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Comments (21)
Wait until you send money via Deutsche bank, they are the real enemy, charging more than 30eur
Using SWIFT for international transfers is very expensive, even for small amounts. Maybe it would have been cheaper with a Western Union, otherwise, if it’s someone in the family, there is Revolut: you can order several bank cards and send one to the family abroad, you top up the Revolut account, he withdraws at an ATM (no fee under €200 or $200 and 2% after), and you block the bank card until the next payment, and during this time you can use your own Revolut card.
Edit : If you use the international transfer on Revolut, the SWIFT network will automatically be used. Even if Revolut does not charge you, the recipient’s bank will charge a fee on the amount you send.
I think the solution of sending a physical bank card is the best and most economical way.
It’s a lot worse for countries under CFA Franc economic colonialism. Malawi is not even among them.
[Togolese human rights activist explains French economic colonialism and how Bitcoin is liberating Africa](https://np.reddit.com/r/Bitcoin/comments/zvlzb4/togolese_human_rights_activist_explains_french/)
[The destructive influence of the World Bank and IMF on the development of poor countries](https://twitter.com/saifedean/status/1626163429735104516)
I am actually really surprised Bitcoin isnt talked about more for sending cross border payments. Nothing really comes close in terms of speed, fees, and permissionless. Most would say just buy Bitcoin and send them that. No, that is not what people want to do. I would say use Strike. They handle the different currencies that conversion to BTC, sending the BTC and all the stuff in between. Yes, I know Strike is still not accepted everywhere but that will come with time. I also think it is import that we help support such companies and apps.
Just the other day i was being told that people should use Wise instead of Bitcoin, i guess not.
Banks make a very large portion of their profits out of international wire transfers.
Everybody in the chain adds their service fee and markup and in the end you have to take the hit and, when they’re done with you,your local tax office awaits their share of what’s left.
Always wire payments with OUR costs. Otherwise the receiving bank, or intermittent banks, can charge whatever they want.
Bitcoin fixes this.
Fuck em
Who the fuck does 50$ international wires?
Revolut transfers are free btw
Try sending a bitcoin transaction during the next bull run and get back to me
I was just advised the other day that people should use Wise instead of Bitcoin, but I guess not.
That’s why u need revolut and all this is going away 😉
if you don’t want to pay rent, then don’t rent things that aren’t yours
SEPA is free if the other end has a Euro account supposed to take 2-3 days but I’ve experienced the same day and within 3-4 hours if you do it before the bank opens it’s processed as soon as the bank opens so by 1pm the recipient has received the funds.
Alternatively lightning.
That’s 100% on your bank man, never had such a correspondant bank fee thing like this.
In the US, both parties get charged $ 20 when depositing a check that bounces. Bank Tiefs. No wonder people rob them back.
I don’t get it. I have sent money through remittance services like remitly before. Basically no fee. Negligible.
Like even without BTC it should not be costing more than a few percent.
Nothing gets done in Malawi without anyone getting their cut. All foreigners must pay Mzungu tax.
My 15yr old daughters grandmother sent her $200 from overseas. She recd $170, $ 30 bank fees. I told her with bitcoin fees are minimal. She got it straight away !