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Yeah, the last time I looked I would pay the equivalent of 1% to buy USDT (i.e. they are selling for 1% higher than the current spot price) and then another 1-1
by freddie_mercury 2y ago
Yeah, the last time I looked I would pay the equivalent of 1% to buy USDT (i.e. they are selling for 1% higher than the current spot price) and then another 1-1.3% to sell it and get fiat back out. So 2-2.5% roundtrip versus 1.5% for a regular remittance.
So crypto is actually more expensive that the traditional banking system on top of just being weirder. Like, you have to use Binance's P2P in my country which is just way more complicated than the traditional remittance system of "give us their bank account details".