I’m stressing out about Bitcoin and Western Union is dead – All You Need to Know
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My remittance problem has been solved by Bitcoin and Circle.
People, I live in Belarus. According to Connaleeza Rice, this is Europe’s “last tyranny.”
I get my pay here, in a local bank account linked to a USD debit card. One of my major issues is moving my paycheck back to my US account with low costs so that I can fulfil school loan payments and other obligations.
I can now send any amount of money to my Coinbase account and have it withdrawn to my local bank account with no transaction costs thanks to Circle. I just wired $20 from Belarus to America in less than two seconds… I’m completely terrified. Folks, this is a game changer. I don’t care if Bitcoin’s value falls to $.10; it’s currently the only way I’ll send money.
DO YOU UNDERSTAND WHAT THIS MEANS? I’m literally trembling right now. Western Union is no more.
Paypal is also available.
Edit:
I added money with a Belarusian debit card.
I’ve just tested 20 USD so far; I’ll do more when I get paid next.
Thank you, Godling (twice),
CANDID ADVICE
Remember that Western Union primarily serves the “unbanked” – millions of individuals in the poor countries do not have bank accounts and hence cannot utilise the method you are not utilising. Western Union is not yet dead, but it is in serious trouble…
This is a very short-term situation. It will be an anachronism for everyone but a very small portion of humanity in 20 years. They will all have cellphones and will be able to access banking services through them.
I assumed they catered primarily to offshore bookmakers and Nigerian princes. Sinaloa has probably fucked more Mexicans than Western Union.
No, not at all. Simply put, if you’re sending less than $1,000 worldwide and PayPal doesn’t allow withdrawals, WU is one of the finest solutions. It is an instant money transfer with a pre-calculable fee. Try sending less than $1,000 by bank transfer. It will take days, and the charge will range between $30 and $150 if done through one or more intermediary banks. Heck, I just received $900 out of a $1000 payment via bank transfer a week ago. WU would have just cost $25.
Furthermore, Google Adsense automatically sends ad money to overseas publishers in many third-tier countries via WU for free. It easily outperforms postal checks.
This is not correct. Many Mexicans have bank accounts (you can open one for 1000 pesos, less than 100 bucks). They just do not have money, thus Western Union charges 10% or more to transmit money to them from other nations.
This is one of the key things I’ve been hoping for since I got into Bitcoin: for the infrastructure to mature to the point that international workers understand they can save a whole bunch of money (whatever much “a whole bunch” means to them) by utilising Bitcoin to transmit money around.
While I’m sceptical of resting all my hopes and aspirations on Circle, it seems to reason that a major cost savings in the community of international workers may spread like wildfire, especially because the process is now dirt simple. Why, for example, won’t every worker from Mexico, India, and elsewhere in the United States begin sending money home in this manner? Is there anything else holding them back than Circle’s capacity to keep up and the lack of word of mouth?
Third-world governments subsidise remittances through banking or “official” methods such as WU or SWIFT. That’s correct. It’s similar to the oil lobby. If you cared to do the arithmetic, you’d discover that the circle is still too pricey. 2.9% to upload funds, 2.9% to withdraw funds, and bitcoin volatility to boot. I’m stressing out about Bitcoin and Western Union is dead, fucking stressed.
The cost of utilising Circle can be found by scrolling down to the user comments.
Sure, they can send bitcoins home. However, they would still be charged fees for selling the coins and transferring the earnings to their bank accounts. I’m guessing those fees are higher than what Western Union charges.
I adore it when individuals have that “AH-HA!” Bitcoin moment!
Bitcoin is a truly transformative technology. Most people are simply too set in the past to see it.
Technology is constantly evolving. Those that are unwilling to change will be left behind, as they have always been.
Yes, a great usage is enabling consumers to spend Bitcoin without having to keep it, with immediate buy and send, no fees, no markup, no volatility, and no stolen credit cards.
A merchant sells instantly with Bitpay, and you buy instantly with Circle; both services are free.
Lol. Get a hold of yourself, buddy. The majority of individuals utilise paper money. And they make good use of it. Digital currency has a place in society, but it is still a very small one. Stop being a conceited jerk.
To be fair, most people undoubtedly go their entire lives without moving money throughout the world, so we’ll need to establish and/or sell some additional perks for the average American customer…
Yes, but it will need use cases where individuals have a clear advantage to utilise bitcoin over traditional methods. They won’t even realise they’re using bitcoin. People are often uninterested in TCP/IP, but they cannot live without their Facebook updates.
