What do you use crypto for?(oppositeinvictus.com) |
What do you use crypto for?(oppositeinvictus.com) |
It's by far the cheapest and fastest option. It takes less than 30min to transfer between my bank accounts.
It works something like this Deposit->send from and to an exchange - > convert to local currency - > withdraw into bank account
The total cost ends up being about 1.5% including the exchange rate. With my normal bank it takes up to a week and the total cost ends up being about 4~6% Even if I was converting currency at an airport the exchange rate tends to be worse than 1.5%
My online bank will send any amount to a SWIFT coded bank account anywhere in the world for a flat $25 fee when paying USD. Delivery within 24 hours.
Once your family receives the crypto, what does it cost them to withdraw into local currency to actually pay bills? For example, Coinbase charges 1% plus "standard network fees".
In every crypto use case I have examined, the overall total cost of crypto transactions fees actually exceeds that of fiat. If this doesn't appear to be true, it is usually because the final fees required for the recipient to convert a crypto payment into practical real world currency are being ignored.