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Can do this for free in Canada with Interac as long as both parties have Canadian bank accounts. But for international transfer theres not a good solution AFAIK
by AlexandrB 3y ago
Can do this for free in Canada with Interac as long as both parties have Canadian bank accounts. But for international transfer theres not a good solution AFAIK.
Bitcoin ATMs are an interesting example because they involve at least one trusted third party - the Bitcoin ATM operator.
- mrb 3y agoInterac wouldn't have worked even if him and I had been Canadians. My friend was unbanked due to past financial issues (which is also the reason he was homeless at the time.) This is one significant advantage of Bitcoin, that it works for the unbanked.
- askonomm 3y agoWise (previously Transferwise) can do international transfer within seconds. If you're in Europe then payments between any bank in Europe take seconds (SEPA payments).
- mrb 3y agoWise wouldn't have worked as my friend was among the 10M American adults who are unbanked. Also I doubt him and I would have been able to do account setup on a Sunday, within 1 hour, which is the time it took us to do the transfer, despite this situation being his first time ever using Bitcoin.
- askonomm 3y agoI opened my Wise account in 20 minutes. The ID verification is all automated so it's really quick. I haven't heard of anyone who is unbanked before though, what would be a reason for that?