[gaspard234]

I'll take you up on that challenge. I can open open up my Wells Fargo app and initiate a wire transfer within 5 minutes. In fact, I sent $1000 to a home contractors bank account earlier this week for no fee. And yes, WF sent me email updates of the status. I will concede it took 1 business day though.

How do I send USDC within 5 mins? I would have to 1) Open an account on a crypto exchange app

2) Go through the KYC process and hookup the same wells fargo account to buy USDC.

3) Purchase USDC, usually while paying a fee. And then still wait the day for the funds to be sent from WF to the exchange.

4) Send USDC to address, while also paying a fee.

There is a reason international remittances haven't worked as a use case, for ex Coinbase just closed down that entire project. How would immigrants who get paid in Cash buy USDC and how would their family in Mexico or El Salvador be able to convert that USDC into local spendable currency. I hate western union but it works better than any crypto money sending service.

[anony23]

If you count the time for opening an exchange account and doing kyc, you should do the same when you talk about your bank. You only have to open the exchange account once just like you do for your bank. After that it's definitely cheaper and faster to send crypto. Whether or not it's as secure depends on what bank we are comparing to.

[bcrl]

Crypto cheaper? Seriously? I pay $0 in fees for doing an EFT (or ACH) from my bank account to another bank account. Wire transfers via a currency trading platform I use don't charge a percentage either. If I tried to do that via crypto, I'd be paying a few points in exchange fees to go from fiat to crypto then back again in another country. It isn't cheaper if you're using the right banking platform.

[pcthrowaway]

If you hold USDC on-chain, it's 30 seconds or less. If you hold some other token (ETH or MATIC for example) it might take a few seconds longer for you to make a swap.