alt Hacker NewsI use crypto for exchange between friends (US + EU) and myself (SE Asia).
Our options are IBAN (slow!), WesternUnion (fees, denials, hassles) or crypto (10min, cheap). We chose crypto - because it’s the practical path from their bank to mine. CashApp and Coinbase interface with my actual bank accounts, on my end.
If you don’t do international banking, then much of the utility is diminished — so I’m not surprised by your perspective. But once you try to move money between continents, even with ID and documentation, you’ll understand that Coinbase is a godsend.
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Aren’t there fees to convert fiat from/to crypto on both ends?
I use Wise often to move money between USD, EUR, and AUD, and it plugs right into my US credit union and brokerage accounts. International transfers settle in under a minute to Australian and European bank accounts in my experience.
Or a service like Wise which is cheap and takes a few minutes most of the time.
Never had much of a need for other services when transferring across the globe.
This actually applies to the US as well. Anytime you need to send $1k+ to a stranger the process is a pain in the ass.
> ACH, most bank does not allow send to stranger, and it takes 1~3 days for settlement among those which allow.
> Wire, expensive ~$30 per transaction.
> Paypal/Venmo/CashApp, Schrödinger's fraud trigger you never know it's gonna work or not. Plus they report to IRS so more paperwork during tax season.
> A lot of banks report every transaction of your checking account to credit bureaus.
So stable coin is my preferred way, and luckily among my circle it is widely accepted. Any amount is instant with a few cents fee at most.