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> International transfer is a good use, as is irrevocable payment for purchased goods. In what ways do cash bank transfers not work for international transfers
by danans 4y ago
> International transfer is a good use, as is irrevocable payment for purchased goods.
In what ways do cash bank transfers not work for international transfers or irrevocable payments?
- s1artibartfast 4y agoInternational wire transfers can take 1 to 5 days, and Banks can seize or reverse the funds.
- danans 4y ago> and Banks can seize or reverse the funds. Why would they do that? I've never had that happen to me when I send an international transfer. But it's always been for innocuous things like "reimburse relative for vacation rental expenses"
- notch656a 4y agoI had a domestic wire temporarily seized for 2 days because a bank wanted to KYC me a second time, even though I'd already KYC to open the account. Yes I was made whole but it was unpleasant and I happily would have eaten the ~.30 of litecoin transaction fees and 0.1% crypto exchange fee to avoid that. Not to mention the wire cost me $15 in the first place and not everyone has ready access to a bank with free wires.
- s1artibartfast 4y agoI had a 100k wire held for 30+days. It was in the middle of escrow and I had to borrow 100k so that the purchase didn't fall apart.
- danans 4y ago> I had a 100k wire held for 30+days. Depending on which country it is going to, that seems like an amount large enough to legitimately trip over some checks. In the US itself, last I heard all domestic transfers over 10k get reported.
- s1artibartfast 4y agoI dont particularly care about what is reported. What I care about is being able to move my money when I need to. In this specific instance, it was a domestic transfer. Getting locked out of your own money can cause major damage. I'm lucky that I was able to dig up another 100k. Someone else could have lost their 50k and be liable for hundreds of thousands more in liability to the seller.
- notch656a 4y agoSomething like Wise works most of the time but if you have a cousin in Papau New Guinea in the jungle with a cellphone and no bank account IDK how the hell you would send them large value in under an hour without losing your shirt. Maybe there is something and if so I'm interested in what it is (know someone else there with lots of money who really trusts you?). In any case ACH can be clawed back and it is my understanding in some exceptional circumstance a wire can too. The point never was crypto is always superior, it may be conventional is better 99.9% of the time but that 0.1% means a use case remains.