[retornam]

Wise is near-instant it doesn't take multiple days. Even Western Union has money in minutes to over 200 countries [1].

Almost all delayed transactions are due to fraud. The delay is often implemented to protect the sender from losing funds.

How does crypto handle fraud?

[1] https://www.westernunion.com/us/en/restrictions-money-in-min...

[mattdesl]

My numbers are sourced from Wise’s own website. 1K GBP to CAD has a £5.02 fee and takes two days.

> How does crypto handle fraud?

Not every transactional system needs to adhere to the same set of antiquated and arduous AML checks and balances; which often break (either by allowing fraud to occur or incorrectly flagging and delaying valid transactions). For comparison, Cash App has no dispute mechanism:

https://cash.app/help/us/en-us/6501-sent-money-to-the-wrong-...

[wharfjumper]

I think the logical flaw is in the assumption that AML checks are a bug in traditional money transfer systems when in fact they are a government-imposed feature (largely following on from September 11 and the expanded scope of the FATF[1]). Therefore the same rules will eventually apply to cryptocurrency financial transactions negating many of the advantages that an unregulated process has when compared to a regulated one.

So the real question is: what is the technological benefit offered by decentralized ledger-type technologies versus traditional ones? The answer for many is that the technology is much worse in fundamental ways. Additionally the governance issues of a decentralized system or organization are very challenging to address.

1. https://en.wikipedia.org/wiki/Financial_Action_Task_Force

[retornam]

Link, please? I ask because I have used Wise multiple times over many years and haven't had a transaction take more than 5 minutes. I'm confident I'm not the exception.

Cash App is US only and thus doesn't apply to your initial comment. Let's stay on topic please. Thank you.