Lol. Okay, I agree with you, but can we be a little more creative?
80 thumbs up for a vague remark that is continuously repeated? It’s getting yawn-worthy.
Most people are simply too stuck in the dark ages to see it.Most people are simply too stuck in the dark ages to see it.Most people are simply too stuck in the dark ages to see it.Most people are simply too stuck in the dark ages to see it.Most people are simply too stuck in the dark ages to see it.Most people are simply too stuck in the dark ages to see it.Most people are simply too stuck in the dark ages to see it.
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PEOPLE WHO USE MAINSTREAM CURRENCY SUPPORTED BY THE WORLD’S LARGEST COUNTRIES AND GOVERNMENTS ARE SHEEPLE DARK AGE PEASANTS?????????
F*** off
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I’m curious how long it will last. TransferWise used to offer something similar, but they were threatened by banks to stop dealing with Bitcoin. The same thing is happening here.
Who exactly are they intending to threaten? What about the entire internet? “I can now send money to my coinbase account in any amount.”
Isn’t there a weekly “$500” restriction with Circle?
Twist: In the future, Western will take Bitcoins. I have bank accounts in three countries other than the United States.
It will be amazing if I can transfer BTC to any of the three.
You mean convert BTC to each country’s local currency?
Which countries would benefit from crowdsourcing assistance? And do you need a corporation like Circle, or will a local exchange suffice?
Many countries have interesting ‘local’ exchanges, but I believe the spreads are still too wide.
In less than 5 minutes, I transferred $10 from a credit card to a bitcoin address.
I’m not sure how they manage to do this without getting ripped off, but I might get compensated in bitcoin in the near future.
Is my understanding correct? Circle currently “only supports integrating US bank accounts.” As a result, the transaction looks like this:
You use your credit card to purchase bitcoins in Belarus.
You pay a credit card fee of 2.9% USD to Circle?
Do you pay a cash advance fee on your credit card?
You deposit the bitcoin into your Coinbase account in the United States.
You sell the coins and pay a 1% +.15 bank fee to Coinbase?
You deposit the funds into your US bank account.
If I’m correct, it’s probably better than Western Union, but not better than other money transfer providers like Transferwise…
No bro.
Purchase bitcoins
The Circle price is 2.9% for a card (due to Visa/Mastercard/Whoever fees), and it is free for a bank account.
There are no cash advance fees on a debit card, but there are cash advance fees on SOME unscrupulous credit card companies.
Transfer bitcoin directly from Circle to a bank account in the United States (No Coinbase needed).
Using the instructions, you can transfer money to a US bank account for less than 3%. There are no hidden costs… Depending on whether you use a bank account or a debit/credit card, the fee ranges from 0% to 2.9%.
Because I can convert my bitcoin to USD and deposit it directly into my US checking account.
What were you spending in fees previously versus now? I’d love to see a side-by-side comparison that includes the costs you pay as well as a comparison of the convenience of both ways.
I genuinely tried my hardest to avoid paying fees. I am fortunate to have a fellow American roommate who does not get paid here and desperately needs money. So I give him cash and he transfers money to me via PayPal. However, his income has suddenly fallen, and he may be able to deposit less money into my US account on a regular basis. So it was free, but it was inconvenient.
I used a debit card to open this Circle account. Apparently, that’s about 3% (I didn’t notice because the test send was only $20 so far). I’ll have to see if I can link my real account.
So you were able to finance your Circlo account using a Belarusian bank or a debit card?
This is intriguing because I saw Circle supports a wide range of countries. I just wasn’t convinced it could be funded through local banks.
I funded with a debit card linked to a bank account in Belarus; I’ll have to dig into it further. Perhaps I became very thrilled.
PayPal invested in order to own Bitcoin companies in the future and make them miserable as well. Keep an eye on how their money buys influence and how that influence quietly steers the ship.
I’ve been seeking for anything like this because I’m in the same scenario as you, but I’m in Moscow.
So, how do you plan to move your funds? Would you mind guiding a newcomer through it?
Now I have to look into it because someone claimed that adding with a credit card charges 3%, but to test it, I used the debit card through which I am paid here in Minsk. I purchased $20.00 in BTC and transferred it to my coinbase account.
