| > (2) Yes. IN EUROPE. I talked about Brazil. How many times is it going to take for you to understand that having good market competition in one place means absolute jack shit in another? Obviously? Usually however, there's a reason why the fee is what it is. Have you dug into it? For instance in the US interchange is high because the vast majority of it goes towards rewards programs and loan origination costs. I'll be the first to admit don't know how that maps in Brazil. However, read back to your earlier post: "(Something that I forgot to mention when you were talking about how Visanet has low rates in Europe: Direct debit cards - zero risk! - charge ~1.9% of the transaction value. Some of them charge a little bit less, but put a sizeable monthly rate on top of it.)" Did you say anything about the rate being 1.9% in Brazil? No, the only geography you referenced was Europe, which is why I followed up with the, you know, European rate. It sounds like you should just be advocating for a fee cap in BR right? You really haven't explained why TransferWise is worse than your recommendation, and you keep avoiding the whole "breaking the law and exposing yourself to prison time" bit. I keep saying, you can keep the foreign currency in your TWB account, and send it to other people later, just like you hold crypto in a wallet. Why bother with DAI and USDC when you can just you know hold USD in your TWB account? A borderless account is a bank account, that you, in Brazil, can open, and hold all all those currencies with banking details in most of those places. For free, I believe! Frankly, why don't I think people use TransferWise? Obviously I don't think they're dumb. It's new, I don't think they know about it. Borderless launched in 2018 and I suspect Brazil wasn't it's first supported destination. Getting the word out takes time. Read about it and let me know what you think! |
Transferwise uses rates close to what the central bank/governments is paying, which is far from the actual market rate. Plus the whole 6% fee.
> "breaking the law and exposing yourself to prison time"
I was going to call out this as FUD, but actually it's just you showing how you haven't been exposed to different systems.
First, whatever you do at an exchange needs to be reported and legally you will declare the income whether coming from the sale of crypto or an international payment order.
Second, you are thinking as someone who deals with a functional and not-so-corrupt tax authority. Your logic does not apply in a Banana Republic. All of these complex tax systems are full of loopholes precisely to give a way to do business that resembles normalcy to a privileged few. The ones that represent the institutions are in the game. The "strict rules" and threat of jail time only applies for those that oppose the corruption or that break their own internal code.
There is a reason there is a quote that says "For my friends everything, for my enemies the law." which is attributed to a Peruvian politician.