Bitcoin is changing how we send money overseas.

 Bitcoin is changing how we send money overseas.


Bitcoin is now changing how we send remittance's overseas or even how we send money to loved ones using MoneyGram or even Western Union. In the good ole days we paid 20% of a transaction to send money to our loved ones in the Philippines or Mexico sense then the fees have dropped on half in many cases but are still high compared to using Bitcoin or other Crypto currencies. 

Crypto currency can be sent fast than traditional methods using Swift.

For migrant workers who frequently send money across borders to support their families, the minimal transaction costs of cryptocurrency exchanges beat exorbitant transaction fees of traditional money wire companies like Western Union and MoneyGram, whose dominance of the remittances market has long troubled international development institutions concerned with economic growth. Cryptocurrency transactions are faster than official currency transfers, which require working through banks reliant on SWIFT, the sluggish, half-century-old interbank messaging system that handles cross-border payments.

According to this article there is record use of sending money overseas using Crypto, Go here for chart and article

Crypto currency is also being used to get around U.S Sanctions.


Cryptocurrency exchanges also avoid the political complications of official channels. They have been used to skirt US sanctions to access international payments and financial markets, and by unofficial migrant workers who lack access to local banks. The global reach of cryptocurrencies avoids the inflation risk inherent to official currencies, especially in politically unstable countries reliant on fickle foreign investors.


So far Latin America is the regions most affected by use of Crypto currency and time will tell if this trend continues.

The good news is Crypto currency and Bitcoin is forcing the legacy money transfer companies to lower their fees and to compete. The banks so far have resisted lowering their fees, in time they may need to lower their fees to compete or lobby the Governments of the world to regulate or shut down their competitors. Time will tell how it all works out for holders and users of Bitcoin and Crypto currency.

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