Give it a shot—let me know if you have any further questions, but I’m sure there are more informed individuals on here than me.
Is it feasible to do this in reverse? (How to send USD from the United States to a bank account in Belarus using Coinbase+Circle)
I’m not sure, and I’m not confident enough in Belarusian banks to try. It’s probably best to give the bitcoins to someone else and do local bitcoins.
I really want to utilise Bitcoin to send money home, but because there is no reliable way to buy Bitcoin with Japanese Yen and Bitcoins are overpriced on the localbitcoin marketplace, I end up obtaining more USD by using a regular transfer service.
Please let me know if you’ve had any success converting Japanese Yen to USD using Bitcoin.
This is a fantastic post. BUT… The fact that the OP included his last remark about not caring if the value dropped to 10c does not sound like something a person who is new to Bitcoin would say. It sounds more like someone is concerned about the price and created this post to raise it.
Well, it may equally be interpreted that he utilises it solely to transfer money. That is, he buys and sells bitcoin in real time.
In that instance, he wouldn’t need to be concerned about the price because he cashes out too rapidly for volatility to have an impact on him (most of the time…I think).
Of course, he’s adding to ‘the merchant problem’ in that scenario, isn’t he?
I don’t see where the OP claims to be new to Bitcoin. Regarding the price of Bitcoin, it should have no effect on his remittance concerns – which, I suppose, was the objective.
Technically, it makes no difference if the value of bitcoin falls below 10 cents because it is solely used as a means of payment, not as an investment. You pay in fiat for coins, send them, and then convert them back to fiat. The cost is unimportant.
I was concerned about the price…until I read about Circle’s opening. Then, seeing a practical use for myself other than hodling and hoping for the best, I became really excited and decided to post.
I’m a bit of a newbie. I’ve been interested in bitcoin since November, and the recent increase above $600.00 has piqued my interest. Then I made my first purchase for $800.00. 🙁
Name, address, DOB, last four digits of SSN, and then link a checking or credit card.
If your credit card purchases are considered “cash advances” and you are charged a fee, an ACH checking account is probably a better option.
Does this frighten anyone? In an age of deregulated banking, capital will be able to be transferred off-shore, all over the world, and back again without the slightest trail. While you may rejoice in saving some fees on transaction costs from Belarus to the US, you will also have individuals completely avoiding income scrutiny within rich countries with already skyrocketing income inequality.
A society dominated by bitcoin is a worse world than what we have now, unbridled capitalism, and my engagement is simply a desire to be at the top of the heap.
I believe that Circle is the most significant advance in Bitcoin in 2014. The ability to buy cryptocurrency using a credit card implies that consumers may conduct frictionless small/medium-sized transactions with very low costs.
Circle transforms Bitcoin into an incredible money transfer service.
The largest swindle when sending money overseas is not the fees, but the inflated exchange rate provided by banks, which amounts to roughly 7%. (Bank of America). After many trial and error, I eventually located a company that offers legitimate rates (usforex.com), however most people just use their regular (large) bank and get royally screwed without even realising it.
Lolz. Isn’t this a great system? Stick this up your arse, you hyper bears who always proclaim that Bitcoin is dead, that it is overvalued, that the end is near, and blaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
Here’s a real-world example of real people utilising technology to solve a real-world problem and save real-world money. There is no voodoo or trickery. And such feedback will spread like wildfire. What happens if he notifies his friends and relatives, some of whom may be in a similar situation? Or perhaps posts in online forums? It will be favourably accepted.
Original poster, I’m overjoyed for you, my friend. Win-win situations always put a grin on my face.
If the restrictions were lifted. This is my thought experiment.
Assume I live in Somalia and have a Circle account. I open my front door and set a sign for AaronPaul’s Remittance Union on top of it.
My friend lives in Paris, France, and has a circle account. He also lives on the first floor, and he opens his window and hangs the AaronPaul’s Remittance Union sign above it.
A somali in Paris approaches the window, wanting to give $100 to Somalia. My pal accepts his $100. In Circle, he purchases $100 in Bitcoin and sends it to me in Somalia. I sell the BTC on Circle, and the funds are transferred directly to my bank account.
As far as the customer is concerned, the entire transaction is completed in seconds.
The Somalian relative can acquire the money in a matter of seconds.
