3 ms·
People I know send money to their families using Western Union or PayPal. It's often completely free to send money using those systems.
by msoad 4y ago
People I know send money to their families using Western Union or PayPal. It's often completely free to send money using those systems.
- kragen 4y agoI guess you don't know anybody whose families are in Cuba, Iran, or Venezuela.
- msoad 4y agoSending money to those countries is against US sanctions. So now we're back to the point a lot of cryptocurrency skeptics say. It's only useful for illegal activities.
- kragen 4y agoIt's not illegal if you're not in the US, which 95% of people aren't. And there's an exemption in the sanctions for family remittances, so it's not illegal then either.
- deleted 4y ago[deleted]
- lobocinza 4y agoNot really. PayPal I believe it's ~3% fees + spread + taxes. That's not free. I just sent some money to myself (not via Paypal) effective fee was 2,38% and I will have to wait 3 days. Crypto for a time was a good exchange medium, low fees, almost instant, no KYC, less bureaucracy. But I believe those days are counted because for good and bad it's now regulated and was reduced to speculative virtual assets.
- kragen 4y agoMaybe PayPal subsidizes some users to make it "free" in exchange for gaining control of their finances. They're notorious for stealing users' entire account balances and justifying it with unsubstantiated accusations of fraud, so gaining control of more users' finances is very profitable for them.
- lobocinza 4y agoWithout fees generally means a bad spread. In the end is the same, you don't pay a fee but will lose on the exchange rate.