My online bank doesn’t support international wire transfers. I had to wire money to a local bank then go to the branch in person, twice, to wire money to my own brother in Europe.
He then had to schedule an appointment with his own bank, go in person, and justify why he received such a big transfer, mind you, it was 8k…
So yeah, it’s not about regulation. If crypto can help streamline all this, it’s a net positive
I wired approximately that much money internationally years ago with Wise (then known as TransferWise). Wasn't a hassle at all, didn't require any rigamarole, and importantly, didn't require crypto. What's the problem with using Wise?
It may differ depending on countries, but I tried sending $8k USD to Malaysia and it took some time. Can't remember if it was weeks or days but point being it wasn't as instant as crypto can be.
Also, I think you're neglecting to point out the rigmarole involved with making a Wise account — connecting your bank accounts etc. And the recipient might also need a Wise account for instant transfers (but I believe Wise becomes a custodian for your funds in that case).
Crypto wallets can be generated by the click of a button. I think I taught my mom how to make a crypto wallet at some point. She didn't understand how to keep her crypto safe, which is its own issue, but wallet creation is easy.
I'm far from a crypto maximalist, but nigh-instant transfers with very little fee is a very attractive benefit of crypto.
On march 16th 2022 I sent $500 to my cousin in the USA, the transaction was completed on may 2nd 2022 after 9 back and forth emails with support. The first email on march 16th was asking me to confirm some information which I did same day, the other 8 back and forth emails was me asking when was my transaction going to be completed... at that time I had been an active wise user for 3 years...
I'm a Wise user. Transfers are mostly fine for currencies they support. The transfer is usually pretty fast. I tried paying for a guided Hike in Tbilisi, Georgia a few years ago, and the transfer took almost a week, so it's slow in some cases. For currencies Wise doesn't support, you need to look at other options, such as Western Union or crypto.
The limitations you're describing are only in place because the countries that are subject to these bank limitations present significant issues (money laundering, terrorism, etc).
mynameisash|5 months ago
abustamam|5 months ago
Also, I think you're neglecting to point out the rigmarole involved with making a Wise account — connecting your bank accounts etc. And the recipient might also need a Wise account for instant transfers (but I believe Wise becomes a custodian for your funds in that case).
Crypto wallets can be generated by the click of a button. I think I taught my mom how to make a crypto wallet at some point. She didn't understand how to keep her crypto safe, which is its own issue, but wallet creation is easy.
I'm far from a crypto maximalist, but nigh-instant transfers with very little fee is a very attractive benefit of crypto.
DrammBA|5 months ago
On march 16th 2022 I sent $500 to my cousin in the USA, the transaction was completed on may 2nd 2022 after 9 back and forth emails with support. The first email on march 16th was asking me to confirm some information which I did same day, the other 8 back and forth emails was me asking when was my transaction going to be completed... at that time I had been an active wise user for 3 years...
devoutsalsa|5 months ago
Zpalmtree|5 months ago
cco|5 months ago
epolanski|5 months ago
The limitations you're describing are only in place because the countries that are subject to these bank limitations present significant issues (money laundering, terrorism, etc).
flakeoil|5 months ago
eximius|5 months ago
What is the breakdown of transaction volumes?