That’s got to be valuable. What exactly are the costs to my business? There are no middlemen to pay or fees to pay to third-party remittance clearing facilities. I could charge $2, one dollar for my friend and one dollar for myself. That’s orders of magnitude less than Western Union. Because no one in Paris uses Western Union anymore, I get 1000 customers every day.
Anyone in Somalia or Africa interested in making a deal? 😀
What you mentioned is the ability of Circle, a financial services company, to accept money (dollars) from a customer in France and deposit it in a customer’s bank account in Somalia.
BITCOIN IS NOT INVOLVED.
Because it is displayed to both consumers as a BTC transaction, Circle conceals a few percent transaction charge in the difference between the BTC ask and bid price at the time of depositing (“buying Bitcoin”) and withdrawing (“selling Bitcoin”).
Can I use Circle to pay a relative in Europe? (I am in the US). Can I, for example, initiate a payment to a European bank account without incurring significant fees? (The relatives will not sign up for bitcoins; I simply need to be able to deposit funds into their bank account.)
You deserve it!
I believe that much too much focus has been placed on pricing in this community, rather than on developing products and services that make BTC appealing to users regardless of price.
Funny thing is, I just wrote a blog post about how great Bitcoin will be for the remittance industry AND how its utility in that market is the same whether a single bitcoin is worth $1 or $10,000.
People, in my opinion, need to stop putting the cart before the horse – bitcoin is a fascinating technology, but it’s not going to become extremely valuable just because they want it to. It requires services and uses other than commerce and serving as a “store of wealth.” Yes, it has the potential to be a game changer in the remittance sector…
EDIT: I discovered my post!
http://www.dioxidized.com/2014/09/18/remittance-a-place-where-bitcoin-can-shine-today/
I didn’t even have a credit card, but my visa debit card worked just well. I made a $2 test buy and it was instant. I also reside in Asia. Right now, I’m going to buy $1000 in bitcoin.
Don’t get too thrilled; bitcoin is imploding. The volume of transactions is healthy, but with the price so low, miners will be reluctant to support the network. It might be a spectacular collapse. And I’m not talking about the cost of the network.
While I don’t disagree with your viewpoint, it appears like you’re using a disposable account (comment karma 48, age 20 days). This means you’re most likely simply another shill for Circle, which is becoming increasingly obnoxious and lame. I hope people would pay more attention to these facts because it’s not difficult to see how old or how much karma accounts have with RES. Simply hover your mouse over their username.
I completely agree! To be honest, circle is fantastic. I haven’t found a service that allows you to quickly transfer money between bank accounts and crypto currencies, and they utterly destroyed it. It’s incredibly quick and easy…. I’m really excited about this.
I like how each exchange has a daily limit, but if you cash out on all of them at the same time, the limit increases significantly. I’m all set for the next bubble.
This is why it takes so long for people to realise how fantastic bitcoin is. These massive corporations don’t want people to realise how wonderful it is since it means less cash for them. But, as you’ve lately realised, they eventually figure it out.
This guy gets it…now all we need is a billion or so more people to wake up.
Edit: If it decreases below $0.10, you simply send 4000x more of them to get the same amount of transfer. You’re just keeping them for a few minutes, so volatility isn’t an issue.
But, as far as I know, coinbase is not a legitimate bitcoin exchange. They’re just rapid international money transfers the way you use them, right? You don’t use blockchain or bitcoin infrastructure?
I’ve been considering this possibility for a while now. Do you think it’s realistic for money transfers across other nations as well? Could you please detail the setup and the cash-to-cash transfer process in brief?
thanks.
Excellent article. This is a legitimate business case for someone to pursue for international remittance, but the difficult part will be opening international bank accounts. If somebody is working on this (really), please contact me.
International remittances work in some cases, but not always. So here’s my take on it.
I frequently need to move money between Japan, Australia, New Zealand, and the United Kingdom.
Problem
There is significant parallel risk; if the exchange or whatever goes down, your money is gone.
Most areas have very little liquidity, volume, and/or no place to exchange. No one wants to acquire $20,000 in bitcoin in a single transaction on localbitcoins for anything close to the market price.
Because of volatility and volume issues, you end up trading bitcoin when you merely meant to send money to someone.
You must still send money somewhere in order to purchase bitcoin in the first place. For example, sending a bank wire to an exchange like Bitstamp in USD will typically cost you $50 in bank fees.
Having said that, I have used Gox for remittances in the past and it has been incredibly profitable. I’m stressing out about Bitcoin and Western Union is dead, damn it.
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