I have Russian citizenship. Even though I live in another country, banks really don’t like Russians having bank accounts in them and can close the account for any random reason such as a “suspicious” transaction. Also, whenever I do a SWIFT transaction between banks of different countries, the fee is typically between 20 and 100 USD, not easily predictable in advance, and whether the transfer will reach the destination or silently bounce back after hanging there for a few days is anyone’s guess.
whenever I do a SWIFT transaction between banks of different countries, the fee is typically between 20 and 100 USD, not easily predictable in advance, and whether the transfer will reach the destination or silently bounce back after hanging there for a few days is anyone’s guess.
That’s why I love SEPA transfers. It seems that regulation can do some good, especially against oligopolies. The fee is negligible, and the money arrives almost instantly (that last part is a recent thing).
I think this is analogical to software piracy: one reason to download software from pirate websites is to save money, but another reason is to avoid dealing with various annoying aspects of the business as usual. If you make the business as usual suck less, people will have fewer incentives to pirate things.
Similarly, if we somehow replaced SWIFT with SEPA worldwide, half of the reasons to use cryptocurrency would disappear. Until then, cryptocurrencies exist to remind Americans that things can be easier.
I have Russian citizenship. Even though I live in another country, banks really don’t like Russians having bank accounts in them and can close the account for any random reason such as a “suspicious” transaction. Also, whenever I do a SWIFT transaction between banks of different countries, the fee is typically between 20 and 100 USD, not easily predictable in advance, and whether the transfer will reach the destination or silently bounce back after hanging there for a few days is anyone’s guess.
That’s why I love SEPA transfers. It seems that regulation can do some good, especially against oligopolies. The fee is negligible, and the money arrives almost instantly (that last part is a recent thing).
I think this is analogical to software piracy: one reason to download software from pirate websites is to save money, but another reason is to avoid dealing with various annoying aspects of the business as usual. If you make the business as usual suck less, people will have fewer incentives to pirate things.
Similarly, if we somehow replaced SWIFT with SEPA worldwide, half of the reasons to use cryptocurrency would disappear. Until then, cryptocurrencies exist to remind Americans that things can be easier.
Was there ever doubt about that?
That makes sense. Thanks!