I buy 50k in bitcoin on a US exchange and send it to someone in Ireland and they transfer it to their exchange and cash it out do they get back exactly 50k?
Sometimes.. sometimes more, sometimes less.
The point is there is a crypto exchange they can cash out at, in fact many.. and usually the prices are similar across exchanges.
John’s pawn shop doesn’t offer the same price for the Rolex as Patricia’s pawn shop.. anyway.. not really important in the grand scheme of things.
Bitcoin bad mmmkay ;)
Even if the market price of crypto is magically stable and the exchanges are perfectly in sync, you're still paying the big-ask spread plus the fees to send the crypto itself.
I suspect in most cases Wise or similar would be cheaper and safer.
> Even if the market price of crypto is magically stable and the exchanges are perfectly in sync, you're still paying the big-ask spread plus the fees to send the crypto itself.
Today, I can buy USDC/USDT in the US, head to any country in SE Asia and sell it locally there, paying less in fees than I would with USD. No KYC on the receiving end.
Wise is a pain the KYC ass and has a lot of limits.