Western Union prices vary greatly in poor countries such as the Philippines.

Western Union prices vary greatly in poor countries — All You Need to Know

Western Union prices vary greatly in poor countries

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Actually, I don’t want to send anything at all.

So you’ll be sending $0.00 today?

Yes, you are accurate.

OK. Please, $14.

WU are less expensive than other comparable countries in HK and are site specific (1.5-2.6% in the center of Hong Kong, 7-9% elsewhere in HK via their agencies).

However, utilizing Bitcoin, we compete and beat them at every pricing point:-) (We charge 1% total fee, spot rate) and are typically half the cost of sending money from Hong Kong to the Philippines. www.bitspark.io

I’m one of the creators of Rebit.ph, and we’re excited to be collaborating with Bitspark to make Rebittance a reality. Cheers!

Of course, using bitcoin allows you to outperform other remittance providers in terms of pricing. You disregard the cost, complexity, and time required to obtain Bitcoin.

Well, if competition is low, you might just want to charge a premium… good job, dude. WU ūüėõ Who transfers funds OUT of the Philippines?

Western Union prices vary greatly in poor countries

With almost 100 million people, the Philippines is the world’s 12th most populated country.

I’ve never been there, but I’ve heard that there are a lot of Chinese people there (either foreign born, or Filipino with Chinese ancestry).

There are also many expats and visitors from all over the world. Expats typically make money in the local currency (pesos) and transfer some of it home. Tourists may have purchased too much local currency and, rather than converting it back to dollars, may have used remittance to send it home.

That’s a great question, lol.

I’m sure the fees are higher there because there isn’t much demand for sending money out. In contrast, there is a great demand for money flowing in.

In Argentina, where I previously lived, the charges exceed 60% of what you send.

SENDING: If you send $100, the receiver will receive approximately $40.

RECEIVING: If a person in the United States sends $100 to Argentina, they will receive 340 ARS (Argentinian Peso).

Forbidden official exchange rate (as seen on Bloomberg TV, Google Finance, and so forth). Only for government personnel and a few others): 1 USD = 8.59 ARS

1 USD = 15 ARS on the black market (99.99% of the population).

If you can’t use bitcoin, try transferwise instead of Western Union.

It’s almost as though they give a more intricate service than simply altering a number in a computer!

No. They provide the service of “shifting a number in a computer.”

The complexity stems from the use of 19th century business operations that have been automated by 20th century technology.

It’s nice to return from vacation and realize that certain things haven’t altered. Hodl down in 2015. I’m sure we’ll be debating something bitcoin-related soon.

That’s because banking in the rest of the world stinks (even more). There are many tyrannical countries with stringent currency exchange rules and bureaucracy. It is just not possible to send money lawfully in some countries (like Venezuela)

Don’t forget about the terrible spread. Even for sending fiat money, Western Union is terrible when compared to Forex. If you use Norbert’s Gambit, you can even trade currencies for free.

That’s only the beginning. Western Union rates in the Philippines are reasonable when compared to several third-world countries with whom WU conducts business.

Western Union is the most horrible corporation ever. Even a $5 fee seems excessive when all they’re doing is taking a small risk and providing a poor service.

Is there a reason (apart from pure profiteering) why Western Union’s costs scale with the amount being transferred? I would have believed their compliance fees had no bearing on the value of the transfer under $10,000 USD.

I’m guessing they’re passing on part of the risk they face, which is why it’s greater in different nations with varying fraud regulations.

Yes, why can’t it utilize the logical mechanism employed by bitcoin: a sliding scale dependent on the length in bytes of the script used to redeem the payment output?

You might also send money like a normal individual using PayPal or Chase Bank to send money worldwide for free. It costs $22 to send 3000. This amounts to 0.7%.

No way bitcoin and these Filipino hustlers can compete.

Every month, these Filipino maids and laborers in Hong Kong send more than $200 back home. That’s a standard remittance, and that’s where they get screwed. People with 3000 dollars to send would typically have a bank account and make a $15 wire transfer from a Hong Kong bank to a Filipino bank.

The real concept behind bitcoin is that you get paid in bitcoin, ask your family in the Philippines for their bitcoin address, and then just transfer them bitcoin for 2 cents or for free. Your family then simply spends bitcoin. All of this rhetoric about how bitcoin isn’t cheap assumes you’re simply using it to screw with money.

Bitcoin’s conundrum is figuring out how to get from low adoption (where it’s difficult for a Filipina maid in Hong Kong to be paid directly in BTC by her HK employer or for her Filipino relatives to immediately spend bitcoin on rent and food in the Philippines) to high adoption (where bitcoin is everywhere). Obviously, the majority of people believe it will not occur. Otherwise, each bitcoin would be worth much more than $300.

