5y 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 5y agoI see the problem with you just making stuff up.
- littlestymaar 5y 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 5y 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 5y 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.