Send $50; the cost is 28%.

The fee is 14% of $100.

The cost is 7% of $200.

The cost is 6% of $300.

$400 at a cost of 4.5%

The cost is 3.6% of $500.

The cost is 1.8% of $1,000.

I was unable to locate the average remittance out of the Philippines, although the average remittance in is less than $70. Even if the average out is 5X greater (which is improbable), you are still at around 4%. Yes, Bitcoin can outperform that.

The charge for bitcoin is.0001. If you include the optional fee, it comes to less than 20 cents. independent of monetary expenditure In fact, the bigger the transaction value, the more optional the cost. Perhaps you’re referring to exchange rates, but that’s a separate issue than the “sending” you mentioned.

Western Union prices vary greatly in poor countries

In terms of transaction volume, Bitcoin has recently surpassed Western Union.

 

Also, if users move their own bitcoins from one address to another, bitcoin volumes will increase.

Only if you believe this is tracking actual economic activity, which it does not. It is merely the network’s real volume (as defined by their 10-Ks). Payment networks are unconcerned about value transfers. Bitcoin is just so cheap that it enables an exceptionally efficient method of moving large sums of money.

Any comparison of Bitcoin to anything in the legacy financial system is like comparing apples to oranges.

That doesn’t mean we can’t make comparisons…

Maybe he is, but it would be wonderful to move up a few spots on that chart.

The fact that bitcoin is so low on the chart indicates that with more acceptance, it will rise even higher than it is presently.

This isn’t a very good metric. If I sent you.001 bitcoin from my wallet, which held one giant 1000 bitcoin chuck (I wish!!! ), it would count as a massive 1000 bitcoin transaction, despite the fact that I’m only sending.001, not 1000. The average transactions per second, in my opinion, is the most essential measure.

However, according to blockchain.info’s chart that attempts to exclude change addresses (http://blockchain.info/charts/estimated-transaction-volume), over 1 million BTC were traded just today. At today’s values, that’s about $1 billion!

That is not fully correct, but it is correct in essence.

It is the excess value from a transaction’s inputs that is transferred to a new address (and included in the transaction along with the sending quantity.) The extra value can contain the entire balance of the address or only a portion of it.

Bitcoin accounts for.62% of the volume market (dollar amount). and 0.02 percent of the transaction market share It has a long way to go, but it’s an excellent site. Thank you for providing the link.

This isn’t a fair comparison because renaming a bank account is the equivalent of a ‘transaction’ in bitcoin.

Moving money from one account to another is also a transaction in the banking industry.

Because Western Union is not a bank, such a transaction does not exist… However, it IS a transaction.

And transferring payments from the United States to your Mexican account via Western Union counts as a (costlier) western union transaction.

That is correct, but it does demonstrate that the network is capable of moving these kinds of sums around, which will help people have faith in the system.

I’m curious when PayPal will start dismissing bitcoin. It won’t be long before people prefer bitcoin to paypal for modest transactions.

Daily Bitcoin transactions total $237 million USD, while Western Union transfers total $216 million USD.

Overtaking Paypal on that list would be a huge accomplishment for bitcoin. The components surrounding it are linked to a physical card or bank. Paypal is also an internet-specific business, so seeing a more “popular” (or higher transaction value) alternative service would help consolidate Bitcoin in the minds of the general public.

Plus, fuck PayPal, those people are jerks when it comes to merchant fees, and their security is a joke.

The Bitcoin system contains a public shared ledger of transactions known as the “Block Chain,” where a block is a collection of transactions authenticated with a checksum (hash value) that confirms the contents have not altered.

It also comprises a network of “nodes” that use peer-to-peer connections to transmit new transactions. Some nodes also attempt to validate and publish new blocks. They are compensated for keeping the bitcoin “account book” updated with newly created bitcoin units (the spendable currency).

Finally, there is downloadable software, smartphone apps, websites, and so on that allow users to use this network to send bitcoin transactions to one another. To digitally sign transactions, secret cryptographic keys are used, and these are held in a digital “wallet.” Only the person who has the key can spend bitcoins at a specific address. When you want to send a transaction, the user program reads your wallet file and hides the actual keys (which are large sequences of numbers and letters).

Bitcoin is not administered by a centralized institution like a bank or PayPal. It is a peer-to-peer transfer and validation system that is distributed. As a result, anyone can utilize it. It’s also still in beta, with the official user software at 0.85.

Bitcoin is a peer-to-peer digital money and payment system that is open source.

In simple terms:

Bitcoin is a type of digital currency. It can be exchanged for commodities, services, other currencies, and so forth. Bitcoin, like the internet, has no centralized control. Bitcoin is a network that allows you to move Bitcoin at little or no cost.

 

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Western Union prices vary greatly in poor countries

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